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Author Topic: Cry me a river  (Read 1557 times)

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Offline matrsnot

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Cry me a river
« on: October 08, 2008, 12:25:13 AM »

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Many here are intent on placing the economic situation on Geroge Bush.  Perhaps this NYT 1999 article will clear up some things for you.  Guess our current dems, who promised to clean up things in the first 100 days, did not want to mess with the Clinton Plan?
 
http://query.nytimes.com/gst/fullpage.html?res=9c0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=all
 
  Fannie Mae Eases Credit To Aid Mortgage Lending     
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    [/list] writePost();  new_york_times:http://query.nytimes.com/gst/fullpage.html?res=9c0DE7DB153EF933A0575AC0A96F958260&sec=&spon=   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.
    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 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.''
    Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
    Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
    Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
    Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
    In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
    Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
    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.
    The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.

    Offline Just_a_Biker

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    Re: Cry me a river
    « Reply #1 on: October 08, 2008, 05:54:44 PM »
    Can someone tell me what race has to do with obtaining a loan or owning a home?  Why should it matter, if you can't afford it who cares what color your skin is?

    Thanks matrsnot, this is an excellent article!!
    The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance. Cicero - 55 BC, Rome

    Offline prE4chEr

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    Re: Cry me a river
    « Reply #2 on: October 08, 2008, 06:04:30 PM »
    Bush and Clinton both have some blame to take. Clinton helped start it, and Bush let it get out of control. Bush had plenty of time to change it. Did he?
    (\__/)
    (o.O )
    (> < )  Look into my evil eye. Bunny needs brains.....BRAINS!!!


    "All that we see or seem
    Is but a dream within a dream" Edgar Allan Poe

    Offline What_The?

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    Re: Cry me a river
    « Reply #3 on: October 08, 2008, 06:14:09 PM »
    Bush and the Republican Congress knew about the Fannie and Freddie mess for 6 years and did nothing, so surely it is their fault. 

    The article is dated two months before Bush took office, just before he was elected.

    Therefore it is Bush's fault and the Republican controlled Congress' fault that this happened because they did nothing for 6 years.
    "There are plenty of good reasons for fighting, but no good reason ever to hate without reservation, to imagine that God almighty Himself hates with you, too. Where's evil? It's that large part of every man that wants to hate without limit, that wants to hate with God on its side." - Kurt Vonnegut

    Offline Just_a_Biker

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    Re: Cry me a river
    « Reply #4 on: October 08, 2008, 06:22:35 PM »
    Are you serious?!?!  It's Bush's fault that Clinton left him with the $#!+ storm that he did?!?!?!  Give me a break, that's just as ludicrous as saying that you deserve to own a home or get a loan because of the color of your skin.
    The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance. Cicero - 55 BC, Rome

    Offline What_The?

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    Re: Cry me a river
    « Reply #5 on: October 08, 2008, 08:38:31 PM »
    Are you serious?!?!  It's Bush's fault that Clinton left him with the $#!+ storm that he did?!?!?!  Give me a break, that's just as ludicrous as saying that you deserve to own a home or get a loan because of the color of your skin.

    If they knew about it and didn't do anything for 6 years that they controlled every aspect of the government, why isn't it their fault?

    They are claiming Clinton left them a raging fire of corruption and economic evil.

    And they stared at the fire for 6 years of controlling EVERY aspect of the government and did nothing about it.

    How is that Clinton's fault?

    The report came out 2 months before he left office with a Republican controlled Congress.

    The collapse happened 8 years later.

    Why didn't Bush or his Republican controlled Congress do anything about a problem they knew about from day one?

    What stopped them?

    Nothing.

    And nobody said that they deserved anything based on the color of their skin.

    Fannie and Freddie backed mortgages to people with bad credit.

    They didn't have a color meter on the door that blocked white people from getting loans.

    They opened the doors to ALL people with bad credit, taking on white people as well.

