Senator Schumer is announcing today the extension of a Fannie Mae housing subsidy in Nassau and Suffolk county. This initiative allows income-eligible families to make extremely low down payments — ranging from nothing to 3% — on the purchase of a home.Chuck Schumer(Democrat-Fannie Mae),turning those who don't have down payments into highly leveraged hedge funds.Where would Fannie Mae's massive portfolio of mortgages be without those campaign contributions to people like Chuck Schumer?
The extension is of the maximum income to qualify for this program, from 100% of the region's area median income to 165%. Mr. Schumer's press release on the matter states that "Raising the eligible income level slightly means a substantial number of struggling, hard-working families previously ineligible but no less deserving, will be able to get help in buying homes."
Friday, July 11, 2008
We should never forgot the politicians like New York Senator Chuck Schumer who promoted Fannie Mae's risky behavior.Here's a trip down memory lane from The New York Sun dated September 30, 2002:
Posted by Steve Bartin at 1:45 PM