Thursday, October 9, 2008

Fannie Mae

Here is a very interesting article by Steven A. Holmes that was originally published on September 30, 1999;vvparticularly interesting was this paragraph:

"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."

And this one...

"In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups."

Those who blame Republicans for our current mess ought to read this article from today's New York Times!

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