A 45 year old Chicagoan's observations and commentary on top news, pop culture and an accounting of the Obama Regime and their 'statist' power grab from my unabashed, right leaning/conservative point of view..
This is our culture; fight for it. This is our flag; pick it up. This is our country; take it back. –Tom Tancredo
"Obama will turn the entire US into the south side of Chicago" - Chicago Ray
God Bless America...
Coming from Buffalo Grove IL, 20 miles NW of King Richard Daley's
Fiefdom AKA Chicago,Illinois,USA the land of the free because of the brave..
Here's one of my first posts and observations on a then potential Obama presidency in Feb 07/ I'm no prophet believe you me..... it was all common sense far too many today simply 'lack',
George Mason explained, “(T)o disarm the people (is) the best and most effectual way to enslave them.” Noah Webster elaborated: “Before a standing army can rule, the people must be disarmed
These people have incredible video of illegals, Armed terrorists, you name it invading the country each second of every day..
And were I in charge, it would be "Close Immigration down to all", at least until all identifiable illegal aliens and possible terrorists are deported... Sorry folks, party's over, no more Mr nice guy.....
This country is boiling over right now as our politicians have intentionally created an environment that is becoming intolerable for hard working born and bred Americans like myself who are sick and tired of our culture being shitcanned for political correctness first and foremost.
Secondly I feel comfortable saying that watching our criminal leaders leave our front and back doors wide open has more to do with the country becoming bankrupt than any other BS reasons these crooks will admit to, mostly due to their absolute culpability for this time bomb ready to explode. Not to mention the fact that this attack could very well be terrorism and if you were to ask me it probably has something to do with it.
I don't buy that this supposed Vietnamese person, who I bet is a Muslim and they won't admit it, works at IBM with no English Skills...... No Fricking way.
Putting all PC aside there are four distinct groups responsible for this crisis we're in; the greedy bankers being forced in many cases by the second group, even greedier lawmakers to basically hand out millions of mortgages to the third group, illegal aliens and the fourth group consisting of poor Americans both of whom could not afford the homes they were given in this badly failed social engineering experiment.
And not surprisingly the rest of us who had nothing to do with this are teed off beyond belief and no one is taking our rage seriously, I know that much. So these others out there are ready to explode as well for their own selfish reasons and this murdering Vietnamese immigrant suspect is case in point..
Thirteen likely innocent people have been claimed so far today so add them to the millions of 100% preventable victims of illegal alien and immigrant behavior and actions, which ironically I already complained about in another post this morning you can see below by condemning a local illegal alien loving congressman here in Illinois, who's district is comprised of mostly illegal aliens from south of the border, and while yes America is filled with illegals and legal immigrants of all ethnic backgrounds, the preponderance of them are from Mexico and that's a fact.
And another fact is this.....the rooms at the Inn are full, and for us to remain a civilized and prosperous society, we need to close our borders to immigration at least temporarily like many European countries do, until we can get a handle on what deadly vermin is already lurking amongst us ready to explode like the immigrant did today at this immigration civic center after being layed off from his job.
Not exactly an end of the world situation for anyone, as if there's one thing any person should never end their lives over it is money, especially since our government today just prints it whenever they feel like it.
Shooting at American Civic Association
pressconnects.com | Press & Sun-Bulletin: "At least five people have been taken to Wilson Regional Medical Center in Johnson City, one in critical condition, two listed as serious. Another person was taken to Lourdes Hospital in Johnson City.
Both hospitals postponed all elective surgeries and called in extra personnel to staff their emergency rooms.
According to police reports, more than 40 hostages were in the building — 15 in a closet and 26 in the boiler room. Sharp shooters from the Binghamton SWAT team were poised outside the building at 131 Front Street. The Endicott police bomb squad is also at the scene.
