Gas price war?
1999- Ny Times reports on Clinton administration demands that Freddie and Fannie Mae continue questionable loans to lower income borrowers as well as pressure from stock holders to continue profits, according to Franklin D Raines the chairman and CEO of Fannie Mae too many borrowers' credit ratings were below minimum standards and were relegated to higher interest in the subprime market, 18% of these subprime loans went to black borrowers where as they represented 5% of normal mortgage loans,by moving into this new area of loaning Fannie has taken on significant risk, while not so bad in flush economic times an economic downturn could lead to a government bale out similar to the 1980's savings and loan rescue. Thanks Bubba with your wise leadership and dickheads like Barney Frank and Maxine Waters demanding mortgages be given to unqualified borrowers we have the subprime baleout- don't forget the importance of the stock holders here either, take the profit and run either for monetary or in the former cases political gain, thank you NY Times for a 1999 report that the wiseass members of Congress overlooked. These economic issues don't happen overnight, crediting clinton for success means you approved of Bush Sr economic policies cuz thats what clinton inherited, blaming Bush for the subprime failure is not totally accurate- blaming him and all of congress that supported the Iraq war is accurate.
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- DriskellHR
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- DriskellHR
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