Financial Bailout News

The Root Cause of the Current Economic Crisis Began in 1999

Sept 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 moving into this new area of lending, Fannie Mae is taking on significantly more risk. 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.

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.''

By expanding the type of loans that it will buy, Fannie Mae is hoping to force banks to make more loans to people with less-than-stellar credit ratings. Fannie Mae said the move is intended to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
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2004 News Archives - Hearing to investigate Illegal Book keeping at Fannie Mae and Freddie Mac. Democrats cover up and attack regulations to protect their lobby money Video News

9-29-2008 The Majority of Republicans Vote NO on Democrat Financial Bailout Plan. Democrat Leader Barney Frank verbally bends Republicans over a barrel for a Tongue Lashing.

10-3-2008 Congress passes financial bailout with added pork of 180 Billion to switch previous NO votes.

Bill O'Reilly Blasts Barney Frank on Fannie Mae Video News Here
Many taxpayers wonder about the Facts Behind the Financial Turmoil?” Ask Barney Frank

The true source of the financial meltdown in the home mortgage industry that led to the collapse of Fannie Mae and Freddie Mac Financial Crisis Bailout

Bush and Democrats promise Americans a never-ending nightmare of ever-greater debt liabilities. Republicans defy Bush. Financial Great Depression

Senate Majority Leader Harry Reid Takes Lobby Money to Deny Public Welfare Senator Harry Reid Up For Re-election

Financial Crisis Wall Street  9/24/08 -The House of Representatives approved a 25 Billion Dollar package of low cost loans to help carmakers and their suppliers. The loans are separate from the proposed 700 Billion Dollar bail out for the banking sector, which is being debated in Congress. General Motors, Ford and Chrysler lobbied hard for the loans.

Also, the Government may be on the hook for uninsured deposits of 2.6 Trillion Dollars 150 Billion Dollars Needed Now

The majority of Republicans view the bailout as unjustifiable government interference in the markets. McCain ready to tackle negotiations while Obama says he can juggle that and other issues all at once. Bush's speech on the bailout goes into the Wall Street trash can. Presidents have limited power. Time to focus on the real cancer - the Congress and Senate - they have the real power over the economy. They wrote and approved the bills to protect their lobby friends and caused the current debacle.

The legislative, executive and judicial branches of the U.S. government grabbed powers denied by the Constitution. News Source

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Multi-ethnic, illegal immigration advocacy group operating to support enforcement of the law Minutemen

Opposes efforts to use federal immigration policies to force mass U.S. population growth and depress wages of vulnerable workers. Numbers USA

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