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The New York Times Predicted Meltdown in late 1999
We have all spent time discussing and cussing the mortgage meltdown, and wanting to find those people who started all this! Right!!?  After all do we not believe that those in charge are experienced and well educated in such matters.  Where did this mess start and how did it come about? Well take a look at this article that appeared in the New York Times back in 1999.  A lender friend sent this to me.  Interesting....
 In an article written by Steven a Holmes of the New York Times and appearing on 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.
Fannie Mae, the nation's biggest underwriter of home mortgages, ... more

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