Now we know.............

The democrats did it!?

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES

Published: September 30, 1999

In 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 stock holders to maintain its 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.

Why Rudd really went to America this week?

George Dubbya is holding an intimate farewell get-together for teh Coalition of the Willing and Prime Minister Rudd is invited.

Although The Canberra Times and presumably his press office has presented it thus:
"KEVIN RUDD may believe the Iraq war to be the worst foreign policy disaster since Vietnam but tomorrow he will join the US President, George Bush, and other leaders of the so-called coalition of the willing nations to honour those who have died."

It'll be alright on the night?

Newly-elected Clarence Valley shire councillor, Karen Toms, took time out to assure us all via The Daily Examiner yesterday that having a lucrative contract to manage two of council's caravan parks would not result in any problems with conflict of interest during her term in office.

It's all easy-peasy, according to Karen.