Election Reminder of 1999 report on Freddie/Fannie (house of representatives, Congress, Clinton)

[Pressing-On]

(excerpt)

New York Times
Fannie Mae Eases Credit To Aid Mortgage Lending


By STEVEN A. HOLMES
Published: September 30, 1999


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...

Fannie Mae is taking on significantly more risk,

...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.

''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.''

Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

...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.

...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.

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

[AksarbeN]

Statement by the President
On Introduction of Oxley/Roukema/Green Housing Legislation H.R. 3995 "Housing Affordability for America Act of 2002":
Statement by the President

H.R. 3995—THE HOUSING AFFORDABILITY FOR AMERICA ACT OF 2002

TUESDAY, APRIL 23, 2002
U.S. House of Representatives,
Subcommittee on Housing and
Community Opportunity,
Committee on Financial Services,
Washington, DC.

H.R. 3995, the Housing Affordability for America Act of 2002


H.R.3995 List of sponsors ~ 58 Republicans & 20 Dems - interesting?

H.R. 3995 [107th]: Housing Affordability for America Act of 2002 (GovTrack.us)

I think I see where the housing problem started and triggered the economy collapse. The question now is “will McSame follow the in the same footsteps as George”?

President Hosts Conference on Minority Homeownership