It’s all for the children Little Peepoles!
meh… to them, it’s the same thing
It’s all about regulating the Gree3eed out of Wall Street, eh?
NYT Published: 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. ...
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.
...Home ownership has, in fact, exploded among minorities during the economic boom of the 1990’s.
...Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
...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.
That’s when a cry of RAAACIST really meant something…
NYT Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac,… [and] would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight ...which now rests with Congress… of Fannie Mae and Freddie Mac—which together have issued more than $1.5 trillion in outstanding debt—is broken.
...Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
‘’These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
‘’I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,’’ Mr. Watt said.
Barney Frank with Freddie Mac
YET MORE: Ok - that was a little joke of mine above… always trying to bring teh funnay. It keeps me from sobbing aloud. ...most of the time.
Then I tripped over to Ace’s knowing his would be the easiest place to find the vote count for the House passage of the “Rescue” Bailout bill. Just look for the flaming skull. And what did my eyes espy?
You’ll hafta click over for teh real funnay.
…
Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.
But since they can’t really be married [Chimpy McBushitlergayhater!!!one!], I guess there’s no real conflict of interest here, is there now?
Certainly no more than Pelosi being a big shareholder of Pickens’ windpower deal and lawmaker on windfallpower tax cuts? right?
I’m now changing my designation: Citizen Journalist Sap.
10/03 at 04:29 PM •
(13) Extra Credit • Pass it on...
