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To: pater tenebrarum who wrote (80712)	12/21/1999 3:30:00 PM
From: Ken98	Read Replies (1) \| Respond to of 86076

Heinz, further regarding gov't credit creation, I received a fax earlier today from a commercial real estate funding company containing the following: <<Over the past 5 years Wall Street has securitized almost $200 Billion in commercial loans.... It has not taken borrowers long to discover how rigid those loans terms [sic] are and now they must sit on the sidelines while property values have appreciated, equity has grown, and opportunities have passed by. Borrowers who were fortunate enough to have financed their properies through Fannie Mae have the option of placing a 2d, 3d or even 4th Trust Deed on their property. Equity can be withdrawn and placed in other investments. Property owners who wish to sell can increase the leverage available thereby broadening the buyer pool and increasing the likely sales price. Fannie Mae's multi-family loan program leaves options available for apartment owners - which keeps them in the game. With Fannie Mae's 2d mortgage loan program, it is not necessary that the 1st and 2d Trust Deeds be co-terminus and underwriting remains consistent with the original underwriting standards. Fannie Mae prices their seconds as if they were a 1st with mortgage rates on the 2d under 8% for a full-dollar loan today (80% LTV)....>> Please, please take our money - we don't care if it is ever repaid. Seriously, what I am hearing is that Fannie is one of the most active and cheapest lenders in the multi-family market right now including doing $100M+ portfolio deals. Regards, Ken.