Tue, Dec 02 2008
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Published October 11, 2008 04:46 pm - THE PEOPLE SPEAK: Times ran warning on loans nine years ago I just read a letter issued by the American Family Association concerning how we got in the mess we are in. They simply reprinted an article from the New York Times, Sept. 30, 1999. It’s pretty self explanatory.
The third paragraph reads, "Fannie Mae ... has been under increasing pressure from the Clinton administration to expand mortgage loans to moderate income people ..." The 10th paragraph explains Fannie Mae is not a lender but purchases mortgages from lending institutions, will spur banks to make more loans to people with less-than-stellar credit ratings. "They urged banks to loan to blacks, Asians and Hispanics, (not my words but theirs) during which time minority home ownership jumped by 87.2 percent from 1993 to 1998. On this point, let me say I sure don't blame the minorities or poor whites for jumping at the chance for the American dream of being homeowners. But in the eighth paragraph of the article is this ominous warning, quoting Peter Wallison, a resident fellow at the American Enterprise Institute. "If they fail, the government will have to step in and bail them out ..." Well, they have failed and have put this great and wonderful land of ours in great peril. So next time you want to blame someone, please remember what the New York Times printed in those great and prosperous days of the Clinton administration. Others that should be held accountable were the lending companies who devised these tricky little balloon notes that start out with payments people with moderate incomes could afford. But then in just a few years the payment would jump to a price impossible for them to meet. Benny Moore Muskogee 
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