    And they got filthy rich doing it.
    "There are plenty of good reasons for fighting, but no good reason ever to hate without reservation, to imagine that God almighty Himself hates with you, too. Where's evil? It's that large part of every man that wants to hate without limit, that wants to hate with God on its side." - Kurt Vonnegut

    Offline contemplating

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    Re: Cry me a river
    « Reply #6 on: October 08, 2008, 09:19:00 PM »
    It's all about a little thing called the CRA:

    The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, 228, 345, and 563e.  Combined Federal Regulations do NOT get changed overnight.  Just like the constitution.

    It was "enhanced" by the Clinton administration by pressure from special interest groups such as PUSH, Rainbow Coalition and ACORN to name a few.  And yes, the afore named interest groups put skin color into the game.  They also put illegal immigrants into homes that had NO way of ever being able to pay for.

    I will agree that some folks got filthy rich doing it, but it was equally shared across party lines.

    "In order to be a leader of men, a man has to receive an education in his own country, among his own people, and to grow up in surroundings steeped with the traditions and psychology of his countrymen.  Not only did Western education not fulfill that condition, but it tended to wean a young man from the traditions and customs of his country."

    King Abdulaziz ibn Saud...circa 1930
    Cited by Ronald Lacey in "The Kingdom:  Arabia and the House of Saud"

    Offline What_The?

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    Re: Cry me a river
    « Reply #7 on: October 08, 2008, 09:32:37 PM »
    It's all about a little thing called the CRA:

    The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, 228, 345, and 563e.  Combined Federal Regulations do NOT get changed overnight.  Just like the constitution.

    It was "enhanced" by the Clinton administration by pressure from special interest groups such as PUSH, Rainbow Coalition and ACORN to name a few.  And yes, the afore named interest groups put skin color into the game.  They also put illegal immigrants into homes that had NO way of ever being able to pay for.

    I will agree that some folks got filthy rich doing it, but it was equally shared across party lines.



    Totally skirted the issues.

    Blame Clinton for everything, ignore Republican's responsibility in everything.

    You do realize that that is why the country is in the mess it is?

    Not taking responsibility and blaming Clinton for everything.

    "There are plenty of good reasons for fighting, but no good reason ever to hate without reservation, to imagine that God almighty Himself hates with you, too. Where's evil? It's that large part of every man that wants to hate without limit, that wants to hate with God on its side." - Kurt Vonnegut

    Offline contemplating

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    Re: Cry me a river
    « Reply #8 on: October 08, 2008, 11:37:07 PM »
    Totally skirted the issues.

    Blame Clinton for everything, ignore Republican's responsibility in everything.

    You do realize that that is why the country is in the mess it is?

    Not taking responsibility and blaming Clinton for everything.



    I didn't skirt any issues dude.  I tried to take them a bit deeper.  You are trying to convolute the issues.  This has been going on for decades.  Kinda like a festering boil.  The media likes to call it a bubble.

    You are pretty much an Obamabot.  You sond just like him - even in debate....Bush, Bush, Bush. etc....

    I voted for his father and I voted for him twice.  I don't agree with everything he has done, or all of his policies for that matter.  But I am certainly not tunnel visioned enough to half think he is the sole perpetrator of where we are now.

    Ironically enough in your posts and contentions bashing him, you elevate him to levels of control and superiority that even he would not agree with.  LOL - you are becomming quite amusing.

    Take the snorkel off, grab a set of tanks and go a bit deeper.  Back in time.  Take a history class or two  And don't just take in what you want to hear.  That's kind of a waste of money.
     
    Case in point - you missed the whole 1977 CRA / CFR thing.  Notice I didn't use the name Carter?  I did use the name Clinton, and that is exactly what I wanted you to do.  You are big on names, shallow on facts.  Your agenda fits the thread rather nicely.  Cry me another river.
     
    Good post MN.
    "In order to be a leader of men, a man has to receive an education in his own country, among his own people, and to grow up in surroundings steeped with the traditions and psychology of his countrymen.  Not only did Western education not fulfill that condition, but it tended to wean a young man from the traditions and customs of his country."

    King Abdulaziz ibn Saud...circa 1930
    Cited by Ronald Lacey in "The Kingdom:  Arabia and the House of Saud"