Hmm.. Bush didn't cause this financial meltdown

The New York Times
By STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
In moving, even tentatively, into this new area of lending, Fannie Mae is 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.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''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.''
Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage.
In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

The Great Apes at the Capes

OK, here's the sad truth. Little Fido, our "surf dog", faithful compadre, catnrat chaser, four legged vacuum and walking flea experiment was eaten by the shark you see. We were all surfing when the shark jumped up and ate Fido and then spit his bones out. Dan, being the biggest, jumped on the shark while Ted bit his fins, George jumped off his surfboard and did a kunk-fu kick right in the chops!! Brad poked his eyes out with a true Three-stooges move (moe would be proud) right when Eric ripped across a wave and shredded his surfboard right over the shark, cutting him to pieces. It was a sight and the first time I saw a shark cry!! Little Fido is now enshrined at the Smithsonian Museum. And you heard the truth here....so you can share this sacred story with your children when you visit. We will always remember little Fido.

Yes...there's more

Hatteras Pics

More Cape Hatteras Pictures

Outer Banks Mens Surfing Weekend

What can I say? This was probably the BEST weekend (or one of the best) I've ever spent with a bunch of a guys for just "man time". It was incredible! We had great times of fellowship, laughter, jokes, prayer, worship and surfing and fishing. The above picture is taken in the cottage we stayed in. Thankfully, our dear friend and former neighbor from Richmond, Donna, let us stay there at a super price. Muchos thanks to Donna and Dave!! Ted is teaching Brad about surfing and specifically how to apply wax to the board. Brad was very excited about some of the name brand waxes out there on the market. I think he took some home with him, too. For some reason Eric is trying to lick the wax - maybe it was the nice coconut scent that drew him or the fact that he was starving since his roomates ate all his food. :) More pictures to come too. See the next blog.
The surf posse after a day at the beach. This was on Sunday afternoon and we were packing up after a full morning of surfing. Dan had just bought some jelly for all of us and we were ready to partake of the finer things in life after a day of saltwater and sore bodies. :)

Here is the crew from left to right. Eric Feldpausch with the nice mohawk- (Virginia Indian style), Ted Meehan sporting the Wilmington mop, George (me) with the NC scrub brush dew, Dan Latshaw with the Georgia trucker mudflap and Brad Austin - the first Peachland resident to ever surf!

This picture was taken on Friday, September 19th from the Frisco Pier just south of Hatteras. This was the area we surfed on both Friday and Sunday. The view at sunset is breathtaking! This beach is by far my favorite.
THIS IS A GUEST BLOG FROM GEORGE BURTON:

fun friday

Quick disclaimer: OK I haven't blogged in a loooonnng time. That's because I've been on Facebook a little bit each day and then don't have time for blogging. So anyway, moving on...

Today was Fun Friday. First, Brady woke up and got dressed and while I was helping everyone else, he went in my room to make my bed. I couldn't believe it! I asked him why he made my bed for me and he smiled and said, "Mommy, I'm just making a kingdom choice". See the pic for what a great job he did!

Then, we all went to school to meet Brady for his teddy bear picnic outside. The whole kindergarten was there with their bears and their families. It was awesome!!

Then, Brennan fell in the driveway while running after a ball. He didn't even cry, but look at his fat lip! I think he is totally going to be an athlete.

Brooke has been getting ready all afternoon for a birthday party this evening for one of her friends. She was dancing in her room to Hannah Montana music. See pic.

And Boone? Well he's just the peek a boo and hide and seek master lately.

We are praying for safety for George who is on a "mancation" for 4 days in Nags Head. He and 4 other guys are surfing and fishing. I think short breaks away from our responsibilities and jobs are so important and actually refuel us to come back with a renewed sense of purpose and vision. And that is why I'm going away for my break in October :)

All in all, a very fun friday. Oh yeah, and I'm not cooking for 4 days straight!!!

Summer Vacation Adventure Pics

This picture was taken between the Lincoln Memorial and the Washington Monument. I was sooooo proud of my kids. They smiled for every picture and I know they were sick of Dad's constant desire to capture the perfect kodak moment.
Break time after walking through the Air and Space Museum. Brennan is a happy camper with Mom.
Boone, who I've dubbed a future General or Navy Seal, is proudly standing by one of the many artistic dislays at the National Museum of the Marine Corps. Can you tell me what war this was from?
In front of the Capitol. The Chinese man taking this picture had a million dollar camera and actually had trouble focusing with my cheap Canon. With four kids one out of every ten shots is a winner. Notice Brennan with the stale milk bottle. Poor little guy - it felt like a hundred degrees and he had to drink that stuff.
Boone, peering through a T-Rex skull at the National Zoo. The best thing about the zoo is it's free!! And they have the hairiest and funkiest looking bears I have ever seen. I mean really, it looks like bears mated with the hippies back in the 60's and this is the offspring. They are extremely hairy and unkempt with super long claws that look like elephant tusks hanging out of a paw. They mope and look depressed too; which would explain the generational drug use that was passed down to them.

