Our centralized government representatives would like us to believe that the subprime mortgage crisis was not expected, however, the truth is that it was expected and authorities knew that a multi-billion dollar crime was being committed.
The Scam
In 1999 the New York Times reported that the easing of credit requirements on loans would mean that Fannie Mae would be “taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's… ‘If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.’” This was reported in 1999.
