Fannie Mae will loosen credit requirements for home mortgages

Instapundit has this gem from Bloomberg:

Fannie Mae, the mortgage-finance company under U.S. government control, will loosen rules for homeowners seeking to lower their loan payments by refinancing.

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.

The company, which accounts for more than 40 percent of the $12 trillion in U.S. residential mortgage debt, is seeking to break a “logjam” in refinancing and allow more homeowners to take advantage of near-record low interest rates

You'd think Fannie Mae might have "learned" their lesson of promoting mortgages to people who don't have enough money to buy a house.Wrong.If Wal-Mart had 40% of its market we'd never hear the end of the evils of monopoly.But,Fannie can go on to own 100% of the mortgage market because they've bribed the right politicians and left-wing interest groups.