Shout it from the Rooftops

September 30, 1999

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.
[. . .]
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.
[. . .]
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

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Fueled by another racism witch hunt

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

Gee, I wonder why...

The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.

Imagine this: Company X is investigated regarding charges of racism. At about the same time, Company X alters its hiring procedure to reduce the competence threshold with the intention of increasing the number of minority hires. A few years down the road, Company X collapses due to massive incompetence among employees.

A video from Fox News

There've been a few of these making the rounds, but this one has a lot of video clips from the past.

Jesus Christ, that's one of

Jesus Christ, that's one of the most damning things I've ever seen. I hope McCain takes full advantage of this.

That's a damn good video.

That's a damn good video. Lamentably, it has the dreaded FoxNews logo on it and doesn't have Colbert, so none of my friends would be interested in it.

This one (9 minutes long) is a gem too, from a hearing on trying to rein in Fannie and Freddie:

It's nakedly partisan, and I don't doubt that a good number of Republicans went along with Freddie and Fannie. But it's just surreal to watch, knowing what we do now.

Freedy and Fanny

I know that Barney Frank has been in bed with Freddy,Fanny and perhaps others for many rears.,,er years.


As a minority, I'm glad that

As a minority, I'm glad that now I will be given the same treatment as those more capable of obtaining credit.