NYT Revealed True Cause of Fannie Mae Crisis -- In 1999!

[Steve]

In a move that could help increase home ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation is
easing the credit requirements on loans that it will purchase from
banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will
encourage those banks to extend home mortgages to individuals whose
credit is generally not good enough to qualify for conventional loans.
Fannie Mae officials say they hope to make it a nationwide program by
next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.

"Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements," said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. "Yet there
remain too many borrowers whose credit is just a notch below what our
underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime market."

- New York Times, September 30, 1999

Canyon note: Zepp doesn't even understad the financial terms, let alone
how a mortgage works

"So how come we just had an economic meltdown caused by idiots
trying to pretend mortgage notes were assets?"
--David (Zepp) Jamieson Sep 23, 2008
http://groups.google.com/group/talk.politics.misc/msg/095dc573344e163f?hl=en

"And the payments are the asset."
--David (Zepp) Jamieson Sep 24, 2008
http://groups.google.com/group/alt.impeach.clinton/msg/dd8d67d39fa6b73f?hl=en

[cmdr buzz corey]

Post by Steve
In a move that could help increase home ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation is
easing the credit requirements on loans that it will purchase from
banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will
encourage those banks to extend home mortgages to individuals whose
credit is generally not good enough to qualify for conventional loans.
Fannie Mae officials say they hope to make it a nationwide program by
next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
"Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements," said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. "Yet there
remain too many borrowers whose credit is just a notch below what our
underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime market."
- New York Times, September 30, 1999
Canyon note: Zepp doesn't even understad the financial terms, let alone
how a mortgage works
"So how come we just had an economic meltdown caused by idiots
trying to pretend mortgage notes were assets?"
--David (Zepp) Jamieson Sep 23, 2008http://groups.google.com/group/talk.politics.misc/msg/095dc573344e163...
"And the payments are the asset."
--David (Zepp) Jamieson Sep 24, 2008http://groups.google.com/group/alt.impeach.clinton/msg/dd8d67d39fa6b7...

Under the Clinton administration? Say it isn't so.

[Reality_Check©]

Post by cmdr buzz corey

Post by Steve
In a move that could help increase home ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation is
easing the credit requirements on loans that it will purchase from
banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will
encourage those banks to extend home mortgages to individuals whose
credit is generally not good enough to qualify for conventional loans.
Fannie Mae officials say they hope to make it a nationwide program by
next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
"Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements," said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. "Yet there
remain too many borrowers whose credit is just a notch below what our
underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime
market."
- New York Times, September 30, 1999
Canyon note: Zepp doesn't even understad the financial terms, let alone
how a mortgage works
"So how come we just had an economic meltdown caused by idiots
trying to pretend mortgage notes were assets?"
--David (Zepp) Jamieson Sep 23,
2008http://groups.google.com/group/talk.politics.misc/msg/095dc573344e163...
"And the payments are the asset."
--David (Zepp) Jamieson Sep 24,
2008http://groups.google.com/group/alt.impeach.clinton/msg/dd8d67d39fa6b7...

Under the Clinton administration? Say it isn't so.

Under a Repugnikkkan DOMINATED Congress that was too busy jerking-off
to Monika Lewinski to properly regulate and manage the Economy, you
pig-ignorant
shiteater.

[Michael Ejercito]

Post by cmdr buzz corey

Post by Steve
In a move that could help increase home ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation is
easing the credit requirements on loans that it will purchase from
banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will
encourage those banks to extend home mortgages to individuals whose
credit is generally not good enough to qualify for conventional loans.
Fannie Mae officials say they hope to make it a nationwide program by
next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
"Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements," said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. "Yet there
remain too many borrowers whose credit is just a notch below what our
underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime market."
- New York Times, September 30, 1999
Canyon note: Zepp doesn't even understad the financial terms, let alone
how a mortgage works
"So how come we just had an economic meltdown caused by idiots
trying to pretend mortgage notes were assets?"
--David (Zepp) Jamieson Sep 23, 2008http://groups.google.com/group/talk.politics.misc/msg/095dc573344e163...
"And the payments are the asset."
--David (Zepp) Jamieson Sep 24, 2008http://groups.google.com/group/alt.impeach.clinton/msg/dd8d67d39fa6b7...

Under the Clinton administration? Say it isn't so.

It ain't so!


