2008-10-05, 12:05 AM
0mgP1r4tes Wrote:Apparently his wife's family is worth quite alot. Id be more worried about all the money hes gotten from Fannie Mae
Anyone remember the The Community Reinvestment Act? Didnt think so. According to this law, (HEAVILY pushed by President Jimmy Carter) it requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as redlining.
Now what does this mean? Nothing really. Just that those who cant afford to pay back loans they take out, people who would normally be denied a loan, were allowed to get those loans. Then in 1995, during the Clinton administration, the Democrats added new provisions that forced banks to issue $1 trillion in sub-prime loans. This meant that because of this law, they were forced to give loans to people that didnt have the credit for them, and most likely would default on the loans
And have you heard of former Fannie Mae (or the Federal National Mortgage Association) CEO Franklin Raines? During the Carter Administration, he was associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979. He then became the CEO of Fannie Mae from 1991 to 1996. For the Clinton Administration, he was the Director of the U.S. Office of Management and Budget, where he served until 1998. Returned to Fannie Mae in 1999 as CEO. And on December 21, 2004 Raines accepted what he called early retirement from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. Running away before being put in jail.... Now he gives Obama personal advice on mortagage and housing policy matters.
Why are Franklin Raines and Obama so buddy-buddy? Because Fannie Mae has paid Obama over $125,000 in under four years...that we know of. Because of Fannie Mae's huge involvement in Democratic presidents, Im sure the figure is much larger "off the books"
Here's what was believed to be happening. Those who couldnt afford to pay on the principal of their loans (mainly those with the sub-prime loans, the ones Clinton forced banks and mortgage firms to give away) were traded away like property, between different mortgage firms.
http://www.youtube.com/watch?v=H-_HlpZ8azA
Well that doesn't really answer my question but thanks for the info love..