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| Fannie & Freddie: The Real Story Behind The Economic Crisis |
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Sometimes the greatest blame comes from great
praise when viewed in hindsight. The Los
Angeles Times proves that with an article
from 1999 heaping praise on the very people
most responsible for the credit-market
meltdown. Ronald Brownstein lauded the
Clinton administration for boosting minority
ownership by forcing lenders to offer better
terms to marginally-qualified borrowers —
and noted the financial creativity from
Fannie Mae and Freddie Mac as a crucial
component of Bill Clintons efforts. It also
demonstrates why Congress mandated the
failure of the lending system, and why it has
to act to fix it.
"It's one of the hidden success stories of
the Clinton era. In the great housing boom of
the 1990s, black and Latino homeownership has
surged to the highest level ever recorded.
The number of African Americans owning their
own home is now increasing nearly three times
as fast as the number of whites; the number
of Latino homeowners is growing nearly five
times as fast as that of whites. These
numbers are dramatic enough to deserve more
detail. When President Clinton took office in
1993, 42% of African Americans and 39% of
Latinos owned their own home. By this spring,
those figures had jumped to 46.9% of blacks
and 46.2% of Latinos."
Most people would agree that higher
home-ownership rates are a positive sign in
any community. They indicate investment in a
community and commitment as well. Property
owners have more of a stake in their cities
and towns, and also typically support
property rights in general.
But how was this accomplished? Heres where
that praise turns to condemnation:
"Under Clinton, bank regulators have
breathed the first real life into enforcement
of the Community Reinvestment Act, a
20-year-old statute meant to combat redlining
by requiring banks to serve their low-income
communities. The administration also has sent
a clear message by stiffening enforcement of
the fair housing and fair lending laws. The
bottom line: Between 1993 and 1997, home
loans grew by 72% to blacks and by 45% to
Latinos, far faster than the total growth
rate."
Requiring banks to serve their low-income
communities. Thats shorthand for taking on
more risk and lowering what had been standard
prerequisites for purchasing homes.
Normally, lenders would have demanded at
least 10% down, and preferred 20%, and
demonstration of stable income, of which the
mortgage payments would not exceed 30%.
Under threat of prosecution for bigotry,
lenders had to start taking less-qualified
borrowers as clients.
But the government had a way for them to
spread that risk throughout the investment
community:
"Lenders also have opened the door wider
to minorities because of new initiatives at
Fannie Mae and Freddie Macthe giant federally
chartered corporations that play critical, if
obscure, roles in the home finance system.
Fannie Mae and Freddie Mac buy mortgages from
lenders and bundle them into securities; that
provides lenders the funds to lend more.
In 1992, Congress mandated that Fannie and
Freddie increase their purchases of mortgages
for low-income and medium-income borrowers.
Operating under that requirement, Fannie Mae,
in particular, has been aggressive and
creative in stimulating minority gains. It
has aimed extensive advertising campaigns at
minorities that explain how to buy a home and
opened three dozen local offices to encourage
lenders to serve these markets. Most
importantly, Fannie Mae has agreed to buy
more loans with very low down paymentsor with
mortgage payments that represent an unusually
high percentage of a buyers income. Thats
made banks willing to lend to lower-income
families they once might have rejected."
Tags : Fannie Mae Freddie Mac Liberal Democrats Bill Clinton Barney Frank Barrack Obama Chuck Schumer |
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Affichage : 19148
Durée : 517 s |
| La Etnnia - Real |
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Tags : la etnnia real rap hip hop latino tito acho colombia music musica rimas |
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Affichage : 323981
Durée : 250 s |
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