Showing how Pelosi and the Democrats are Lying About the Collapse

Writing in the American Thinker, the simple exchange Ralph Alter went through with a Countrywide Underwiter puts the Fannie Mae failure in perspective. Working as a loan officer in Detroit, Michigan, Alter had the following exchange with an underwriter from Countrywide:

CW Underwriter: I need your help on the “Smith” file. We need you to complete the Government Monitoring Section of the 1003.

Broker: I did complete the Government Monitoring section.

CW Underwriter: But you haven’t filled in the borrower’s Race or Ethnicity.

Broker: If you notice, the Borrower checked the box indicating: “I do not wish to furnish this information.”

CW Underwriter: You also checked the box indicating that this interview was done face-to-face.

Broker: So?

CW Underwriter: So you saw him. Is he black?

Broker: I don’t understand. My client indicated his preference to keep this information to himself.

CW Underwriter: Well, you saw him and you know his race and ethnicity. Our ability to fund our deals and source new money depends on doing a certain percentage of loans with black and minority clients. If you want this loan underwritten at Countrywide, your need to furnish this information: Is he black?

These were the results of the ACORN presured rules that Barney Frank pushed through. The Bush administration attempted to reign in Fannie Mae. John McCain even testified in front of a congressional committee and had sounded the alarm. For Nancy Pelosi to get up in front of the House yesterday and blame the Bush administration for this collapse is a bald face lie.

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