More Summer Vacation Adventure Pics!

On our way to the White House we ran into a perfectly timed "PROTEST"!! Yeahhh!! I gathered the kids and said "look, guys, a real protest - quick, get in front and let's take a picture of angry people shouting behind you and blaming BUSH for everything" It turned out it was a protest to fight for rights for Christians in Egypt. I explained to the kids what a protest was and how blessed we are to have the "right to assemble" and voice our opinions in a free democracy.
Brooke, the Dean; Brady, the Governor and Boone the General. That's what Pam and I have coined them in accordance to their personalities. We even bought Brady a shirt that said "Future President". If he's smart he'll make his old man the Secretary of Defense.
Passersby loved this one. While waiting for the girls during a bathroom stop; which us men know can take a looong time, I put Brady and Boone next to this statue about 6 feet off the deck and snapped it with Big Bird in there too.
Georgetown in the evening.
The Burton Family in front of the Lincoln Memorial. Overall, this was a GREAT vacation. A ton of walking, curious stares when you get on the Metro at 8am with four loud kids, a huge stroller and a constantly rolling and dripping milk bottle. The kids did great. It was a challenge at times but a definite bonding experience for the Burton family. Best of all it was free. All of the Smithsonian Museums are free, unless you see a movie at the omnimax theatre and i highly recommend it, but its worth it. On Tuesday nights a "must see" is the US Marine Corps Drum and Bugle Corps and Silent Drill Team at the Iwo Jima Memorial. Breathtaking and perfect execution!! If you have never seen them you need to go. The National Zoo is also free and the new National Museum of the Marine Corps along with dozens of others museums and places of interest in Washington. Hotels are not cheap. We stayed in Arlington at the Virginian Suites. It was affordable and not bad but the rooms were a little musty. Don't drive, just take the metro and save the money on gas, the hassle of parking and fighting the constant traffic. If you go, call Pam and I and we'll be your guides for a small fee. ;)

Happy Birthday Grandma Joan and Grandma Alice!

Here's a shout out to two lovely women who celebrated birthdays this week, my mom and grandma. Check out the picture of Joan with 4 of her grandkids. She looks 40!!

Our Summer Vacation Adventure Part II

Brady, Brooke and Boone at the Air and Space Museum. Probably the best museum for young kids. They loved it!
Styling and Profiling in DC in front of really cool planet exhibits.
Our NC Congressman Mel Watt. He's a Democrat, I'm Independent and Pam is a Republican. I saw her writing in the guest book for about five minutes. Pam had a wild look on her face as she wrote. I think it had to do with high taxes. Go Pam!!


The second leg of our trip consisted of 4 fun filled days in Washington DC! Here are the highlights:

* Jim Henson's Fantastic World exhibit at the Smithsonian Museum was the big hit of the week for our kids. They had the most interactive and fun play area, but extremely top secret that we couldn't even take ANY pictures! They had guards walking around to make sure everyone was following the rules about cameras. So all we have is our memory to remind us of the "make a muppet face" wall, "be a muppet" stage with puppets and a video screen to see yourself, big muppet dolls to play with, and a cartoon creative area where you fill out your own storyboard with their art supplies. VERY fun and I highly recommend, it's on display through October 2008.

* The Washington Zoo was just a 2 metro train rides away and another adventure day for the kids to see all the animals, take pictures, meet their new friends Alex and Joshua, and eat ice cream and other treats. They even had a cockroach display, I'm not even kidding!

* Speaking of the metro, that in itself was a highlight. Each morning we would leave the hotel around 9 am, walk about 3/4 mile to the metro station, buy our tickets and hop on. The kids absolutely LOVED it! It was also a nice break for us not to drive for 3 days straight. I can't believe how much walking we did - on Wednesday, George and I estimated that we walked for about 9 miles! The kids too!! It was 95 degrees! We would get back to the hotel each day around 5:30 exhausted, and the kids would sit and rest for about 3 minutes, before jumping up and yelling "we're ready for the pool now!!" George and I would take turns watching them swim like crazy while the other one rested. : )

* Of course it was exciting to go to the White House, and all the other monuments and museums. We saw the Natural History Museum, the Air & Space Museum, the Capitol, the Lincoln Memorial, the World War II Memorial, the Vietnam Memorial, the Washington Monument, the Iwo Jima Memorial (right across the street from our hotel), Arlington National Cemetery, the Marine Corps Museum (in Quantico), the Marines Tuesday night evening parade and silent drill team, a protest parade about Christian Egyptians being persecuted outside the White House, and we took our picture with our House representative, Mel Watt.

