Saturday, January 26, 2008

Government favors the powerful over the ordinary citizen again

Interesting post from Housing Doom:
Every now and then, the "Internet Archive Way Back Machine" is a useful tool for seeing how a web page has been modified over time. I found it interesting that from around 2002 to the middle of 2006, the "About Fannie Mae" page stated the following about their mission:
At Fannie Mae, the home symbolizes who we are, too. Our public mission, and our defining goal, is to help more families achieve the American Dream of homeownership.
We do that by providing financial products and services that make it possible for low-, moderate-, and middle-income families to buy homes of their own.
After the middle of 2006 however, the same page states the following:
We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market.
Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.

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