Fanny-Freddy lock barn door after horse escapes
By Donald Hank
I just attended a settlement for sale of our home and while at the table, I had the opportunity to talk to the lender for the buyers, who was very savvy about the way government-backed mortgage lenders are enforcing and writing policies.
I asked him whether policies at the government sponsored lending agencies had changed. Here is what he said and what every American needs to know if we are to remain free:
Fanny and Freddy, the Democrat controlled GSEs (Government Sponsored Enterprises) who used to all but force lenders to lend without documentation or credit are now more strict than any other lender!
Isn’t it obvious what is happening? This new crackdown is aimed to make it look like the Bush administration caused the whole problem by not regulating anything. But for decades, Fanny-Freddy had all but caused the entire banking problem by 1) refusing to regulate lending and 2) by enforcing the CRA, which forced banks and other lenders to lend without checking documents and without requiring down payments. People on welfare were getting mortgages. People with bad credit were getting mortgages. Millions of illegal aliens were even fraudulently getting mortgages, all with the blessings and encouragement of Democrat-controlled Fanny-Freddy.
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