Wednesday, October 6, 2010

Fannie Mae to introduce new home ownership program for sub-prime borrowers

UpsideDown News Release

October 06, 2010

Fannie Mae CEO Mike Williams Announces New Housing Finance Program for Sub-prime Homeowner Wannabes

Calling it the No Money Upside Down program, Fannie Mae CEO Mike Williams announced an innovative new program designed to help sub-prime homebuyers grab their share of the American Dream.

The No Money Upside Down Program allows almost anyone to borrow up to 150% of a new home’s value.  Borrowers with lousy credit, no discernible source of regular income and a history of defaulting on credit cards and installment loans are eligible, Williams told reporters.

“Today, millions of low income, no account Americans are suffering from the inability to participate in the American Dream of home ownership. Just because they have struggled to pay their bills in the past and have walked away from debt before, they should still have a shot to grab their fair share.

“This program lets them do just that,” he said.

“This program is exactly what he had in mind when we passed the banking regulation bill,” said reigning Banking Queen, Representative Barney Frank.  Frank, who is in a surprisingly competitive race for reelection, was eager to offer support for the new program. 

“This doesn’t have to be about improving the liquidity and health of the financial sector.  This has to be about making sure people can borrow way more money than they can afford to pay back and buy the same kinds of houses that their rich neighbors buy."

(h/t @JosephAGallant for the image)


Anonymous said...

Am I in a nightmare? This is exactly what got us in trouble the last time and the economy still hasn't recovered. Reminds me of another CRA that ramped up under Clinton, well guess what the non-farm payrolls and unemployment numbers will be released Friday, the very last one before the election and it will reinforce yet again how dangerous this administration really is. Carter part deaux anyone?

David L. said...

Come on now, didn't you examine the picture?

Didn't you notice that there wasn't a link to an official release?

Didn't you notice the "satire" label?


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