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From the American Dream to … Bailout America: How the Government
From the American dream to … bailout America: How the government loosened credit standards and led to the mortgage meltdown Compiled by Edward Pinto, American Enterprise Institute In the early 1990s, Fannie Mae‘s CEO Jim Johnson developed a plan to protect Fannie‘s lucrative charter privileges bestowed by Congress. Ply Congress with copious amounts of affordable housing and Fannie‘s privileges would be secure. It required ―transforming the housing finance system‖ by drastically loosening of loan underwriting standards. Fannie garnered support from community advocacy groups like ACORN and members of Congress. In 1995 President Clinton formalized Fannie‘s plan into the National Homeownership Strategy. President Clinton stated it ―will not cost the taxpayers one extra cent.‖ From 1992 onward, ―skin in the game‖ was progressively eliminated from housing finance. And it worked – Fannie‘s supporters in and outside Congress successfully protected Fannie‘s (and Freddie‘s) charter privileges against all comers – until the American Dream became Bailout America. TIMELINE Credit loosening Warning 1991 HUD Commission complains ―Fannie Mae and Freddie Mac‘s underwriting standards are oriented towards ‗plain vanilla‘ mortgage‖ [Read More] 1991 Lenders will respond to the most conservative standards unless [Fannie Mae and Freddie Mac] are aggressive and convincing in their efforts to expand historically narrow underwriting [Read More] 1992 Countrywide and Fannie Mae join forces to originate ―flexibly underwritten loans‖ [Read More] 1992 Congress passes -
Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 105 CONGRESS, FIRST SESSION
E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 105 CONGRESS, FIRST SESSION Vol. 143 WASHINGTON, WEDNESDAY, JANUARY 29, 1997 No. 9 House of Representatives The House was not in session today. Its next meeting will be held on Tuesday, February 4, 1997, at 12:30 p.m. Senate WEDNESDAY, JANUARY 29, 1997 The Senate met at 9:30 a.m. and was schedule for today's session. This PRIVILEGE OF THE FLOOR called to order by the President pro morning, the Senate will be proceeding Mr. D'AMATO. Mr. President, I ask tempore [Mr. THURMOND]. to executive session to begin 30 min- unanimous consent that Melody Fennel utes of debate on the nomination of and David Hardiman be permitted PRAYER Andrew Cuomo to be Secretary of privileges of the floor during consider- The Chaplain, Dr. Lloyd John Housing and Urban Development. All ation of the pending nomination. Ogilvie, offered the following prayer: Senators should expect the rollcall The PRESIDENT pro tempore. With- Almighty Lord, the same yesterday, vote to begin on that nomination at out objection, it is so ordered. today, and forever, You have been our approximately 10 a.m. this morning. Mr. D'AMATO. Mr. President, I rise help in ages past and are our hope for Following that vote, the Senate will today to support a native New Yorker, years to come. The sure sign of an au- begin a period of morning business to a fellow New Yorker, Andrew Cuomo, thentic relationship with You is that allow Senators to introduce legislation to be Secretary of the Department of we believe in the future more than the and make statements. -
The Role of Government Affordable Housing Policy in Creating the Global Financial Crisis of 2008 STAFF REPORT U.S
U.S. House of Representatives Committee on Oversight and Government Reform Darrell Issa (CA-49), Ranking Member The Role of Government Affordable Housing Policy in Creating the Global Financial Crisis of 2008 STAFF REPORT U.S. HOUSE OF REPRESENTATIVES 111TH CONGRESS COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORM ORIGINALLY RELEASED JULY 1, 2009 * UPDATED MAY 12, 2010 INTRODUCTION The housing bubble that burst in 2007 and led to a financial crisis can be traced back to federal government intervention in the U.S. housing market intended to help provide homeownership opportunities for more Americans. This intervention began with two government-backed