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Shit is about to hit the fan...

Depends on what you mean by "poop." There's at least one so-called "financial expert" who's seeing a rather large silver lining here. The Donald spouted on Cavuto this hour that he foresees that if this crisis becomes extended, then oil will drop like a rock to about $20/bbl or even lower. Whether or not a guy who made his fortune(s?) in real estate and is famous for destroying a viable football league has any credibility in this particular crisis remains to be seen. But it certainly sounds good.

Incidentally, a Bronx cheer goes out to my hometown fishwrap, the Lodi News-Sentinel, which essentially proclaimed the bailout bill to be a done deal this morning. "$700B bailout on way" was the banner headline this morning. Count your chickens before they're hatched, dummies.

I am not worried one bit about this crap. Call me nieve but oil has been on a pogo-stick for a month now. It was 120 last week and now it is back to 97 BBL. The stock market falling 777 points says to me that it is time to buy stock in Boeing.

grizzaholic wrote:I am not worried one bit about this crap. Call me nieve but oil has been on a pogo-stick for a month now. It was 120 last week and now it is back to 97 BBL. The stock market falling 777 points says to me that it is time to buy stock in Boeing.

Actually you'll be smart to follow the money. T Boone Pickens and Warren Buffet have both been investing heavily in Mobile Home manufacturers for over a year.

coastal89 wrote:

grizzaholic wrote:I am not worried one bit about this crap. Call me nieve but oil has been on a pogo-stick for a month now. It was 120 last week and now it is back to 97 BBL. The stock market falling 777 points says to me that it is time to buy stock in Boeing.

Actually you'll be smart to follow the money. T Boone Pickens and Warren Buffet have both been investing heavily in Mobile Home manufacturers for over a year.

It was a joke

grizzaholic wrote:I am not worried one bit about this crap. Call me nieve but oil has been on a pogo-stick for a month now. It was 120 last week and now it is back to 97 BBL. The stock market falling 777 points says to me that it is time to buy stock in Boeing.

naive.

This is an article from the NY Times, dateline: September 30, 1999. This guys deserves a fvcking Pulitzer Prize.

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A HOLMES

ln a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York
metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stockholders to maintain it's phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

"Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements," said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. "Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market."

Demographic information on these borrowers is sketchy. But at least one study indicates that l8 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentativelv, into this new area of lending, Fannie Mae is taking on significantly more risk which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting government rescue similar to that of the savings and loan industry in the 1980's. "From the perspective of many people, including me, this is another thrift industry growing up around us," said Peter Wallison a resident fellow at the American Enterprise Institute. "If they fail. the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry."

Under Fannie Mae's pilot program, consurners who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualifiy for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's.

The number of mortgages extended to Hispanic applicants jumped by 57.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.

In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.

In July, the Department of Housing and Urban Development proposed that by the year 2001,50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.

Wow. The cr@p started at the behest of the friggin' CLINTON administration, but BUSH gets the blame merely because it took nearly a decade for the pressure CLINTON started to build to the point of starting a huge mess.

Don't you just LOVE how politics works?

SuperHornet wrote:Wow. The cr@p started at the behest of the friggin' CLINTON administration, but BUSH gets the blame merely because it took nearly a decade for the pressure CLINTON started to build to the point of starting a huge mess.

Don't you just LOVE how politics works?

One small part of the mess started with Clinton - with a Republican Congress, BTW.

The major portion, the deratives, are more recent...

dbackjon wrote:

SuperHornet wrote:Wow. The cr@p started at the behest of the friggin' CLINTON administration, but BUSH gets the blame merely because it took nearly a decade for the pressure CLINTON started to build to the point of starting a huge mess.

Don't you just LOVE how politics works?

One small part of the mess started with Clinton - with a Republican Congress, BTW.

The major portion, the deratives, are more recent...

Yeah. With those dumb@$$es Pelosi, Boxer, Feinstein, and Frank in charge.

SuperHornet wrote:

dbackjon wrote: One small part of the mess started with Clinton - with a Republican Congress, BTW.

The major portion, the deratives, are more recent...

Yeah. With those dumb@$$es Pelosi, Boxer, Feinstein, and Frank in charge.

They weren't in charge when all the derative dereg took place - All Republican..

What the article fails to address is the part the Community Reinvestment Act had to play in all this....the very LARGE part the CRA had to play...

AZGrizFan wrote:What the article fails to address is the part the Community Reinvestment Act had to play in all this....the very LARGE part the CRA had to play...

Those damn minorities. Ann Coulter, is that you?