Shortly after noon, about 10 people were released from the building, with hands on their heads. The police searched some of them. Around 12:40 p.m., another 10 were released from the rear of the building, clad in white sheets. They were shaken and hugged each other as they boarded a BC Transit bus. All are being considered suspects until they are cleared by police.
Police and ambulance crews began staging at Oak and Main Street, the site of the Binghamton High School, shortly after 10:30 a.m. today. Local apartments were evacuated and businesses, including a nearby nursing home, were placed under lockdown. The high school was also locked down.
One woman who worked as a secretary reportedly was shot in the stomach.
Binghamton Immigrant Killer Situation Shows This : America Has Reached A Tipping Point....
The urge to save humanity is always a false front for the urge to rule it.
H. L. Mencken
In translation that means this: the millions of people that are being bailed out by Obama and Crooked Congress are only 10% of American Mortgage holders so it's not exactly the huge problem being exploited by the Messiah and also shows that 90% including myself are adhering to their contracts as signed.
As if that isn't insulting and enraging enough, half of that 10 percent didn't even deserve the mortgages they got in the first place as they were already determined to be high risk borrowers before even signing the damn paperwork. And from that 10% 33% of those are ILLEGAL ALIENS! Are you getting madder yet? That's not even all of it.
So for those people, Barry Hussein Obama has determined we people who've paid our bills diligently are now to be responsible for the undeserving, defaulted Borrowers or should I just call them robbers since that's really what they are. And we're also being penalized for the subsection of crooked and greedy lenders making loans they knew off the bat were at at least 50% risk of default just by looking at the credit scores, a 10cent sheet of paper which should have ended the house hunting before it began for most all of those people saving America hundreds of billions.
These were obvious flaming red flags that were simply fudged & ignored from bogus information provided by those subprime borrowers who've obviously been in default before, hence the sub prime classification, and from those previous experiences they all knew how to game the system set up for honest people exploited by the dishonest with their bald faced lies knowingly providing false and thus more favorable information easily checked for authenticity in this techno age, period.
And that's not even factoring in that out of these 1 of 10 subprime candidates is that 33% of those borrowers were illegal aliens, a little nugget of information that the government doesn't want too publicized for fear of the nationwide outrage and subsequent backlash that would ensue against that well known segment of the population from coast to coast.
All the while worrying more about the "poor old hard working illegal aliens plight" than the plight of Joe and Suzy Good Credit and the endless hard work they must both put in to maintain their jobs and A1 credit rating..
So in reality (which has left the room since January 20th), instead of being coddled and bailed out with our future mortgage & car payments, these offenders should all be identified and pulled aside, investigated and then vigorously prosecuted for mortgage fraud, bank fraud and any other fraud they can come up with in their investigations which I'm certain will be plenty.
Then after the legal process runs it's due coarse likely at our expense as well in the form of public defenders, and if found to have uttered or penciled in even one little white lie to inflate their income, employment or their immigration status information, they should all be rewarded with a free unit in public housing units from sea to shining sea.......in their respective state prisons that is.
And that's just for the mortgage fraud. Then start prosecuting them for all the other financial related defaults and fraud they've accumulated along the line, most figuring all along they would never have to pay these bills, especially those multiple professional bankruptcy filers that are in that same group as well. Those old pro's should be double prosecuted for the initial bk fraud they likely perpetrated at an earlier time and in earlier scams on banks and government agencies like SSA and HUD.
Last but not least let us not forget the illegals around the country who bailed only after thoroughly trashing their borrowed residences on their way to the southern borders, high tailing it back to Mexico thinking they're home free, which sadly they mostly are if not stopped at the border on the way out (now there's a laugh).
By the way, this little video is just one story done on what many of those homes looked like when they were so ungraciously abandoned back to the banks, who are of coarse now sending us the bills for. What you see here is incredible disrespect for America, it's system and people like you and me who abide by the rules while these lowlifes run roughshod over everything we stand and work for day after day.
