Who is responsible for the financial crisis??? Read this from 1999! >[] > >>>>By STEVEN A. HOLMES >>>> >>>>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. >>>>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 (and current Obama advisor) . ''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.''
Entire article here: http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1 --~--~---------~--~----~------------~-------~--~----~ Please note that I do not send or open attachments sent to this list. You received this message because you are subscribed to the Google Groups "Catholics on Fire" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/Catholics-on-Fire May the blessing of Jesus and our Blessed Mother be with you -~----------~----~----~----~------~----~------~--~---
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