WOW!!! GUESS WE SHOULD HAVE SEEN THIS ONE COMING….
The signs were all there…Why are we surprised about the current conditions the economy is facing right now?
Read the FULL ARTICLE from STEVEN A. HOLMES, Published: September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
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……(click here for the full article)
