When It Is Controlled By Government

clipped from www.classicalvalues.com Even the New York Times was sounding the warning. Nine and a half years ago. 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. Ah. Well. If only there had been more regulation. If only. I can tell you one thing for sure: that the whole financial mess proves capitalism doesn't work. When it is controlled by government.