Gold and Silver Juniors, Mid-tiers and Producers Message Board

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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: Land Shark who wrote (61707)	10/17/2008 2:44:13 PM
From: hank2010	5 Recommendations Read Replies (4) of 78410

Everyone considered it laudable to increase the % of the population who were home-owners. Lending regs were relaxed. Then political pressure from community orgs was applied onto individual bankers to loan to the poor etc. Bankers said "no can do, Fannie and Freddie will not approve" Fannie etc appealed to congress,wined and dined and donated to re-election campaigns, etc. Execs of Fannie and Freddie made huge salaries and bonuses for increasing business. The rules were relaxed, more loans were made. Bankers who would not make enough NINJA loans were Pilloried in the press, picketed in their homes etc. If a banker could make a NINJA loan, and shift it off to someone who would package it, and it was off his books, why put up with the pressure? Make the loans! The whole mess of making bonds out of mortgages and insuring them and marketing them is a whole nuther story.

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