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Thread: 1999 NYT article-the genesis of the economic mess we're in

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    God/dess Mr Hyde's Avatar
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    Default 1999 NYT article-the genesis of the economic mess we're in

    NYT article on how subprime lending began....

    http://query.nytimes.com/gst/fullpag...5AC0A96F958260

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    Default Re: 1999 NYT article-the genesis of the economic mess we're in

    Very interesting find Mr Hyde. This paragraph caught my eye

    [snip]
    In moving, even tentatively, 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 a government rescue similar to that of the savings and loan industry in the 1980's.
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    Banned Eric Stoner's Avatar
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    Default Re: 1999 NYT article-the genesis of the economic mess we're in

    According to Business Week, a LOT of sub-prime mortgages were written for ILLEGAL Immigrants who didn't have SSN's. instead tehy'd benn issued Individual Taxpayer Identification Numbers ( ITIN's) and banks wrote them mortgages.

    It's going to be an argument in favor of amnesty of as many as 12 million illegals or at least against deporting them. If they get deported, they can't pay back as many as 5 MILLION mortgages.

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