THE POLITICS OF BLACKNESS: Fannie Mae and Freddie Mac: Do you want the truth or the Kool-Aid?
Fannie Mae, the Federal National Mortgage Association and Freddie Mac, the Federal Home Loan Mortgage Corporation, own about half of America’s $12 trillion mortgage market.
Even though Fannie Mae goes back to President Roosevelt’s New Deal, it is commonly known that the present focus of both Fannie and Freddie are “creations of the congressional Democrats (particularly the Congressional Black Caucus) and the Clinton White House, designed to make mortgages available to more people,” meaning minorities.
Jesse Jackson, according to the National Legal and Policy Center, has had a cozy relationship with Fannie and Freddie since 1998, when he accused Freddie of racial discrimination, encouraging major shareholders to sell their stock.
His criticisms stopped when he signed a $1 million contract with Freddie Mac for his Rainbow/PUSH “Economic Literacy” program. Since then, Fannie and Freddie have been major contributors to the Rainbow/PUSH Coalition and Citizenship Education Fund Annual Conference, dropping a combined $250,000 even this year as they were in the midst of a financial meltdown.
Based on articles in Fortune magazine and The Post Chronicle, it is very clear that the housing debacle that caused foreclosures on thousands of homeowners, particularly blacks, were initiated, instigated, and exacerbated by Democrats. These include Fannie Mae Chairman and Chief Executive Officer Franklin Delano Raines, known as “the first black man to head a Fortune 500 company.”
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THE POLITICS OF BLACKNESS: Fannie Mae and Freddie Mac: Do you want the truth or the Kool-Aid?
sfltimes.com
[...] Here’s a Fannie Mae publication called “Reaching the Immigrant Market.” And you remember the big Je$$e Jackson shakedown in 1998. “Even though Fannie Mae goes back to President Roosevelt’s New Deal, it is commonly known that the present focus of both Fannie and Freddie are ‘creations of the congressional Democrats (particularly the Congressional Black Caucus) and the Clinton White House, designed to make mortgages available to more people,’ meaning minorities.” [...]