[Jim Robinson]

"In July [this is 1999, remember], the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups."

[TEXOKIE]

WOW! bump!

[Bronco_Buster_FweetHyagh]

Great post JR. We need to hammer this home, then hammer it again, then weld it. Sarah did good tonight, but McCain needs to push this. Here we are in a huge economic crisis, 100% the fault of the democrats, easily shown with videotape and quotes - it’s a gift from above. We must make this a war cry.

[chaos_5]

Free Republic crashed, whether because of overloading or sabotage.

That must have been when the admin accidental deleted the indexing file! LOL

[DTogo]

Last week, the website Free Republic posted a 1999 story from the New York Times...

A very timely historical fact.

[denydenydeny]

In her September 24 column, Ann Coulter cracked, "Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact."

The sickening thing is that a very large majority of the American public still believes that the Clinton administration was a great success--when in fact they were laying a series of time bombs that detonated after Bill had safely left office: The mortgage time bomb, the 9/11 time bomb, the Russian time bomb, etc.

I shudder, physically shudder, at the thought of the damage that an Obama administration will do to this country.

[Sun]

“Charles Hurt, in his “Inside Washington” column in Monday’s New York Post, wrote, “It’s not that taxpayers refuse to dig deeper to avoid an even bigger catastrophe. It’s that they’re all puking over the notion that it’s the same bums in Washington who caused the mess by allowing it to fester who are now demanding their money to fix it.” Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness. It all came under the rubric of encouraging “minority home ownership” and “ending redlining.”

Free Republic crashed, whether because of overloading or sabotage. I got the story when a money manager circulated the whole text.”

Wow!

I just hope the congresscritters don’t cave.

[philman_36]

Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness."

NYT 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

[DoughtyOne]

Can you believe that, 50%? Amazing. The fact this was on Free Republic and caught someone’s attention was great. The word got spread far and wide, not just on FR. Excellent.

As large as Fannie Mae goes that year, 50% of the loans were to potentially problematic individuals. That is shocking.

This is what political pandering on the left leads to. I don’t think I’ve seen a more clear example of what that pandering leads to when taken to it’s final conclusion.

In this instance it actually threatens our complete economic system. Of course a Democrat can’t be found today that remembers what they were hawking back in the 90s.

These people are enemies of our way of life.

[Diver Dave]

Bump!. Needs to be broadcast far and wide. Must be time to write another letter to the editor providing a link to the articles.

[TAdams8591]

"Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so -- or else."

Exactly. And I'm sick and tired of the truth of this not getting out to the public. It should be laid at the feet of democrats. Disgusting that more voters trust the democrats, who do not believe in free market principles, to handle the economy and this economic crisis.

[newzjunkey]

BTTT.

[roaddog727]

Woo Hoo hoo!

bumperoo!

[saganite]

What surprises me is that reporters (and I use that word loosely) think they’ve just discovered something new. All that’s required to uncover this mess is 5 minutes with google or Lexis-Nexis. The genesis of this mess could have been discovered (and was on FR) weeks ago.

[XHogPilot]

http://www.independent.co.uk/opinion/commentators/dominic-lawson/dominic-lawson-democrat-fingerprints-are-all-over-the-financial-crisis-949653.html

[xzins]

And that 44% was during the inflation of housing prices during the housing bubble. $100,000 homes were going for 200-300-400 thousand.

The bottom line is that these homes, now that the inflationary bubble has burst, can NEVER be resold at their selling price.

Not only were we requiring that low income folks receive loans, but we were allowing them to qualify for grossly over-priced homes through interest only loans.

It’s like selling a poor man a $12,000 Ford Focus for $60,000 and sucking him in by saying he has only a $50 payment for 2 years. The Fed comes to the bank and says, “You’ve got to give him the loan or you’re discriminating....and look...he can afford the payment.”

Who’s on the line for that Focus? It isn’t the poor man. He’ll default when the real payment comes due. The bank is on the line. They’ll never, ever be able to get 60,000 out of a 12,000 dollar car.

[Tribune7]

Both sides play gub policies from the ‘90s it seems.

[Grampa Dave]

Great post, Jim.

A pop quiz for the quizzlings, who want to blame the Fannie/Freddie Scamgates on Republicans;

Who was president in 1999:

1. George Bush

2. Bill Clintoon

3. GW Bush

[Grampa Dave]

In 2006 some really wise so called republicans/conservatives* decided that we needed to "teach the country a lesson" by handing power over to the Dem/Commies, assured that the resulting shambles would bring about the next great conservative revolution. We got the shambles all right, but somehow, no one seems to make the connection as to who got us here.

If those brilliant peoples's minds* were right, the Dems should be cowering in hidey-holes like Sadaam for fear of the public's retribution. Instead, they are poised to destroy America once and for all.

Nancy to Barney and Harry, "As long as we control the mediots and so called conservatives, who suffer from BDS and blame Bush for everything, we elite/rich/white liberals in Congress will have no problem. Just remember everything is Bush's fault! Heh! Heh!"

*Now the same idiots filled with same bs, want Sarah and John to lose to really teach America a lesson.

[Arthur Wildfire! March]

How many of those loans were to illegal aliens using fake/stolen IDs? The number, five million, has been mentioned:

The Timeline Project / Link List of Bailout History
[post 66]
http://www.freerepublic.com/focus/f-bloggers/2093845/posts?page=66#66

How many millions of fraudulent loans did Fannie/Freddie own?

[I’ll link this to the Timeline. FRegards ....]