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Fannie & Freddie: The Real Story Behind The Economic Crisis Sometimes the greatest blame comes from great praise when viewed in hindsight. The Los Angeles Times proves that with an article from 1999 heaping praise on the very people most responsible for the credit-market meltdown. Ronald Brownstein lauded the Clinton administration for boosting minority ownership by forcing lenders to offer better terms to marginally-qualified borrowers — and noted the financial creativity from Fannie Mae and Freddie Mac as a crucial component of Bill Clintons efforts. It also demonstrates why Congress mandated the failure of the lending system, and why it has to act to fix it. "It's one of the hidden success stories of the Clinton era. In the great housing boom of the 1990s, black and Latino homeownership has surged to the highest level ever recorded. The number of African Americans owning their own home is now increasing nearly three times as fast as the number of whites; the number of Latino homeowners is growing nearly five times as fast as that of whites. These numbers are dramatic enough to deserve more detail. When President Clinton took office in 1993, 42% of African Americans and 39% of Latinos owned their own home. By this spring, those figures had jumped to 46.9% of blacks and 46.2% of Latinos." Most people would agree that higher home-ownership rates are a positive sign in any community. They indicate investment in a community and commitment as well. Property owners have more of a stake in their cities and towns, and also typically support property rights in general. But how was this accomplished? Heres where that praise turns to condemnation: "Under Clinton, bank regulators have breathed the first real life into enforcement of the Community Reinvestment Act, a 20-year-old statute meant to combat redlining by requiring banks to serve their low-income communities. The administration also has sent a clear message by stiffening enforcement of the fair housing and fair lending laws. The bottom line: Between 1993 and 1997, home loans grew by 72% to blacks and by 45% to Latinos, far faster than the total growth rate." Requiring banks to serve their low-income communities. Thats shorthand for taking on more risk and lowering what had been standard prerequisites for purchasing homes. Normally, lenders would have demanded at least 10% down, and preferred 20%, and demonstration of stable income, of which the mortgage payments would not exceed 30%. Under threat of prosecution for bigotry, lenders had to start taking less-qualified borrowers as clients. But the government had a way for them to spread that risk throughout the investment community: "Lenders also have opened the door wider to minorities because of new initiatives at Fannie Mae and Freddie Macthe giant federally chartered corporations that play critical, if obscure, roles in the home finance system. Fannie Mae and Freddie Mac buy mortgages from lenders and bundle them into securities; that provides lenders the funds to lend more. In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down paymentsor with mortgage payments that represent an unusually high percentage of a buyers income. Thats made banks willing to lend to lower-income families they once might have rejected." Tags:[][Fannie][Mae][Freddie][Mac][Liberal][Democrats][Bill][Clinton][Barney][Frank][Barrack][Obama][Chuck][Schumer] |
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Democrats Covering up the Fannie Mae, Freddie Mac and Economic Crisis Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis. At a 2004 hearing see Democrat after Democrat covering up and attacking the regulations to protect Fannie Mae and Freddie Mac (their Cash Cows) that are now destroying our economy because the Democrats let them cheat. Tags:[][Obama][John][McCain][Fannie][Mae][Freddie][Mac][Barack][Campaign][ad][election][debate][economy] |
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Freddie Mercury Last Performance (Barcelona) Freddie Mercury Last Performance Singing Barcelona With Montserrat Cabelle Tags:[Freddie][Mercury][Last][Performance][Barcelona][Montserrat][Cabelle][Queen] |
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Freddie Mercury Tribute Video A nice tribute video to the worlds greatest frontman! Thank you Freddie! Tags:[Freddie][Mercury][queen] |
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Freddie King: Ain`t No Sunshine When She`s Gone. Not possible! Tags:[Freddie][King][Blues][Guitar] |
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Freddie King WOW!!! Tags:[Freddie][King][Blues][Guitar] |
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Freddie Mercury Tribute (10)- George Michael & Queen Live concert tribute to Freddie Mercury Tags:[george][michael][queen] |
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Freddie Mercury - Love Kills This is the same Metroplis video but with a different Rock Version of Love Kills By Freddie Mercury. Tags:[Love][Kills][Freddie][Mercury][Metropolis][sergechamps] |
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Freddie King - Have You Ever Loved A Woman Freddie King with another great performance live in Sweden, 1973. Tags:[blues][freddie][king][woman][guitar] |
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Freddie Hubbard "Misty" live in Japan Tags:[Freddie][Hubbard][jazz][trumpet] |