NY Times: Giving credit where credit is due

From a NY Times article, dated September 30, 1999:  “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.”

Oh, and it gets better:  “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.”  Far be from me to praise the Times, but this is awfully prophetic.

As always, Michelle Malkin has more.

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