fossten
Dedicated LVC Member
Franklin Raines at the Reigns - 1999
Los Angeles Times — October 1, 1999
Fannie Mae Moves to Loosen Home Loan Credit Rules
The nation’s largest provider of mortgage funds, moving to increase homeownership among minorities and low-income citizens, unveiled a program Thursday to loosen lending standards for people with “slightly impaired” credit.
The Federal National Mortgage Assn. said it will encourage banks and other financial institutions to accept borrowers with blemished credit who may not otherwise qualify for conventional loans.
The program will begin on a pilot basis in 15 states, including California, and the District of Columbia. It is expected to expand nationwide early next year.
It is designed to provide homeownership opportunities for “many borrowers whose credit is just a notch below qualifying for a loan, said Franklin Raines, Fannie Mae’s chairman and chief executive [and later Obama economic advisor].
Los Angeles Times — October 1, 1999
Fannie Mae Moves to Loosen Home Loan Credit Rules
The nation’s largest provider of mortgage funds, moving to increase homeownership among minorities and low-income citizens, unveiled a program Thursday to loosen lending standards for people with “slightly impaired” credit.
The Federal National Mortgage Assn. said it will encourage banks and other financial institutions to accept borrowers with blemished credit who may not otherwise qualify for conventional loans.
The program will begin on a pilot basis in 15 states, including California, and the District of Columbia. It is expected to expand nationwide early next year.
It is designed to provide homeownership opportunities for “many borrowers whose credit is just a notch below qualifying for a loan, said Franklin Raines, Fannie Mae’s chairman and chief executive [and later Obama economic advisor].