corporations, Fannie Mae and Freddie Mac, which privatized their profits but socialized their risks, creating powerful incentives for them to act recklessly and exposing taxpayers to tremendous losses. Government intervention also created “affordable” but dangerous lending policies which encouraged lower down payments, looser underwriting standards and higher leverage. Finally, government intervention created a nexus of vested interests – politicians, lenders and lobbyists – who profited from the “affordable” housing market and acted to kill reforms. In the short run, this government intervention was successful in its stated goal – raising the national homeownership rate. However, the ultimate effect was to create a mortgage tsunami that wrought devastation on the American people and economy. While government intervention was not the sole cause of the financial crisis, its role was significant and has received too little attention. In recent months it has been impossible to watch a television news program without seeing a Member of Congress or an Administration official put forward a new recovery proposal or engage in the public flogging of a financial company official whose poor decisions, and perhaps greed, resulted in huge losses and great suffering. -
White House Staffs: a Study
University of Tennessee, Knoxville TRACE: Tennessee Research and Creative Exchange Supervised Undergraduate Student Research Chancellor’s Honors Program Projects and Creative Work 5-1997 White House Staffs: A Study Eric Jackson Stansell University of Tennessee - Knoxville Follow this and additional works at: https://trace.tennessee.edu/utk_chanhonoproj Recommended Citation Stansell, Eric Jackson, "White House Staffs: A Study" (1997). Chancellor’s Honors Program Projects. https://trace.tennessee.edu/utk_chanhonoproj/241 This is brought to you for free and open access by the Supervised Undergraduate Student Research and Creative Work at TRACE: Tennessee Research and Creative Exchange. It has been accepted for inclusion in Chancellor’s Honors Program Projects by an authorized administrator of TRACE: Tennessee Research and Creative Exchange. For more information, please contact [email protected]. UNIVERSITY HONORS PROGRAM SENIOR PROJECT - APPROVAL Name: _Er~ __ ~t~~~g.Jl ____________________________________ _ College: J:..t"j.§_~ __~=i.~~~,=-~___ Department: _Cc:.ti~:a-t:;..-_~~_~~l~!:"~ __ - Faculty Mentor: __Q~!.. ___ M~~69&-1 ___ f~j"k%~.r~ld _________________ _ PROJECT TITLE: __~_\i.hik_H<?.~&_~t",-{:f~~ __ ~__ ~jM-/_: ________ _ I have reviewed this completed senior honors thesis with this student and certify that it is a project commensurate with honors level undergraduate research in this field. Signed: ~~#_~::t~~ Faculty Mentor ______________ , Date: ~/l7.t-~EL ______ --- Comments (Optional): "White House Staffs: A Study" by Eric Stansell August 11, 1997 "White House StatTs: A Study" by Eric Stansell Abstract In its current form, the modem presidency consists of much more than just a single individual elected to serve as the head of government. -
Hispanics in Politics
VOL. 2 • NUM 7 www.LaPrensaTEXAS.com 17 de Febrero de 2019 Hispanics in Politics Just a Thought: About the The Past, the Why Castro Folklores Hispanics in Politics Cover Artist: Present and Can Win Coffee House Armando Sanchez Possibly the Authentic, Modern, Future of Julian and Committed to Castro Community By Steve Walker By Dr. Ricardo Romo By Dr. Ricardo Romo By Isa Fernández 2 La Prensa Texas SAN ANTONIO 17 de Febrero de 2019 This grass roots publication is the life Let’s Talk About it... source for a community that is not easily afforded viable access to diverse and ac- cessible media. San Antonio and the sur- Is it time for a Hispanic President? rounding counties have become accustomed is a businessman, he knows to relevant news brought to them in both By Yvette Tello Blue Rose Alvarez: English and Spanish since 1913. President’s Day is Febru- what to say for people to Juan J. Gonzales: “I just don’t think he has Steve A Duran Sr. ary 18th. What if Julian believe him.” “It’s my opinion that it paid his dues, yet. He still CEO/Publisher Castro becomes the first sounds so awesome to have has a lot to learn and experi- [email protected] Hispanic President of the Kirk Otto: one of ours running that big ence before he should take Ramon Chapa Jr. Co-Publisher United States of America? “I think he’s the only can- Ivory Tower. However I on the task of running for [email protected] Would you consider it an didate that has a chance of Believe America IS NOT Democratic candidate for Yvette Tello honor that he came from the beating Trump. -