Michael

[T***@mailcity.com]

Post by Michael Ejercito

Post by cmdr buzz corey

Post by Steve
In a move that could help increase home ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation is
easing the credit requirements on loans that it will purchase from
banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will
encourage those banks to extend home mortgages to individuals whose
credit is generally not good enough to qualify for conventional loans.
Fannie Mae officials say they hope to make it a nationwide program by
next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
"Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements," said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. "Yet there
remain too many borrowers whose credit is just a notch below what our
underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime market."
- New York Times, September 30, 1999
Canyon note: Zepp doesn't even understad the financial terms, let alone
how a mortgage works
"So how come we just had an economic meltdown caused by idiots
trying to pretend mortgage notes were assets?"
--David (Zepp) Jamieson Sep 23, 2008http://groups.google.com/group/talk.politics.misc/msg/095dc573344e163...
"And the payments are the asset."
--David (Zepp) Jamieson Sep 24, 2008http://groups.google.com/group/alt.impeach.clinton/msg/dd8d67d39fa6b7...

Under the Clinton administration? Say it isn't so.

It ain't so!
Michael

Unfortunately for you simple-witted dummycraps, it is so.

[George Grapman]

Post by T***@mailcity.com

Post by Michael Ejercito

Post by cmdr buzz corey

Post by Steve
In a move that could help increase home ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation is
easing the credit requirements on loans that it will purchase from
banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will
encourage those banks to extend home mortgages to individuals whose
credit is generally not good enough to qualify for conventional loans.
Fannie Mae officials say they hope to make it a nationwide program by
next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
"Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements," said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. "Yet there
remain too many borrowers whose credit is just a notch below what our
underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime market."
- New York Times, September 30, 1999
Canyon note: Zepp doesn't even understad the financial terms, let alone
how a mortgage works
"So how come we just had an economic meltdown caused by idiots
trying to pretend mortgage notes were assets?"
--David (Zepp) Jamieson Sep 23, 2008http://groups.google.com/group/talk.politics.misc/msg/095dc573344e163...
"And the payments are the asset."
--David (Zepp) Jamieson Sep 24, 2008http://groups.google.com/group/alt.impeach.clinton/msg/dd8d67d39fa6b7...

Under the Clinton administration? Say it isn't so.

It ain't so!
Michael

Unfortunately for you simple-witted dummycraps, it is so.

So what did Republicans do about it during the 6 years they had both
congress and the presidency?
What did Bush say when all those sub prime loans were going through?

[CHICKENSHIT MAGOO]

Post by cmdr buzz corey
Under the Clinton administration? Say it isn't so.

It isn't so. The republicans caused the problems and Bush wants to reward
his 'base'. How dumb are you?

[cmdr buzz corey]

Post by CHICKENSHIT MAGOO

Post by cmdr buzz corey
Under the Clinton administration? Say it isn't so.

It isn't so.

Is too. I see why you call yourself "chickenshit".

[Reality_Check©]

Post by Steve
In a move that could help increase home ownership rates among
minorities and low-income consumers, the Fannie Mae Corporation is
easing the credit requirements on loans that it will purchase from
banks and other lenders.

So you blame the current implosion of all sectors of the U$ Economy
upon helping lower income people purchase "the Amerikan Dream" ?

Post by Steve
The action, which will begin as a pilot program involving 24 banks in
15 markets -- including the New York metropolitan region -- will
encourage those banks to extend home mortgages to individuals whose
credit is generally not good enough to qualify for conventional loans.
Fannie Mae officials say they hope to make it a nationwide program by
next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has
been under increasing pressure from the Clinton Administration to
expand mortgage loans among low and moderate income people and felt
pressure from stock holders to maintain its phenomenal growth in
profits.
"Fannie Mae has expanded home ownership for millions of families in
the 1990's by reducing down payment requirements," said Franklin D.
Raines, Fannie Mae's chairman and chief executive officer. "Yet there
remain too many borrowers whose credit is just a notch below what our
underwriting has required who have been relegated to paying
significantly higher mortgage rates in the so-called subprime market."
- New York Times, September 30, 1999
Canyon note: Zepp doesn't even understad the financial terms, let
alone how a mortgage works
"So how come we just had an economic meltdown caused by idiots
trying to pretend mortgage notes were assets?"
--David (Zepp) Jamieson Sep 23, 2008
http://groups.google.com/group/talk.politics.misc/msg/095dc573344e163f?hl=en
"And the payments are the asset."
--David (Zepp) Jamieson Sep 24, 2008
http://groups.google.com/group/alt.impeach.clinton/msg/dd8d67d39fa6b73f?hl=en