01-08-09, 11:26 PM
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#9
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Navy Seal 
Join Date: Nov 2005
Location: Houston, TX
Posts: 9,404
Downloads: 105
Uploads: 1
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Quote:
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Originally Posted by tomcat
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.
Published: September 30, 1999
NYT
http://query.nytimes.com/gst/fullpag...%201999&st=cse |
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The GSEs were very late to the party, buying sub-prime at the top of the market. The peak of homes sales (units) were August 2005, and the peak in prices were in 2006, just a few months later. From there, it was all downhill. By the time the GSE’s were buying sub-prime debt, it was all over but the crying.
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http://www.ritholtz.com/blog/2009/01...s-revisionism/
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