Contractor Reports: Executive Summaries and Bibliographies
65 APPENDIX E: CONTRACTOR REPORTS: EXECUTIVE SUMMARIES AND BIBLIOGRAPHIES RAND SETTING PRIORITIES AND COORDINATING FEDERAL R&D ACROSS FIELDS OF SCIENCE: A LITERATURE REVIEW SRI INTERNATIONAL SYMPOSIUM ON INTERNATIONAL MODELS OF BUDGET COORDINATION AND PRIORITY SETTING FOR S&T These reports were prepared as background for the study undertaken for the National Science Board by the NSB Ad Hoc Committee on Strategic Science and Engineering Policy Issues. The contents of these reports are the responsibility of the respective contractors and do not neces- sarily reflect the views of the Committee or the National Science Board. FEDERAL RESEARCH RESOURCES: 66 A PROCESS FOR SETTING PRIORITIES RAND SETTING PRIORITIES AND COORDINATING FEDERAL R&D ACROSS FIELDS OF SCIENCE: A LITERATURE REVIEW Steven W. Popper, Caroline S. Wagner, Donna L. Fossum, William S. Stiles DRU-2286-NSF April 2000 Prepared for the National Science Board Science and Technology Policy Institute The RAND unrestricted draft series is intended to transmit preliminary results of RAND research. Unrestricted drafts have not been formally reviewed or edited. The views and conclusions expressed are tentative. A draft should not be cited or quoted without permission of the author, unless the preface grants such permission. RAND IS A NONPROFIT INSTITUTION THAT HELPS IMPROVE PUBLIC POLICY THROUGH RESEARCH AND ANALYSIS. RAND’S PUBLICATIONS AND DRAFTS DO NOT NECESSARILY REFLECT THE OPINIONS OR POLICIES OF ITS RESEARCH SPONSORS. SETTING PRIORITIES AND COORDINATING FEDERAL R&D ACROSS FIELDS OF SCIENCE: A LITERATURE REVIEW 67 APPENDIXRAND E (CONTINUED) PREFACE The National Science Board is presently exploring how the U.S. federal government sets priorities in research and development and whether changes are needed in the decision-making process. -
Business & Economics 2011
BBRROOOOKKIINNGGSS INSTITUTION PRESS Business & Economics 2011 Business & Economics 2011 NEW & NotaBlE after the Crash Delivering aid Differently The Future of Finance Lessons from the Field Yasuyuki Fuchita, Richard J. Herring & Wolfgang Fengler & Homi Kharas, eds. Robert E. litan, eds. “Can aid deliver the economic, social, and Economic experts take a hard look at how the political transformations development financial industry and some of its practices are demands, or is it condemned to small suc- likely to change and provide well-grounded cesses and failures? This is the central ques- insights that will be helpful to financial practi- tion that Wolfgang Fengler and Homi Kharas tioners, analysts, and policymakers. take on. I commend this book to all those Copublished with the Nomura Institute of interested in reforming how aid is delivered Capital Markets Research so that it eventually becomes redundant.” 2010 / 175 pp. / paper 978-0-8157-0404-1 $26.95 —Ngozi Okonjo-Iweala, managing director, World Bank 2010 / 286 pp. / paper 978-0-8157-0480-5 $28.95 Brain Gain Rethinking U.S. Immigration Policy Emerging Markets Darrell M. West Resilience and Growth amid “An invaluable work that as dispassionately, Global Turmoil factually, and objectively as possible analyzes M. ayhan Kose & Eswar S. Prasad the political and economic aspects of immigra- Kose and Prasad present the definitive tion and their effect on our nation.” account of the evolution of emerging mar- —Vartan Gregorian, president, Carnegie ket economies (EMEs) and use the lens of Corporation of New York the global financial crisis to evaluate their A Brookings FOCUS Book strengths and weaknesses. -
Face the Nation."
