GREAT article...too bad the people who really need to see it won't..and even if they did, they wouldn't believe any of it. Keep up the good work...
This would all be more impressive if it weren't for that fact that the vast majority of the subprime loans were actually made around 2004 when the Republicans controlled the White House and both houses of Congress, not during the Clinton years. It was mostly the need to compete with private banks, not public urging, that drove Fannie Mae into this mess.
That is a strawman argument Nate.
The fact that Republicans controlled the White House and Congress does not negate the fact that Republicans tried well over a dozen times to restrict the risky lending practices that the Democrats encouraged the GSEs to use with disastrous results.
Thanks to the denials of people like you, Barney "I don't see any financial crisis" Frank (DEMOCRAT-MA) is still the chairman of the House Financial Services Committee that oversees housing and banking industries.
Thanks for nothing...
the whole gang is beyond thievery . it is totally as bad as madoff. these people should all be jailed and their bonus money clawed back. therre is no dexcuse for the ignorant abuse of all of them. and not only didi waters yap off now that he hubbies bank went broke she got him some more. and we are the problem.now thats a big joke. you congressmen and senators are a disgrace to all of us.
Try this on for size. We were trying to get a contract on a foreclosure that is owned by Fannie Mae. The asking price for the home was $290,000. The home had no appliances, holes in the walls, exposed wiring, etc. We fell in love with the home and most of the things wrong we could repair ourselves. So we made some offers on the home. Our final offer was $278,500. Well, the declined all of our offers wanting $290,000 for the home. (all of this took place over the last few weeks). I went and looked to see if the home is still up for sale (we are under contract on another home now) and they are asking $268,900 for the home! This is almost $10,000 less than our last offer. We were already pre approved for more than what we were offering on the home, but Fannie Mae obviously has some kind of problem on accepting offers on this particular home. It has been on the market for almost 2 years and they decline offers on the home but then turn around and drop the homes price to below what the last counter offer was. Can you say discrimnation! We are white middle class Military family. Why would Fannie Mae decline an offer of $278,500 and then turn around and lower the price to $268,900??? Kind of makes you wonder how many other families they have done this to just to keep homes on their books. No wonder they needed a Federal Bailout! To top this off I have been trying to contact Fannie Mae to find out the reason behind this but of course you never get to speak to a representative and they NEVER return phone calls! Something is obviously very fishy with Fannie Mae. Maybe the government needs to take an even closer look!
Commenting by HaloScan
