New York Times Clinton & Economic Crisis
Socialist Policies Of 90’s Caused Economic Crisis
For all the non believers of who caused the economic crisis. The New York Times on September 30, 1999 had an article about what was happening and what would happen. Clinton and HUD kept right on going with their socialist policies on mortgages.
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.''
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.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''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 said that 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. Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In July, 1999 the Department of Housing and Urban Development (HUD) 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. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
Home ownership did, in fact, explode among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
America, the socialist arm, New York Times told the Democrats and America what would happen. The socialist Democrats and Clinton wouldn’t listen; when their socialist policies caused the crisis they started blaming Bush and the Republicans. The socialist New York Times and main stream media now also blame Bush and the Republicans. America we know better, we have proof from the New York Times that Clinton, HUD, and their socialist policies caused the economic crisis.
Join with us America to protect your rights, your country, and your money. We are ready to defend our rights and tell the truth the socialist main stream media won’t tell you. Comment here and email us at YourVoice@speaknowamerica.org. Help us and be part of bringing our Great country back
Speak Now America! we want to hear from you.
For all the non believers of who caused the economic crisis. The New York Times on September 30, 1999 had an article about what was happening and what would happen. Clinton and HUD kept right on going with their socialist policies on mortgages.
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.''
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.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''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 said that 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. Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In July, 1999 the Department of Housing and Urban Development (HUD) 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. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
Home ownership did, in fact, explode among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
America, the socialist arm, New York Times told the Democrats and America what would happen. The socialist Democrats and Clinton wouldn’t listen; when their socialist policies caused the crisis they started blaming Bush and the Republicans. The socialist New York Times and main stream media now also blame Bush and the Republicans. America we know better, we have proof from the New York Times that Clinton, HUD, and their socialist policies caused the economic crisis.
Join with us America to protect your rights, your country, and your money. We are ready to defend our rights and tell the truth the socialist main stream media won’t tell you. Comment here and email us at YourVoice@speaknowamerica.org. Help us and be part of bringing our Great country back
Speak Now America! we want to hear from you.
Comments