© 2008, CBS Broadcasting Inc. All Rights Reserved. PLEASE CREDIT ANY QUOTES OR EXCERPTS FROM THIS CBS TELEVISION PROGRAM TO "CBS NEWS' FACE THE NATION." CBS News FACE THE NATION Sunday, March 2, 2008 GUESTS: Governor BILL RICHARDSON (D-NM) Senator CHRISTOPHER DODD (D-CT) Obama Surrogate Senator EVAN BAYH (D-IN) Clinton Surrogate MODERATOR/PANELIST: Mr. Bob Schieffer – CBS News This is a rush transcript provided for the information and convenience of the press. Accuracy is not guaranteed. In case of doubt, please check with FACE THE NATION - CBS NEWS (202)-457-4481 BOB SCHIEFFER, host: Today on FACE THE NATION, it's down to Texas and Ohio now. It'll be a showdown this Tuesday with contests there which could decide which Democrat will run against Senator John McCain, and the campaign rhetoric is red hot. Senator Hillary Clinton argues she's the one who's ready to be president. But is that fair to Senator Barack Obama? We'll talk to two senators on opposite sides: for Senator Obama, Chris Dodd, senator from Connecticut; for Senator Clinton, Evan Bayh, senator from Indiana. Then we'll talk to Governor Bill Richardson, who ran against both candidates, but who has not yet endorsed either. Will he make an endorsement? We'll find out. Then I'll have a final word on the passing of a conservative and a gentleman. But first, Texas and Ohio on FACE THE NATION. Announcer: FACE THE NATION, with CBS News chief Washington correspondent Bob Schieffer. And now, from CBS News in Washington, Bob Schieffer. SCHIEFFER: And good morning again. -
CONGRESSIONAL RECORD—HOUSE October 28
H9586 CONGRESSIONAL RECORD Ð HOUSE October 28, 1997 Mr. Speaker, first, this is a very potential threat to philanthropic inter- The Depot Caucus believes this work straightforward rule, one hour of de- ests, it would be difficult for the Pre- should go to the depots, regardless of bate on the conference report. I have sidio Trust to meet its self-sufficiency cost and regardless of what the Defense no problem with the rule. Secondly, I requirements without a timely and Department needs. They are protecting would like to say to my distinguished thorough cleanup of the Presidio. Se- their home turf, and I respect that, but colleague, the gentleman from Ohio curing the leases necessary to generate it is also bad policy, and this is not [Mr. KASICH] that there is a different revenues is essential to the success of what we should be supporting. It puts perspective and point of view on the trust, and can only be accom- our troops at a disadvantage. Bosnia. This obviously is not the time plished if the cleanup is timely and The Secretary of Defense and his nor the place for us to engage in sub- thorough. military commanders need the flexibil- stantive debate on that matter. I would like to yield to the gen- ity on the current law to modernize. To With the balance of the time, Mr. tleman from Colorado for his final re- do so, they need to have the ability to Speaker, I would like to, for the pur- marks. take the best and most appropriate poses of colloquy, engage the distin- Mr. -
The Dc Revitalization
APPENDIX ONE: THE D.C. REVITALIZATION ACT: HISTORY, PROVISIONS AND PROMISES Photo by Michael Bonfigli 22614 DC Appleseed Report-PC.indd 80 12/4/08 6:56:31 PM Jon Bouker, Arent Fox LLP residents, representing 22,000 households, left between 1990 and 1995. This flight contributed to the erosion of the District’s tax base and exacerbated budget shortfalls.171 It was a vicious cycle that was driving the city toward insolvency. The growing economic crisis would soon come to the attention of the Clinton Administration and the newly elected Republican Congress. Despite their myriad differences on the wide range of national When Congress granted home rule to the issues facing the country, the President District of Columbia in 1973,167 Rep. Charles and the Congress would have to come C. Diggs, Jr., then chair of the House D.C. together to prevent the Nation’s Capital Committee, declared that Washington’s from sliding into bankruptcy. Their analysis residents had become “masters of their ultimately would examine both sides of the own fate.”168 Led by a democratically city’s balance sheet: the federally imposed elected mayor and city-council, the District limitations on revenue and the District’s own was not quite its own “master” but a semi- expenditures. autonomous, unique, government entity with city and state functions and limited Because tackling the District’s revenue power over its own budget and laws.169 limitations presented far too many political However, a mere two decades later, the challenges for the Congress and the District’s limited home rule was in crisis. -
