Rahm Emanuel Made $300,000 from Freddie Mac?

Where is the outrage? Where is Barney Frank and Chris Dodd?

Dick Cheney - "Barney Frank & Chris Dodd Prevented Reforms on Fannie Mae"

1999 Times Article: Fannie Mae Under Pressure From Clinton to Expand Mortgage Loans to Low Income People

Attention ADRI

Fannie Mae Eases Credit To Aid Mortgage Lending

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By STEVEN A. HOLMES

Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

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.

''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.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan 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.''

Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add 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.

Fannie Mae CEO in 2005 Explaining the "FAMILY" Connection with Dems & Obama

In 2005-- Barack Obama and the Congressional Black Caucus met with Fannie Mae for a "family" event. In 2005 Democrats also blocked reform of Fannie Mae:

This was before Fannie Mae started filling the pockets of Barack Obama with political donations.
The junior Illinois senator collected more money from Fannie Mae than any other Washington politician except Senator Dodd in the last decade.
Obama was able to accomplish this feat in just 3 years.

This video shows Fannie Mae CEO talking to "family" members of the Congressional Black Caucus in 2005.

The Democrats have been taking PAYOFFS from Fannie and Freddie and have looked the other way FOR DECADES!
They've blocked reform several times.

Now this NEW VIDEO of the CEO of Fannie Mae in 2005 shows him explaining the "FAMILY" connection with Democrats and specifically Barack Obama and the Congressional Black Caucus. It looks like Michelle Obama was at the event, too.
This was before Barack Obama started collecting tens of thousands from the failed lender.

US Is "More Communist than China"

I have been saying this about the Fannie Mae take over rumors to friends the past few weeks. This is a bad sign.....

The nationalization of Fannie Mae and Freddie Mac shows that the U.S. is "more communist than China right now" but its brand of socialism is meant only for the rich, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe on Monday.

"America is more communist than China is right now. You can see that this is welfare of the rich, it is socialism for the rich… it's just bailing out financial institutions," Rogers said.

Stock markets jumped after the U.S. government's decision to launch what could be its biggest federal bailout ever, in a bid to support the housing market and ward off more global financial market turbulence.

But Rogers said in the long term the move spelled trouble.

http://www.cnbc.com/id/26603489

Michael Savage - Clinton Cronies, Fannie Mae & Freddie Mac

What would we do without Michael Savage? Now you know why the MSM ignores this man, HE REPORTS THE TRUTH....



I will add the clip later on today of Michael Savage and his brilliant take on the Fannie Mae and Freddie Mac debacle. Last night, Savage unveiled the Clinton cronies that are connected to these two financial centers that the MSM will never report and that is why I am posting this.



The average person does not care about this, but I am posting it to show that the LEFT are the real hypocrites, because these scream about big business and corruption, yet they seem to be lurking around when ever something goes SOUTH.



I also want to add that Michael Savage did not mention any wrong doing by the thugs mentioned in this article.



http://www.npr.org/templates/story/story.php?storyId=92540620

http://michaelsavage.wnd.com/