Re: OT:Fed's Bailing out Fannie/Freddie

Posted by El Toro on July 14, 2008 at 04:35:58 from (64.12.117.74):

In Reply to: OT:Fed's Bailing out Fannie/Freddie posted by E.B Haymakin on July 13, 2008 at 18:58:26:

There's 90 banks that are in trouble, but there's probably more than they're saying. This sounds like the Big Depression. It's hard to believe that those banks gave mortgages to people
with no income, no collateral and no money for closing costs and down payment. I wonder if the banks were given instructions to give anyone a mortgage from Wahington? When I bought a home with a VA loan I had to show 1040's for last 2 years to show income and get a statement from my employer stating how long I had been employed and if I had career status. Hal

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