In 2001 the American Dream Commitment® (ADC) is launched. It is a ten-year, $2 trillion pledge to increase home ownership rates and serve 18 million American families. The project is based on a six-point plan consisting of the Mortgage Consumer Rights Agenda; the National Minority Home ownership Initiative; the Opportunity for All Strategy; the America's Living Communities Plan; eHomeownership; and the Affordable Rental Housing Leadership Initiative.
This was the pivotal moment for Fannie Mae.
Our political leaders in Washington DC, and the corporate leadership of Fannie Mae decided that "The American Dream," of home ownership should be extended to people who have neither sought it nor worked for it.
This had its roots in the administration of Jimmy Carter, a man with a big heart, who really believed that the government could do what churches and charities should have been doing but were not doing.
During a 2004 Congressional investigation there were people who testified that trouble was ahead, but several significant leaders declared that there was nothing wrong with Fannie Mae and no problems lay ahead.
Check out the video about half-way down the page where it says: "WE DO NOT HAVE A CRISIS AT FREDDIE MAC, AND PARTICULARLY AT FANNIE MAE." Because of the "outstanding leadership" of Franklin Raines. And check out Bill Clinton at the end," at:
http://pajamasmedia.com/instapundit/
And then watch this one.
http://www.youtube.com/watch?v=usvG-s_Ssb0
This will take some time, but boy will you learn a lot.
These are not people saying what people said, these are the people actually saying them.
We dare not go into this next election without being informed.
Get informed, PLEASE!
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