And should anger the F**K out of all you honest Americans who play by the rules:
Yet another reason emerges how the illegal population sticks it to Americans coming and going in addition to our very own born and bred American f ups and lowlifes who also make gaming the system set up to aid the real American unfortunate, needy and disabled of the country their full time job thanks to liberals refusal to take the hammer to these criminals.
In fact Obama the great is now rewarding them for their failures and crimes. What a bum.
Subprime Mortgages: 48% Late or Foreclosed
| Real Estate | Money/Investing | Mainstreet: "NEW YORK (AP)NEW YORK (AP) — A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record, new data Thursday showed.
But that's not the worst of it.
The reckless lending practices in states like Florida, California and Nevada that were the epicenter of the housing crisis are no longer driving up the nation's delinquency rate. Instead, the foreclosure crisis now is being fueled by a spike in defaults in states like Louisiana, New York, Georgia and Texas, where the economies are rapidly deteriorating and thousands are losing their jobs. A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported. That's up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.
Prime and subprime fixed-rate loans saw sharp increases in the fourth quarter, a sign that the problem is now the economy.
"We're seeing increases in fixed-rate categories and that's where the problems are coming from," said Jay Brinkmann, the group's chief economist. "The foreclosure picture is more clearly driven by the jobs market."
That trend highlights one of the biggest challenges confronting the Obama administration's mortgage relief plan launched this week. While the $75 billion plan could help change the loan terms or refinance up to 9 million homeowners, unemployed borrowers will have a hard time qualifying.
On Thursday, the Labor Department said new unemployment claims last week totaled 639,000, lower than expected, but still at elevated levels. Factory orders also slipped for the sixth month in a row in January, the Commerce Department reported.
"There can be no doubt that employers continue to shed labor at a frightening pace, with no end in sight," Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a client note Wednesday.
The key is what kind of workers are losing their jobs, Brinkmann said. Unemployment for people with college degrees, some college education or technical training — those most likely to own homes and have prime fixed-rate loans — has nearly doubled over the past six months.
In New York, for example, where the financial industry is handing out pink slips like ticker tape, homeowners who once had good credit are defaulting at an increasing clip.
The only bright spot in the report is the devastation wrought by subprime ARMs appears to be waning. Their 30-day delinquency rate continues to fall and is at the lowest point since the first quarter of 2007.
That offers little reassurance to Florida, where 60 percent of homeowners who have a subprime ARM are at least one payment behind and one in five of all mortgage holders aren't current.
Defaults & Foreclosures Account For Only 1 in 10, & 50% of those are Subrime Borrowers..
The urge to save humanity is always a false front for the urge to rule it.
H. L. Mencken
Obama's dumb "Nobody messes with Joe" statement in his speech last night indicaating he was putting the fox (Biden) guarding the henhouse (treasury and his lifelong liberal senate friends) oughta tell you all you need to know about the juvenile that's running the country today and the congressional lifer's on the democrat side are doing exactly what we figured they would do with this political rookie and mesmerizing cult leader.
That is, use this smooth talking slick used car salesman to sell the suckers in this country (who for the first time in our history outnumber hard working and thinking Americans) the all out liberal nanny state programs that they love and the very ones that our founders warned about, particularly the one here where Alexander Tyler famously said this in 'The Decline and Fall of the Athenian Republic' often attributed to Ben Franklin who said it often as well.....
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the Public Treasury. From that moment on, the majority always votes for the candidate promising the most benefits from the Public Treasury with the result that a democracy always collapses over loose fiscal policy always followed by dictatorship.
Well that couldn't more true than it is today and these programs shoehorned in by the democrats led by the puppet on the strings named Obama are a liberal wet dream and the illegals of this country stand to benefit more than anyone in the middle class since contrary to what they say only 10% of mortgage holders are behind and of that ten percent one third to almost half are illegals and they're again cashing in like lottery winners through the US citizenry's political correctness induced stupidity and and the US treasury which is now bankrupt for 3 generations thanks to Pelosi and Obama.
