How's That Hope and Change Working Out for Obama Supporters?

[Zero Sum 305]

My hope is doing just fine.

I also hope that those that obstruct progress change their minds to be more constructive.

[Ban Hammer 12,829]

The expansion period that wasn't one for most Americans occured between 2001 and 2007. Obama was not President during this time and has, hence, no responsibility for what happened then no matter how long he's been President following that period. Otherwise, we may look into pinning the ####### Clinton received on Bush. I mean, he's been in office for 8 years and it would seem that that's long enough to assume responsibility, right?

[Zero Sum 305]

I also have hope that people have longer attention spans so they don't lose focus of reality and the why and how things are like they are.

[Mr. Big Dog 10,747]

What? Now you want to claim victim status for having taking a statement of mine completely out of context? Sorry for pointing out that flaw but that doesn't make you a victim.

[Ban Hammer 12,829]

What? Now you want to claim victim status for having taking a statement of mine completely out of context? Sorry for pointing out that flaw but that doesn't make you a victim.

uh no, not claiming victim about anything - you're the one saying it's not obama's fault.

[Vi-Jay 218]

I also have hope that people have longer attention spans so they don't lose focus of reality and the why and how things are like they are.

I remember.

Source

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES

Published: September 30, 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 addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

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.

_______________________________________________________________________

Did I see Clinton's name in this NYT article? YES I DID, I did see Clinton's name in this article.

Edited June 14, 2011 by Vi-Jay

[Mr. Big Dog 10,747]

uh no, not claiming victim about anything - you're the one saying it's not obama's fault.

Okay, Chuck. You're seriously jeopardizing your status as my favorite Republican here. Let me remind you of what I said:

"Looking at the economic expansion period that preceeded the Great Recession one can't help but notice that it was the first such expansion period on record where the median income did not rise and in fact, declined. Is that Obama's fault? Of course not."

Explain to me, if you would, what responsibility Obama bears for the 2001-2007 economic expansion period that has left the median income at the end of that expansion cycle below it's previous peak?

[Zero Sum 305]

I remember.

Source

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES

Published: September 30, 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 addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

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.

_______________________________________________________________________

Did I see Clinton's name in this NYT article? YES I DID, I did see Clinton's name in this article.

Great job. There's only one party to blame in all of this, right?

[natty bumppo 289]

Okay, Chuck. You're seriously jeopardizing your status as my favorite Republican here. Let me remind you of what I said:

"Looking at the economic expansion period that preceeded the Great Recession one can't help but notice that it was the first such expansion period on record where the median income did not rise and in fact, declined. Is that Obama's fault? Of course not."

Explain to me, if you would, what responsibility Obama bears for the 2001-2007 economic expansion period that has left the median income at the end of that expansion cycle below it's previous peak?

probably doesn't count for much .... he should have contributed for a few years ... did he?

United States Senator from Illinois

In office

January 3, 2005 – November 16, 2008

[Ban Hammer 12,829]

Okay, Chuck. You're seriously jeopardizing your status as my favorite Republican here. Let me remind you of what I said:

"Looking at the economic expansion period that preceeded the Great Recession one can't help but notice that it was the first such expansion period on record where the median income did not rise and in fact, declined. Is that Obama's fault? Of course not."

Explain to me, if you would, what responsibility Obama bears for the 2001-2007 economic expansion period that has left the median income at the end of that expansion cycle below it's previous peak?

what, you admitting obama can't fix anything? that's he's not the superman people claimed he was?

[Zero Sum 305]

what, you admitting obama can't fix anything? that's he's not the superman people claimed he was?

I think the term was Messiah, and that was purely a GOP attack too. Keep it in context, in between bouts of Obama the Socialist and Obama the Tax and Spender.

[Vi-Jay 218]

Great job. There's only one party to blame in all of this, right?

Nope.

'Cause you can throw these guys into the mix too.

Gramm/Leach/Bliley

and Let's not forget Mr. Greenspan.

_____________________

Edit: Pics removed because too big.

Edited June 14, 2011 by Vi-Jay

[Zero Sum 305]

Nope.

'Cause you can throw these guys into the mix too.

Gramm/Leach/Bliley

and Let's not forget this guy.

And all of Wall Street, and all of the Banks, and all of the entire Capitalist System too while you're at it. Or can we just call it greed, while at the same time defending such practice because going after it would be 'Too much big government and job-killing legislation?'

Where are the GOP-led bills to get people working again too? Surely if we want to be stupid with periods of time in office- the 2010 elected have been in office long enough to get bills passed.

[Mr. Big Dog 10,747]

what, you admitting obama can't fix anything? that's he's not the superman people claimed he was?

Well, I don't remember that anyone has ever claimed that Obama could go back in time and reverse the events that led to the worst economic expansion cycle on record. That he could somehow strike out the lost decade brought to us by failed economic policies. If that's what it would take to win your approval, then every President will always be a failure in your eyes. Until someone invents a time machine, that is.

[Mr. Big Dog 10,747]

probably doesn't count for much .... he should have contributed for a few years ... did he?

United States Senator from Illinois

In office

January 3, 2005 – November 16, 2008

The damage was done when this particular senator joined the US Congress.