Congratulations Again, Bagholders
Now that Comrade Gobnmint runs Fannie Mae "in the public interest," it's making the predictable, idiotic, politicized decisions.
What do you do with people who can't afford their mortgages because they lied, cheated, and stole (or were promoted by a sytem who did that for them) in order to stretch to qualify?
Let's see. Can't refinance them. Oh wait, you can if you lower your standards even further.
Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases, according to a notice yesterday to lenders posted on the Washington-based company’s Web site. The changes apply to loans that the company owns or guarantees.
Bad lending got us into this mess, and by Gawd, if Comrade Gobnmint has his way, more bad lending will get us out. And you, Missus taxpayer, get to foot the bill when this all blows up again.