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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (229001)	8/8/2013 3:38:57 PM
From: Sam	Respond to of 543022

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. It was within hours. And the only reason they were legally obligated to buy it was because of the fraud beforehand. If there had been no fraud, there would have been no loan.

To: bentway who wrote (229001)	8/8/2013 9:15:22 PM
From: Bread Upon The Water	Read Replies (1) \| Respond to of 543022

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. Yes, they were legally obligated to buy, but the requirement to guarantee loans to normally unqualified people and to people in unsafe areas was imposed on Freddie and Fannie by congress--or at least I maintain that until Sam proves me wrong.