Skip to comments.Quote from 2003 Franklin Raines Letter to Shareholders
Posted on 09/30/2008 2:36:59 PM PDT by PAR
...Ten years ago, for example, the typical conforming mortgage required a down payment of 10 to 20 percent, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3 to 5 percent down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well...
In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000. Thanks to our housing and industry partners, we met that goal early. Then in 2000, we launched our American Dream Commitment, a pledge to provide $2 trillion in capital to 18 million underserved families by the year 2010, including $400 billion targeted specifically for minority families (later raised to $700 billion in response to President Bushs Minority Homeownership Initiative). After four of the strongest years in housing and mortgage finance history, weve already surpassed the top-line goals of this commitment. But our work is far from complete.
So in January 2004, we announced our Expanded American Dream Commitment and pledged significant new resources to tackle Americas toughest housing challenges. Our new commitment has three main goals.
First, we will expand access to homeownership for six million first-time home buyers in the next ten years, including 1.8 million minority first-time home buyers.We also will help raise the national minority homeownership rate from 49 percent to 55 percent, with the ultimate goal of closing it entirely.
Second, we will help new and long-term homeowners stay in their homes through a series of initiatives, and commit $15 billion to preserve affordable rental housing and $1.5 billion to support the revitalization of public housing communities.
Third, we will increase the supply of affordable housing and support community development activities in at least 1,000 neighborhoods across the country through our American Communities Fund, and through targeted investments like Low-Income Housing Tax Credits that help finance affordable rental housing.
It is because of initiatives like our Trillion Dollar Commitment and our American Dream Commitment that we have exceeded our HUD affordable housing goals for ten consecutive years. And we have increased our financing of mortgages to African Americans by over 400 percent and to Hispanic Americans by 470 percent in the past ten years, compared with a 205 percent increase in overall financing. Our Expanded American Dream Commitment will help us do even more.
Do you have a link to this document?
This is good. And I am compiling these things quickly and distributing them.
If you have this letter, can you post a scanned copy or a link that is official for verification purposes?
...let's pass it along.
“Ten years ago, for example, the typical conforming mortgage required a down payment of 10 to 20 percent, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3 to 5 percent down payment loan ... “
“...we pledged to provide $1 trillion in capital to ten million underserved families.”
“underserved” my hairy white ass......
Go to the following page. The quote begins on page 9.
I am compiling these things quickly and distributing them.Can you send a copy to the McCain campaign?
Along with some nodoz.
Maybe they'll get up off their lazy butts and FIGHT.
Nah. Ain't gonna happen.
should read “undeserving”.
Here’s another good find. =]
In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000.
Underserved families, key word, like they were kept out by the white establishment because they were of a different color. More like they had no job, poor credit rating and not a pot to piss in!
People here are fighting. Sometimes, you need to watch your own fox hole.
You go! I flagged some similar threads in my link list [bookmarks]. FRegards ....
2006 PDF letter from the Fannie mae CEO - Daniel Mudd
Please notice how the words American dream are used in Raines’ assessments of his accomplishments and his future goals. Perhaps he really believes that every American should be guaranteed a home that they own. That is not the American dream that I believe. The real American dream (the one that millions of immigrants came looking for) is to be assured the opportunity to earn a home. How do you earn the opportunity to own a home. You do so by demonstrating that you possess the discipline to obtain a job that will allow you to accumulate a reasonable down-payment and be able to meet the monthly notes. None of what he was about required this. Congress approved his activities and now we are left with no choice but to depend on Congress to get us out of this mess. Congress will fail us again.
Are you in the McCain campaign?
If you are, or if there are others here reading this, please know this:
People are angry. People are really, really angry. They are looking for someone to BLAME.
I know that’s not high-minded. I know that’s not ideologically or morally pure. But it’s the way it freaking is.
Obummer is giving them someone to be angry about: Bush and the Republicans. It’s a lie. It’s a total lie. But since no one is telling the truth, that this entire mess is Democrat born and bred, then they’ll believe the lie because they are angry and they want to be able to BLAME somebody.
John Bipartisan McCain doesn’t want to get angry. He wants bipartisanship.
Great. I hope he can look himself in the mirror after tossing his victory chances down the toilet and tossing his country down there too because that’s what this country will be under Obummer: a toilet.
We need the War Hero to rescue us. But he’s not doing that. He’s busy MasturBipartisanshipBating.
These shysters invented ways to have their own government money printing press, doing an end-around on the Treasury and Congress' purse-string authorizations. And of course, they gave themselves hefty bonuses as if they were titans of industry causing consumers to buy their product when in fact they were underwriting banks' mortgages while hanging the American taxpayer with all the liability.
These criminals deserve to be in jail for the rest of their hopefully-short days.
Thanks for the link.
Did anyone read any of these reports. If there is an investigation (Don’t hold your breath), indictments could be passed handed out like chicklets in Jamaica, given the current understanding of the crisis.
The 2003 report explains what they are doing to keep the stock prices at a steady growth while citing bills that they say makes it legal.
I plan to download each of these reports dating back to 2003.
Agreed. I think if McCain goes along with the “Wall Street excess” and “Bush policies” crap, then he is essentially ceding the economic issue to Obama and will lose.
He has to get the truth out there somehow and Palin should start on Thursday by finishing nearly every answer in the debate by circling back to Fannie Mae and the democrats (within reason). The media is blacking it out. The only hope is commericials and hammering it home during the debates.
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