You're right! But, they're in no way the majority of households in this country. Many of the ones that find themselves loosing their jobs today--are forced into a situation where their credit card debt is exploding--WHY? Because of our government's incompetent management of Fannie/Freddie.
I'll be damned.... And how long has Fannie/Freddie BEEN under incompetent management? Which party took control of Congress in 2007? And while we're at it, why didn't that Congress do something about the stranglehold the credit card companies/banks had on the consumers until now? Did they approve of usury until Obama was elected?
I really don't know how long you have been on this board? But you might want to take the time to inform yourself on facts--before making a claim as you just did. Here's a good start.
http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html.
Thanks ever soooo much!
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Now, I'd suggest that before you start questioning the length of time that posters have been on THIS board, you check your references before attempting to present them as FACTS!
The prior link worked for me--but click the below & it should work for you. If the below doesn't work you probably have some computer problems.
Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times
Had a feelin' that was what you were going for before even attempting to open it the first time -- just from the descrip read in the first link offered. See... I have that little gem tucked away for safe keeping, so why you would use it as some extraordinary "proof" of ignorance or facts on my part is beyond me.
Just exactly how / where does this particular article prove that Fannie/Freddie had competent management at the time? I'd love to see it. Particularly since this excerpt seems to indicate just the opposite.
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.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Oh, and I really wasn't planning on bringing this up, (not focusing on the past and all) but while you're at it, you might want to explain to our readers how this was a Clinton initiative.... 
