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Politics : View from the Center and Left

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To: Bread Upon The Water who wrote (228974)	8/8/2013 3:36:26 PM
From: bentway	Read Replies (2) of 543023

"Obviously Freddie and Fannie were not up to the job partially because of the mandates congress imposed upon them about having to make loans in unsafe (redlined) areas, and to have to loan to people who by normal banking standards would not qualify." This isn't what actually happened. Mortgage lenders made these loans, sometimes only demanding a pulse for collateral, if even that. Then, sometimes within hours or days, they turned around and sold the bad loan to FNM or FRM, who we legally OBLIGATED to buy it.

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