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Greedy bankers or culpable politicians


baypond

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This was in the U.S, my point being that bankers are the 'effect', but politicians/policy makers were the cause.

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.

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''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 (and current Obama advisor) . ''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.''

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[quote user="baypond"]i hope this doesnt break copyright ?[/quote]

They worry too much on this forum. Having been involved with copyright it is highly unlikely there would be a downside. It is possible the copyright holder may draw your attention to it - you say sorry and remove it - easy peasy. You would have to significantly profit and the holder lose money before it became a big problem.

Nanny will say put a link....

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