Home Mortgage relief for millions of illegals
WorldNetDaily"Illegal aliens can apply for mortgage relief under the Obama administration's $275 billion plan, according to immigration experts and a group the government will use to help homeowners modify loans.
Steven Camarota, director of research at the Center for Immigration Studies in Washington, D.C., told WND approximately 1 million households headed by illegal immigrants acquired mortgages through the beginning of 2007, before the housing bubble burst.
'There is no legal prohibition against illegal immigrants owning homes,' he said, 'and in most cases mortgage lenders will accept a taxpayer ID or a Matricula Consular card issued by a Mexican Consulate office as identification to illegal immigrants from Mexico.' 'We don't target or go after illegal immigrant customers,' he said. 'But if an illegal immigrant owns a home legally, we could try to help them under our program.
SaveMyHomeUSA is seeking job applications or loan modification processors to work in the Obama administration mortgage modification program.
"A lot of mortgage modifiers out there never ask about the legal immigration status of the homeowner, and we do not ask either," Buchanan said. "This is the first time I've had that question asked. All we are looking to do is to modify the current note, regardless what the legal immigration status of the client is.
"A lot of mortgage modifiers out there never ask about the legal immigration status of the homeowner, and we do not ask either," Buchanan said. "This is the first time I've had that question asked. All we are looking to do is to modify the current note, regardless what the legal immigration status of the client is."
A mass marketed e-mail from Nicole Mercier at SaveMyHomeUSA tells prospects for the loan modification processor positions that the government "has provided billions of dollars to help people save their homes from foreclosure."
"We are the largest loan modification processing company in the country, and we are looking for individuals, like you, who can help us process these applications, and also find those that are in need of mortgage reduction through this program," the e-mail continued.
"You do not need a license or a certification to become a partner in this program," Mercier emphasized. "The pay is a minimum of $600 per processed loan modification file. We are currently processing over 1,000 modifications a month, if you would like to become a business partner, call today."
Mercier's e-mail was posted on an Americans for Legal Immigration PAC, or ALIPAC, bulletin board.
ALIPAC's president, William Gheen, told WND the e-mail from SaveMyHomeUSA "not only looks like illegal immigrants could refinance their own homes under the Obama mortgage modification program, they could also apply to become loan modification brokers , so they could help other illegal immigrants refinance their mortgages."
The New York Post reported that in seven of the 10 metro areas with the highest foreclosure rates in the U.S., Hispanics were at least one-third of the population. In two of these areas – Merced and Salinas-Monterey, Calif. – Hispanics constituted half the population.
The Post also reported that the La Raza Development Fund has received millions in federal funds to counsel their constituents on obtaining “no money down” home mortgage loans.
Stimulus Package Aids Illegals More Than Tax Paying Middle Class Americans
The urge to save humanity is always a false front for the urge to rule it.
H. L. Mencken
You know America, it's bad enough this POS Disgraced CEO John Thain even has a job at all after the disgraceful debacle he oversaw at Merrill Lynch which require of coarse a taxpayer bailout recently to the tune of billions.
But yet even after that disgrace with the millions of people out there likely qualified to take a position like this, the similarly disgraced Bank of Amigo's, formerly known as Bank of America, another bankrupted dump of a once proud financial institution which became bankrupt becoming a provider of bank accounts and mortgages exclusively to illegal aliens>
I re posted an article about this just two weeks ago even before this latest debacle involving the hiring of this bum Thain that you can read here.
You must remember that marketing blitzkrieg in a most "wide open in our faces fashion" a few years ago turns around and hires this already fired from Merrill Lynch disgraceful bum and then days later fires him in "feigned disgust" to try and save their arses from all the coming bad publicity when it's discovered that he spent a cool million bucks of taxpayers money having the audacity to redecorate his office in the midst of all this bailout activity going on!!
