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View Diary: Fmr. Well Fargo CEO Promotes The Big Lie About The Financial Crisis (6 comments)

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  •  what? (0+ / 0-)
    prior to FannieMae and FreddieMac most home loans were for 5 years and a balloon payment.
    is there a missing qualifier there? or true?

    From those who live like leeches on the people's lives, We must take back our land again, America!...Langston Hughes

    by KenBee on Mon Mar 12, 2012 at 03:37:47 PM PDT

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    •  no missing qualifer (0+ / 0-)

      What I meant to say is that FanneMae and FreddieMac were created as a response to the Great Depression where so many lost their home due to bankster loans from Bank of America and the like.  The advent of these entities was to make 30 year amortized loans available.  I read that prior to this most loans were just for 5 years and then a huge balloon for the balance.

      Separation of Church and State AND Corporation

      by Einsteinia on Mon Mar 19, 2012 at 10:02:30 AM PDT

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