Blast from the past
Sep. 25th, 2008 10:39 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
thebratqueenCourtesy of Older Brother, a NYT article that provides a scary time capsule:
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.
[...]
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.
The article is from September 30, 1999. Little did they know, huh?
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.
[...]
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.
The article is from September 30, 1999. Little did they know, huh?
