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Politics : Formerly About Advanced Micro Devices

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From: FJB	1/13/2011 11:02:17 AM
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Banks repossess 1 million homes in 2010 Published January 13, 2011 \| Associated Press NEW YORK – The bleakest year in foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle with job losses and loans worth more than their home's value, industry analysts forecast. "2011 is going to be the peak," said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The outlook comes after banks repossessed more than 1 million homes in 2010, RealtyTrac said Thursday. That marked the highest annual tally of properties lost to foreclosure on records dating back to 2005. One in 45 U.S. households received a foreclosure filing last year, or a record high of 2.9 million homes. That's up 1.67 percent from 2009. The full article foxnews.com <span style='font-size:20px;color:blue'> The Record of Congress: 1977: Jimmy Carter (D) signs the Community Reinvestment Act (CRA), guaranteeing home loans to low-income families. 1999: Bill Clinton (D) puts the CRA on steroids, pushing Fannie Mae and Freddie Mac to increase the number of sub-prime loans. 2003: The White House calls Fannie and Freddie “a systemic risk.” The Bush administration pushes Congress to enact new regulations. Bush warned them 17 TIMES. 2003: Barney Frank (D-CN) says F&F are “not in a crisis.” He bashes Republicans for crying wolf and calls F&F “financially sound.” Democrats block the Republican-sponsored regulation legislation. 2005: Federal Reserve Chairman Alan Greenspan voices a warning over F&F accounting. “We are placing the total financial system of the future at a substantial risk.” 2005: Sen. Charles Schumer, (D-NY) says “…I think Fannie and Freddie over the years have done an incredibly good job and are an intrinsic part of making America the best-housed people in the world …if you look over the last 20 or whatever years, they’ve done a very, very good job.” 2006: Sen. John McCain (R-AZ) again calls for reform. “For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac … and the sheer magnitude of these companies and the role they play in the marketplace … the GSE’s (government sponsored enterprises) need to be reformed without delay.” 2006: Democrats again block reform legislation. 2008: housing market collapses; Democrats blame the Republicans.</span>

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