This so called Bank of America should be allowed to totally disintegrate into dust after this long line of Anti American and bad business acumen. Their worst offense of all is their nearly committing treason by catering to illegal aliens on the backs of their hard working American clients, and then to top it off with the hiring of imbeciles like John Thain they obviously have far too poor of judgment to be allowed to operate any longer, especially with our hard earned money as their working capital.
This has gone far over the ledge of sanity America, we must demand it come to an end and NOW
Canned Merrill Lynch CEO John Thain's spending spree included $1,200 trash bin:
The DailyNews There's something a little trashy about a $1,200 wastebasket.
For Merrill Lynch CEO John Thain, an outrageously expensive trash can — which was part of a $1 million office decorating spree — got him canned by his new bosses at Bank of America.
"It's more fun to throw stuff in the expensive one," Makushim confessed after the Daily News arranged a trash toss test — providing a $14.99 wastebasket for comparison purposes.
Makushim was on the job at John Norwood Antiques, where the 16-inch-high contemporary parchment waste can is priced at $1,200. That's practically a bargain. More opulent versions of the fine leather item list for $3,750." continued
Here's the itemized shopping list courtesy the Daily Beast:
1) $2,700 for six wall sconces. 2) $5,000 for a mirror in his private dining room. 3) $11,000 for fabric for a "Roman Shade.” 4) $13,000 for a chandelier in the private dining room. 5) $15,000 for a sofa. 6) $16,000 for a "custom coffee table.” 7) $18,000 for a “George IV Desk.” 8) $25,000 for a "mahogany pedestal table.” 9) $28,000 for four pairs of curtains. 10) $35,000 for something called a "commode on legs.” 11) $37,000 for six chairs in his private dining room. 12) $68,000 for a "19th Century Credenza" in his office. 13) $87,000 for a pair of guest chairs. 14) $87,000 for an area rug in Thain's conference room and another area rug for $44,000. 15) $230,000 to his driver for one year’s work. 16) $800,000 to hire celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.
One positive aspect of a souring economy if there is one besides low gas prices which the terrorists at OPEC won't let last too long is that many illegals who have no allegiance whatsoever to this country, never did and never will are hitting the dusty trail right back to Mexico according to an article shown below.
Of coarse immigrants are always welcomed in America when they come here in the proper fashion and become participants in America and her customs, not come here to make money to send to other countries supporting their dead economies with our tax free money bankrupting our own public services across the country, particularly now.
So I guess since the well has run dry and all those easy to get for illegals Bank Of America home loans aren't available anymore, especially since the last democratic ordered batches have caused a world financial meltdown that the MSM blames on everything but the real culprits, illegal aliens and Democratic influence at Fannie Mae and Freddie Mac, it's time to take the money or what's left of it and run leaving a banking mess and empty trashed homes littered across America with unpaid mortgages behind like Hurricane Katrina.
Well all I'll say about the upcoming exodus it's been nice not, and please don't let the barbed wire gates hit you in the ass on the way out and good riddance to the ILLEGAL ALIENS I say.
Some Mexicans leaving US, planning never to return -
Yahoo! News: "DENVER – After going months without a full-time job, Daniel Ramirez has decided it's time to return to family in Mexico.
Vicenta Rodriguez Lopez says she can't afford to live in Colorado any more because her husband was deported.
Roberto Espinoza is going back, too. After 18 years as a mechanic for a General Motors dealership in Denver, his work permit wasn't renewed and he didn't want to remain in the country illegally.
All are leaving Colorado in time for Christmas — joining a traditional holiday migration that will number almost 1 million people, says Mexico's interior ministry. But they have no intention of returning to Colorado, a place that promised prosperity.
Layoffs, dwindling job opportunities, anti-immigrant sentiment and the crackdown on illegal immigrants are forcing hard choices on many Mexican nationals in Colorado. Though not an exodus, some are returning to a nation they haven't seen in years.
