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NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

Please note the date of the article. I saw this posted in another forum, and I think it's a dude that posts here in the main forum to boot. Anyhow, this pig goes back even further than this. Research the Community Redevelopment Act of 1977 too.

New York Times

Fannie Mae Eases Credit To Aid Mortgage Lending

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 Eases Credit To Aid Mortgage Lending - New York Times

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

This guy might be in Nostradameus' blood line or something.

Quote:

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.''

Sheesh. Too bad no one was listening.

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

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Hello, RW! What have I been saying for the past several days?? Are you finally getting up to speed? Well, better late than never, I suppose. Try to stay focused on the ball, or you'll drop it, for sure.

//

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

If you choose to go beyond the obvious bait in an effort to blame parties or politics, you will find that the people who benefitted from CRA, the single homeowner, have done quite well. The problem seems to point to the Real Estate Investor, aka the house flipper, and those who built empires based on cashing in their equity to the point that they are upside down in their mortgages..

Blaming the beneficiaries of the CRA is somewhat begging the issue.. it is an easy out, but does not focus on the larger problems..

http://www.traigerlaw.com/publicatio...udy_1-7-08.pdf

Quote:

Our study concludes that CRA Banks were substantially less likely than other lenders
to make the kinds of risky home purchase loans that helped fuel the foreclosure crisis.
Specifically, our analysis shows that:
(1) CRA Banks were significantly less likely than other lenders to make a high cost loan;
(2) The average APR on high cost loans originated by CRA Banks was appreciably lower
than the average APR on high cost loans originated by other lenders;
(3) CRA Banks were more than twice as likely as other lenders to retain originated loans in
their portfolio; and
(4) Foreclosure rates were lower in MSAs with greater concentrations of bank branches

Developments : Changing Demographics of the Foreclosure Crisis

Quote:

Not even affluent homeowners are safe from the foreclosure crisis. In Maryland, “counties with high incomes and pricey housing were among the hardest hit,” the Baltimore Sun found. “All but two of the 10 most affluent counties — those with median household incomes topping $70,000 — saw foreclosure cases rise by more than 50 percent,” the paper says. In these pricier neighborhoods, buyers had to stretch more to be able to afford homes, the paper explains. Plus, easy mortgage money at the beginning of the housing boom didn’t help the situation.

Are these communities destined to become “slumburbs?” As foreclosures hit even the most affluent areas, suburbs may become tomorrow’s slums, writes Carol Lloyd of the San Francisco Chronicle. “We’re not talking about mean inner-city streets getting meaner, we’re talking about the pristine, newly built developments of four-bedroom, three-bath dream homes produced in the last housing boom becoming ghettos for the poor and the disenfranchised,” she says.

Subprime borrowers losing investment properties to foreclosure - BusinessWeek

Quote:

About 18% of foreclosure actions started in the 3rd quarter of last year involved properties owned by investors (These are non-owner occupied homes). What also emerged from the data is that many subprime borrowers were taking out mortgages to buy investment properties, especially in markets now getting hit hard by foreclosures.

In Ohio, which has one of the worst foreclosure rates in the nation, 34% of subprime fixed-rate foreclosures involved investor-owned properties and 21% of subprime adjustable rate mortgage (ARM) foreclosures involved non-owner occupied houses.

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

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The only "bait" here is that the truth is out now about how this debacle started and WHO started it. BarackO and Biden have been making this campaign about "CHANGE from the failed policies of Geo Bush and John McCain". Well, turns out the only failed policies have come from Barack Obama, Joe Biden, and the Democrat Congress over the past 35 years. The truth has been revealed, and it's not what the Dems were expecting. They thought they'd skate over this disaster, blame it all on Bush/Republicans, but guess what, the truth is the opposite.

God is alive!

//

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

Quote:

Originally Posted by Fogbuster (Post 1072512)

here is a suggestion, do not read what I posted, be content in your own little thought patterns.. being a brainwashed cultist shows more and more each time you post.. no tolerance or attempt to understand anything that goes beyond your core beliefs...

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

Quote:

Originally Posted by GJAJ15 (Post 1072516)

That's funny. I feel exactly the same way about your posts, and about you!!! Brain-washed left-wing nut job, still living in the 60s, with his Che posters and tie-dyed tee shirts, getting a little paunchy, maybe lost a few teeth. But, hey!! Richie Havens didn't have many teeth, and he sang great!! :rofl: Funny, but not in a humorous way.

//

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

Quote:

Originally Posted by Fogbuster (Post 1072551)

Hello, RW! What have I been saying for the past several days?? Are you finally getting up to speed? Well, better late than never, I suppose. Try to stay focused on the ball, or you'll drop it, for sure. [/I]

//

RW, i'm sure you agree with him on this issue... but isn't he annoying in a Newman sort of way? c'mon... just admit it...

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

Quote:

Originally Posted by Fogbuster (Post 1072551)

how is this not a blatant personal attack? just curious...

unwelcome back, Fog... you weren't missed...

Re: NYT September 30th, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

Quote:

Originally Posted by PressCoverage (Post 1072554)

how is this not a blatant personal attack? just curious...

unwelcome back, Fog... you weren't missed...

This AM he attacked Patters also, unfortunately this seems to be allowed..try to attack him and see what happens..