The sub-prime debacle started at the tail-end of the Clinton administration, as was recently pointed out by the NYT in this (http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1) article dated September 30, 1999.
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.
That about says it all. Irresponsibility and greed.
There's got to be a way to help low and moderate income people buy a house (I'm in the 'moderate income' category, I think) without bankrupting the country.
Here's an idea: take everyone who ever made a decision on this (and if they're dead, dig 'em up), knock their heads together and ship them off-world. Then hire someone competent who also has actual integrity to run things. If such a creature even exists.
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primroseburrows) wrote2008-09-29 03:57 pm
no subject
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.
That about says it all. Irresponsibility and greed.
no subject
Here's an idea: take everyone who ever made a decision on this (and if they're dead, dig 'em up), knock their heads together and ship them off-world. Then hire someone competent who also has actual integrity to run things. If such a creature even exists.