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Fannie Mae Eases Credit To Aid Mortgage Lending
    #9896259 -

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.


In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''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.''


Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.


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.''


http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&scp=1&sq=&st=nyt



One page from the NY Times ...
9 years ago.


Its almost funny.....


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: lonestar2004]
    #9896383 -

Whenever you support dysfunctional ideas you get this result.


--------------------
"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC

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Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: lonestar2004]
    #9896714 -

No you see it was neocon private sectorers that uhhhhhh errr ,


Sarah Palin uses Cheeze Wiz for Fondue and drinks boxed wine! She's so Trashy!

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Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: buckwheat]
    #9896914 -

Please dont even mention Sarah Palin! It gets them all worked up into a ignorant frenzy and derails the thread. :smirk:


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: lonestar2004]
    #9897789 -

:lol:

That's pretty prophetic.


--------------------
After one comes, through contact with it's administrators, no longer to cherish greatly the law as a remedy in abuses, then the bottle becomes a sovereign means of direct action.  If you cannot throw it at least you can always drink out of it.  - Ernest Hemingway

If it is life that you feel you are missing I can tell you where to find it.  In the law courts, in business, in government.  There is nothing occurring in the streets. Nothing but a dumbshow composed of the helpless and the impotent.    -Cormac MacCarthy

He who learns must suffer. And even in our sleep pain that cannot forget falls drop by drop upon the heart, and in our own despair, against our will, comes wisdom to us by the awful grace of God.  - Aeschylus

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Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: lonestar2004]
    #9897941 -

Good find, lonestar. :thumbup:

Quote:
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.


:facepalm:


--------------------

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Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: Virus_with_Shoes]
    #9897965 -

:facepalm: :facepalm: :facepalm:


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: Madtowntripper]
    #9898021 -

Madtowntripper said:
:lol:

That's pretty prophetic.



I'm just gifted.


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: lonestar2004]
    #9898048 -

Not you, the article.

What are you doing reading the NY Times anyway?

It's a communist dishrag.


--------------------
After one comes, through contact with it's administrators, no longer to cherish greatly the law as a remedy in abuses, then the bottle becomes a sovereign means of direct action.  If you cannot throw it at least you can always drink out of it.  - Ernest Hemingway

If it is life that you feel you are missing I can tell you where to find it.  In the law courts, in business, in government.  There is nothing occurring in the streets. Nothing but a dumbshow composed of the helpless and the impotent.    -Cormac MacCarthy

He who learns must suffer. And even in our sleep pain that cannot forget falls drop by drop upon the heart, and in our own despair, against our will, comes wisdom to us by the awful grace of God.  - Aeschylus

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Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: Madtowntripper]
    #9898132 -

us poor conservative have no choice! we cant boycott CNN, CNBC, MSNBC, CBS, NBC, PBS, ABC, and most newspapers and just watch Fox news 24/7

You wouldn't understand....


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: Madtowntripper]
    #9898585 -

Madtowntripper said:
Not you, the article.

What are you doing reading the NY Times anyway?

It's a communist dishrag.


It is but the business page is still not entirely gone even now and certainly wasn't in 1999.


--------------------

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Re: Fannie Mae Eases Credit To Aid Mortgage Lending [Re: lonestar2004]
    #9898650 -

Heres to all the idiots who say DURRRR NOBODY SAW IT COMING


--------------------
With a host of furious fancies
Whereof I am commander,
With a burning spear and a horse of air,
To the wilderness I wander.
By a knight of ghostes and shadowes
I summon'd am to tourney
Ten leagues beyond the wild world's end.
Methinks it is no journey

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