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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: CalculatedRisk who wrote (33496)5/30/2005 11:56:06 AM
From: John Vosilla  Read Replies (2) of 110194
 
Said Williams, the acting comptroller of the currency: "We've produced a new class of lenders willing to take on riskier and riskier borrowers at a very high price. Many of the products are nothing more than time bombs."

Fannie Mae, the home loan giant, has devised several programs to help distressed homeowners. It also has started its "American Dream Commitment," which aims to drive the percentage of homeowners still higher. Spokesman Alfred King acknowledges that many lower-income homeowners are experiencing troubles but says his company has no plans to temper its homeownership push.

"Sure, some people are being done a disservice when they get mortgages when they are not ready for it," he said. "But the desire for ownership is there. And there's compelling evidence that there's probably a mortgage product that works for them."

msnbc.msn.com
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