Evidence for God from Science

The New York Times, story by Steven Holmes, September 30th, 1999.

Headline: "'Fannie Mae Eases Credit To Aid Mortgage Lending' -

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.

'''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."

Who is to blame for the economy?

Canuckster1127 wrote:

Who is to blame for the economy?

I am. Thanks for giving me the opportunity to clear that up.

Cross.eyed wrote:

Canuckster1127 wrote:

Who is to blame for the economy?

I am. Thanks for giving me the opportunity to clear that up.

So...you're the one who got all the trillions!

Fürstentum Liechtenstein wrote:Relax, all of you.

I am planning a trip to Boston for one week at the end of April. The last time I spent time in the USA, your economy got a good boost from all the new money I injected. This time it should be even better as my wife and I will spend about 3 times as much as on our previous trip.

So just be patient. Things will turn around for you in one-and-a-half months.

FL

zoegirl wrote:I'm just every day more and more disgusted at Obama's unwillingness to listen to sooo many economists who are essentailly screaming to stop thinking about health care.

He is just soooo socialist I actually dread where we are going.

zoegirl wrote:He is just soooo socialist I actually dread where we are going.

Canuckster1127 wrote:

Cross.eyed wrote:

Canuckster1127 wrote:

Who is to blame for the economy?

I am. Thanks for giving me the opportunity to clear that up.

So...you're the one who got all the trillions!

I spent it on Chinese food and baseball cards.

It won't happen again. I promise.

obsolete wrote:I hope it was some REALLY good Chinese food!

Fürstentum Liechtenstein wrote:

obsolete wrote:I hope it was some REALLY good Chinese food!

There is no such thing. The Chinese don't make anything really well.

FL