Question: Christopher Helms wrote: > On Mar 20, 9:42 am, “marcodbeast”
> Good old Phil Gramm. He’s lobbying here here and here, you turn on the > TV and there’s trouble here here and here. If there’s such a thing as > a license to lobby, that dithering old bastard should have his > revoked.
Answer: We all agree that the housing market brought us to where we are at today. You all should go and look at the stats of the defaulted loans (what timeframe did they all originate) for yourselves and decide who presided over this debacle. “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.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans.”
Now, whom does that article of yours say is responsible for pressing them to make subprime loans? “banks, thrift institutions and mortgage companiesd”
Related posts:
- Dishonest Mortgage Lender – Allstate Funding
- Experiences with LLC’s
- Debt ratios for Home Loan
- Why are you frugal?
- What is a non-conforming loan?
- Is there a web site that tracks VA home loan rates?
- Credit Unions rule!
- Reputable debt consolidation companies
- FHA Loans
- H.O.T. sample
- What Is The Best Method for Debt Consolidation?
- Invest in San Diego