Senator Chuck Schumer,Jesse Jackson, and Jamie Gorelick Worked to Promote Fannie Mae

Here's a blast from the past on May 30, 2001 Senator Schumer issued this press release:

US Senator Charles E. Schumer, Reverend Jesse Jackson, the New York Bankers Association (NYBA) and Fannie Mae today unveiled the House Equity Lending Project (HELP): a pilot program aimed at reducing predatory lending in New York City. The initiative - a collaborative effort of New York conventional lending institutions, faith-based organizations and Fannie Mae prompted by a 2000 Schumer report on predatory lending practices - seeks to increase access to conventional loans in New York City minority communities by providing residents with counseling assistance, direct access to major conventional lenders and consumer education programs.

"When it comes to access to conventional lending institutions and the presence of subprime lenders, blacks and whites in New York City may as well be living on different planets, " said Schumer. "By bringing together the leading mortgage lenders, Fannie Mae and our faith-based organizations, this initiative will help bridge the lending divide and put predatory lenders out of business."

"In the Bible, we observe, birds have nests, foxes have holes but the son of man has no place to lay his head. Therefore, one of the most important steps in obtaining dignity and self determination is home ownership," said Jackson.

"Fannie Mae has long been concerned about predatory lending and we strongly support a Mortgage Consumer Rights agenda," said Jamie S. Gorelick, Vice Chair, Fannie Mae. "We believe the mortgage finance industry must protect consumers against abuse, and establish standards for responsible lending. Working with lenders, non-profits, faith-based organizations, and other parties, Fannie Mae is committed to provide families with greater opportunities for long term homeownership."

Why just recently,Fannie Mae was promoting 3% down payment on a mortgage.We wonder why Schumer,Gorelick,and Jesse Jackson think minorities or anyone should be getting a mortgage with 3% down.