Here is the mother of this Crisis (Washington, Clinton: low income, real estate)

[skapur]

News from Sept 30th, 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.

[EEEPNJ]

Oh PUH LEESE.....

Tell me it's not another person trying to blame everything on Clinton...it was old 8 yrs ago...it's older NOW.

There were MANY MANY MANY who profited VERY handsomely through the real estate bubble that most were foolish enough to think would NEVER burst.... and they were way too happy to profit off of VARIOUS types of loans that never should have been given... not just to the poor... but to the house jockeys who thought real estate was the new day trading.... I'm not even going to touch on the lack of regulation or living under an administration that did not think we HAD a financial crisis until 3-4 weeks ago.

Right now I'm disgusted with the Democrats as much as the Republicans.... but PLEASE trying to put the entire mess this country is in on CLINTON is just about laughable. I don't think there are too many people out there - of either party or independent - that wouldn't trade 8 yrs of bush for 8 yrs of clinton any day.

[wileynj]

Party pride by anyone right now is sad! They all suck and they are all to blame!!!

[skapur]

If government has pressurized the banks to give out the loans to low income and low credit score people, why are we blaming banks and cursing them to die? It is government's responsibility to save these banks and that's what they are doing.

[wileynj]

Originally Posted by skapur

If government has pressurized the banks to give out the loans to low income and low credit score people, why are we blaming banks and cursing them to die? It is government's responsibility to save these banks and that's what they are doing.

I totally get your point but it's moot! Doesn't resolve the issue - it's only of "ah ha..I told ya so!" mentallity! We know it's all Clinton's fault..and we know it's all bush's fault and now we know it's all the republican's fault for turning it down and we know it's the bleeding heart Democrats who want to give everything to the poor..blah, blah, blah!

[EEEPNJ]

I agree with WILEY

That's why I have CONSIDERING BEING INDEPENDENT up there....

I'm SOOOO disgusted right now.

[skapur]

I'm not siding any government but I hate when I hear news that "No one predicted this". That is the most ridiculous statement.

[monack]

Anyone could have predicted this... all you had to do was take a look at the creative mortgages that were being done...

[EEEPNJ]

No one predicted, please... certain segments of politicians were saying we had no problem with our economy TWO WEEKS AGO.

I have to say, I'm watching the news and I'm SICK TO MY STOMACH with the way this is handled... right about now I'd like to put a good 85 to 90% of our politicians on a space ship that would go to Mars to never return... let them destroy Mars....

[boubou]

In 2004 politicians on both sides were talking about what was going down in Freddie and Fannie. Everyone jumped in to rape the system they knew was going down but had to get profits out like everyone else while it was going down. The lines betwen Washington and Wall Street started to be blurred thanks to Freddie and Fannie, (and R. Rubin bailing out Goldman Sachs Mexican Bonds and killing the mexican economy for Goldman's sake when he became treasury Sec under Clinton after leaving Goldman himself) Washington and Wall Street should not be so mingled for this very reason. Now we are stuck with their f'd up marriage of convenience and we will suffer more-no doubt.