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Thread: New York Times ..10 years ago

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    Senior Member K.Bullock's Avatar
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    Default New York Times ..10 years ago

    http://query.nytimes.com/gst/fullpag...5AC0A96F958260


    Paragraph three is interesting:

    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 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.''

    The New York Times from 2003:The Bush Admin tried to take steps to avert crisis and were opposed by...

    http://query.nytimes.com/gst/fullpag...gewanted=print

    ''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''

    Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

    ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

    Representative Melvin L. Watt, Democrat of North Carolina, agreed.

    ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

    This is why it is ironic to see the Democrats claiming to drive the fire truck to a fire they set and then turning around and blaming it on the Bush Administration.
    Last edited by K.Bullock; 02-23-2009 at 11:06 AM.
    Why doesn't glue stick to the inside of the bottle?

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    The silence from our left leaning friends is deafening........

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    Senior Member road kill's Avatar
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    Wait till you hear all the WHINING tonight!!
    Stan b & Elvis

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    Senior Member Hoosier's Avatar
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    Quote Originally Posted by Mike Noel View Post
    The silence from our left leaning friends is deafening........
    Lets give em something to talk about.
    http://www.nytimes.com/2009/02/24/wa...ref=middleeast

    Obami administration to give Gaza $900 million

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    Senior Member badbullgator's Avatar
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    You know just when you think it cannot get worse.....
    Why are we giving money to these people and is it part of that pork bailout?
    Views and opinions expressed herein by Badbullgator do not necessarily represent the policies or position of RTF. RTF and all of it's subsidiaries can not be held liable for the off centered humor and politically incorrect comments of the author.
    Corey Burke

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    Senior Member road kill's Avatar
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    Quote Originally Posted by badbullgator View Post
    You know just when you think it cannot get worse.....
    Why are we giving money to these people and is it part of that pork bailout?
    Because it FEELS so good!!
    Stan b & Elvis

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    Quote Originally Posted by Hoosier View Post
    Lets give em something to talk about.
    http://www.nytimes.com/2009/02/24/wa...ref=middleeast

    Obami administration to give Gaza $900 million
    My point is when it comes to mistakes made by republicans there is a huge outcry from the lefties.....when a democrat makes a mistake the response by the left is "we need to move forward and not dwell on the past".

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    Senior Member K.Bullock's Avatar
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    Quote Originally Posted by badbullgator View Post
    You know just when you think it cannot get worse.....
    Why are we giving money to these people and is it part of that pork bailout?
    What is scary is it not even been two months into what appears to be "Comrade" Obama's Admin...

    Marx also believed that the end of the capitalist system would be implosive and violent. I have a day mare of Obama kicking back, highlighting his way through Marx in the Lincoln bedroom.
    Why doesn't glue stick to the inside of the bottle?

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    Senior Member Bob Gutermuth's Avatar
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    Why are we giving money to a foreign country anyhow, much less an enemy of our staunch ally Israel? 2012 cannot come soon enough to get this bolshevik out of office.
    Bob Gutermuth
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    ROLL TIDE!

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    Senior Member road kill's Avatar
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    Quote Originally Posted by Bob Gutermuth View Post
    Why are we giving money to a foreign country anyhow, much less an enemy of our staunch ally Israel? 2012 cannot come soon enough to get this bolshevik out of office.

    So you must not even know about the $200+ million to Africa for ....uh....shall we say.....Birth Control?? (after conception)
    Stan b & Elvis

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