Fannie Mae To Re-Implement Failed Policies Of Market Bubble

Do you remember that whole housing market bubble? The one where anyone and everyone could buy a house with no job, no credit, and no means of paying it back? Well Fannie Mae misses those “good ol’ days” and is bringing back the terrible policies that helped to cause the housing market crash:

Fannie Mae, the mortgage-finance company under U.S. government control, will loosen rules for homeowners seeking to lower their loan payments by refinancing.

Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases, according to a notice yesterday to lenders posted on the Washington-based company’s Web site. The changes apply to loans that the company owns or guarantees.

Loosening requirements for home buyers? Hmm, if only I could remember how that worked out last time…

Source: FWIW via GWPundit

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