Fannie Mae Eases Credit To Aid Mortgage Lending

[Antares]

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

Just for you revisionist lefty's.

 

[Geaux4it]

Slippery slope. Once again dumb Americans who spend over their means will take it in the shorts, then blame the banks

-Geaux

 

[Rozman]

Yeah...Let's go down this road again..

 

[The Rabbi]

With the Federal government now offerin g explicit guarantees for Fannie's loans, what could possibly go wrong here?

 

[saveliberty]

I heard Burnake got declined recently. Something about losing his job.

 

[Avorysuds]

Just in time to get housing rolling by 2016! And a crash sometime after.

 

[saveliberty]

1999...

 

[Clementine]

Slippery slope. Once again dumb Americans who spend over their means will take it in the shorts, then blame the banks

-Geaux

Exactly, but the libs delight at the thought of another bubble. They must want another disaster since this is how the first one started.

But, it will buy votes for now and Dems aren't smart when it comes to looking ahead at the results of their policies.

 

[OnePercenter]

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

Just for you revisionist lefty's.

Credit was eased, but the ability to pay wasn't.

 

[The Rabbi]

With the Federal government now offerin g explicit guarantees for Fannie's loans, what could possibly go wrong here?

OK my alert meter was off. Article from 1999. Irrelevant.

 

[Antares]

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

Just for you revisionist lefty's.

Credit was eased, but the ability to pay wasn't.

Which caused the collapse,very insightful of you