Fannie Mae and Freddie Mac Get Away with It for So Long?." Fannie Mae and Freddie Mac: Turning the American Dream Into a Nightmare
McDonald, Oonagh. "Why Did Fannie Mae and Freddie Mac Get Away with It for So Long?." Fannie Mae and Freddie Mac: Turning the American Dream into a Nightmare. London: Bloomsbury Academic, 2012. 266–282. Bloomsbury Collections. Web. 26 Sep. 2021. <http:// dx.doi.org/10.5040/9781780930039.ch-012>. Downloaded from Bloomsbury Collections, www.bloomsburycollections.com, 26 September 2021, 14:30 UTC. Copyright © Oonagh McDonald 2012. You may share this work for non-commercial purposes only, provided you give attribution to the copyright holder and the publisher, and provide a link to the Creative Commons licence. 12 Why Did Fannie Mae and Freddie Mac Get Away with It for So Long? A weak regulator Limits of its authority Quite simply, there were two reasons for this: the “weakness” of the regulator (the Offi ce of Housing and Enterprise Oversight, or OFHEO), and the lobbying conducted by Fannie Mae and Freddie Mac. The fi rst reason makes it look as though OFHEO was simply asleep on the job or in the grip of the Enterprises, but a brief examination of the powers and resources available to the regulator will show that things were not quite that simple. OFHEO was established as part of the Act which gave Fannie and Freddie their Charters in 1992.1 It was the GSEs’ “safety and soundness regulator” and an independent agency within the Department of Housing and Urban Development (HUD) until it was abolished in 2008. HUD was the “mission” regulator of Fannie Mae and Freddie Mac, charged with ensuring that the Enterprises enhanced the availability of mortgage credit by creating and maintaining a secondary market for residential mortgages. -
Judges for the EIA Award, Are Listed Here
Energy Innovator Award Judges 2020 Henry L. Berman, CEO, Exponent Philanthropy Mark Crisson, former President and CEO, American Public Power Association Marcos Gonzales Harsha, Principal Deputy Director, Office of Technology Transitions, U.S. Department of Energy Sherry Loos, Rural Community Assistance Program (RCAP) State Coordinator, Great Lakes Community Action Partnership Virginia L. Wright, Energy Cyber Portfolio Program Manager, Idaho National Laboratory 2019 Richard Adams, Director, Innovation and Entrepreneurship Center, National Renewable Energy Lab Dipka Bhambhani, Director of Communications, U.S. Energy Association Honorable Richard Glick, Commissioner, Federal Energy Regulatory Commission Judith Williams Jagdmann, Chair, Virginia State Corporation Commission Karen L. Palmer, Senior Fellow & Director of Future of Power Initiative, Resources for the Future Anda Ray SVP, External Relations and Technical Resources, Electric Power Research Institute 2018 Joy Ditto, President & CEO, Utilities Technology Council Philip B. Jones, Phil Jones Consulting LLC, Former Washington UTC Commissioner, Past President of NARUC, and Past Executive Director, Alliance for Transportation Electrification Hank Kenchington, Independent Consultant and Past Deputy Assistant Secretary, U.S. Department of Energy Benjamin Schlesinger, Ph.D., President, Benjamin Schlesinger and Associates, LLC, Senior Fellow and Past President, US Association for Energy Economics, Daniel S. Zachary, Ph.D, Director, Energy Policy and Climate Program, Johns Hopkins University 2017 Kenneth Black, Co-Chairman, ESource Danielle Sass Byrnett, Senior Advisor, Office of Energy Efficiency and Renewable Energy, U.S. Department of Energy Marvin Fertel, Retired President & CEO, Nuclear Energy Institute David “Bud” Halla, Senior Advisor, Johns Hopkins University, Applied Physics Laboratory Steve Mitnick, Editor-in-Chief, Public Utilities Fortnightly David G. Victor, Professor and Director of the International Law and Regulation Laboratory, UC San Diego Congressman Peter Welch, U.S.