'You despair. You think, 'I used to earn $600 a week and now I'm getting half of that a week?'' said Ramirez, 38, who lost his Denver construction job in August. He left last week, driving to San Luis Potosi in central Mexico."
Mexico's consul general in Denver, Eduardo Arnal, said more people like Ramirez are going home for good.
He cites a rise in applications for import tax exemptions by Mexican nationals bringing home their belongings. The consulate hasn't compiled statistics for 2008 but says it receives about three applications a day, compared to one per week in 2007.
"We've seen an increase in this service, which implies that there's a tendency among a larger number of Mexicans who are returning home definitively," Arnal said in an interview in Spanish.
Nationally, 1,809 Mexican immigrants filed for the exemption between January and August, compared to 1,447 the same period last year — a 25 percent increase, according to Mexico's foreign affairs ministry.
That's hardly an indicator of reverse migration, noted Carlos Rico, Mexico's undersecretary for North American affairs. Rico said what is known is that Mexicans are moving to other U.S. states — often places that historically have not seen a large population of Mexicans. They include North Carolina, Georgia, Idaho and Alaska, Rico said.
Whether for economic or anti-immigrant reasons, Rico said, "People are looking for alternatives within the United States."
An estimated 243,253 Mexicans lived in Colorado in 2007, down from 254,844 in 2006, according to the U.S. Census. The state's construction industry, a traditional source of employment for Mexicans, is contracting, and University of Colorado economists expect the state to lose 11,200 construction jobs next year.
Nationally, remittances to Mexico are down, as is Mexican emigration to the U.S.
August remittances totaled $1.9 billion, down 12 percent from August 2007, Mexico's Central Bank says. It's the first drop since the bank began tracking remittances in 1996.
Mexico's National Statistics and Geography Institute estimates that 814,000 Mexicans emigrated to the U.S. in 2006, compared to 1.2 million in 2007.
Arnal noted that Mexico's economy is growing, albeit modestly. Mexico's Treasury Department reported a 1.7 percent growth rate for the third quarter and forecasts 2 percent growth for the year.
When The Going Gets Tough The Illegals Get Going....
The urge to save humanity is always a false front for the urge to rule it.
H. L. Mencken
What he should do is seek out Barney Frank, his state next door's congressman, and take his anger out on him since it's Chris Dodd, Barney Buddy and the other democrats who were shilling for mortgages to illegal aliens and other totally unqualified buyers who are responsible for his losses and ours.
This crisis was dem made and should not go unpunished, in fact our founding fathers would have stormed Washington and HUNG EVERY LAST ONE OF THEM. So perhaps it's time for we Americans to put aside the partisanship and head there to do it ourselves, but the liberals will have to use flyswatters I guess since they hate guns so much.
Maybe now they see why we have a second amendment, as it may be the time has come to throw the bums out one way or another.<
Connecticut Man Enters Bank Making Threats
The urge to save humanity is always a false front for the urge to rule it.
H. L. Mencken
Not me, that's for dang sure. Five Million Illegal Loans to Illegal Aliens, 5 million less Americans who own homes because they were held to higher standards than the criminal scum that pervades the country still. If this doesn't get American pissed off to rounding up and booting these people now
I've claimed this to be true for over a year of blogging posts spanning long before the banking Fannie Mae scandal even hit,and here is the proof. If I saw it then million of others did too.
HUD: Five Million Fraudulent Mortgages Held by Illegals
KFYI - "The Valley's Talk Station":"One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.
Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.
It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona.
The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford.
One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt."
Who Was It That Said Illegals Don't Hurt America?
The urge to save humanity is always a false front for the urge to rule it.
H. L. Mencken
This article has been widely circulated amongst the blogosphere for week now, it's about time the slimes searched their archives and found it too.
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
At Least The New York Times Finally ReprintedThis 1999 Article Absolving Republicans From Freddie Fannie Culpability
The urge to save humanity is always a false front for the urge to rule it.
H. L. Mencken
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