Friday, September 26, 2008

Blaming the Poor for Ruining the Market II


Ronald D. Utt, Ph.D. from The Heritage Foundation wrote an article in June of 2005 called: Time to Reform Fannie Mae and Freddie Mac.

"Despite its claims to the contrary, Fannie Mae's basic operating procedures do not target any particular type of buyer/borrower....Nine percent of the conventional conforming loans made by the private mortgage market were to first-time minority homebuyers. By contrast, only 4.7 percent of Fannie Mae loans and 3.5 percent of Freddie Mac loans over the same period were to first-time minority homebuyers."

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