Certainly proves the Democrats are singularly culpable in the mortgage crisis as are their constituents likely 80% deep in it as well as we all know now that a main reason our illegal alien population grew exponentially was the hidden secret that dems were giving away easy mortgages to those who had no business being in the country to begin with, all to get votes and secure offices in Washington.
The people involved in this crisis, and that includes the loan defaulters who were in the country illegally should all be doing serious prison time, and I for one will be lobbying congress to search out the names signed on these mortgages and prosecute them all for providing false information to secure loans that we taxpayers are now paying back for them all.
Then we seek out the politicians with their grubby hands on the illegal mortgages, sending their asses to prison and then to hang for treason to the country. Off to prison where they will be sharing cells and ropes with all the illegal aliens they love so much more than the hard working and shafted Americans they were supposed to be working for in Washington. .
Fannie Mae Eases Credit To Aid Mortgage Lending -
New York Times: "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 "..continued here
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