* One night, my cousin Gregg and his wife Sarah took us out to dinner in a cute area of Arlington. They live and work in the DC area and gave us lots of hints about where to go and what to see. It was so great to see them and catch up on everything that's going on in all our lives. Our big impression when we left dinner: they're so smart! Their probable impression when they left dinner: they're so loud!

* We talked to a man who works at the Treasury Department. George thanked him for our $2400 check we received 2 weeks ago. I told him to thank President Bush for us for the rebate. Then I told him we were big supporters of a flat tax rate for all incomes. He said it would probably never pass. I also told him that I was in support for abolishing social security. He said, "Oh you mean that you want to privatize the accounts where the funds go?" I said, "No, I want the whole program scrapped and abolished." At that point he sort of tilted his head and laughed. Don't worry Mom and Dad, he laughed because he knows it will never happen and I KNOW you both turn 62 this year, I'm excited for you!

Our Summer Vacation Adventure Part 1

I have to blog about our vacation in parts because there's just too much to write about all at once : )

Our first leg was a reunion trip to Richmond VA! We were so excited to catch up with many of our old friends from the good ole days at Franklin Street Church and living in the apartment building (aka the fishbowl).

Thank you Rebekah and girls for hosting us for the weekend! You are the epitome of hospitality.

We did a tour of the University of Richmond, it looks sooo different from when I was there in the early 90's. They have upgraded even more! We spent the afternoon at the pool with the Kleinschusters and the DeRocos and Heather (new friend) and Brooke can't stop talking about her daughter Emily and she was sad she couldn't send Emily a postcard because I don't have their address, or last name :)

So here is my update on everyone, I'll call it an

ODE TO OLD FRIENDS

Rebekah - you are such a great example of a WOW mom! 5 girls, all so young, and you make it look sooo easy. You inspire me!

Dana - Hanging out with you is always fun, it felt just like when we were roomies, like not a day had passed. You are very easy to talk to and a great friend!

Dan - okay, I always knew you were funny, but now you are raising a mini Dan who is a crack up at only 4 yrs old.

Heather - How was I not surprised when you stood up at church to make announcements about the children's ministry. Of course you're in charge, you always do such an amazing job and it is evident that you strive for excellence. Congrats on #2!!

Ray - Thank you for your servant's heart of staying to help George with the kids so the moms could have lunch. And right after preaching!

Lisa - you are as joyful and funny as ever, and oh so stylish!

Bevin - You look exactly the same age as when we were roomies 11 years ago! And you are still thoughtful and caring as I remember.

Tom - You still have such a great sense of humor, tell Jen I missed seeing her! I'm sorry George got you off schedule :)

Jen W. - What a blast to spend time with you for a whole day! Your comment is still making me laugh "ok there are the bobsey twins". And I think you're a great mom to your boys, they are soo sweet!

Jeff W. - Thanks for driving so far to meet us, we were so glad you came! It wasn't Wallyworld after all!

Rachel - My dear friend, it was so good to see you, you look amazing, a blond bombshell! Let me know when you're up for another trip to CA, I think I need it!

Charleston 2008

What a great vacation we had visiting with Grandma Mary and our friends at Kiawah Island. Here are some highlights:

* We went to Frankie's Fun Park one night (reminds me of the date night in Karate Kid). The kids wanted to do bumper boats, so I think we'll be driving around in a bumper boat bumping each other, how fun! As Brooke and I are climbing in (girls vs boys), Brooke says "I get to work the shooter!". I'm thinking "shooter?" Well needless to say there was a gun, more like a hose, on each bumper boat that the boys proceeded to DRENCH me with. They were relentless and I'm pretty sure that George had something to do with that : ) I was in my clothes, all ready for our fun evening, and when we got off I looked worse than a drowned rat. 100% completely soaked. This girl in the bathroom just stared at me looking very concerned and asked "What happened to you!?" We also played mini golf that night, batting cages, monster big super slide, and video games. But of course the kids favorite part was the bumper boats!

* We spent 3 days at the beach and the boys especially worked on their boogie boarding skiils. Brennan and I spent almost 1 hour just kicking a mini soccer ball back and forth in the surf, he absolutely loved it! Brooke was more into digging in the sand, laying on her towel and reading a book.

* Grandma Mary, George and the kids spent a great afternoon at the Charleston Aquarium and a nice dinner out, Grandma's treat! The kids loved the seahorses the best, although George said that Boone was just wide eyed at everything and kept saying "oh my goodness, look at that big fish!"

* I had all four kids at the neighborhood pool one afternoon and we just took over! George was out visiting some of his customers in the Charleston area. We bought a new "Cyclone" wheel pool toy which looks like a giant hamster wheel that the kids stand in and try to run on without falling in the water. That and also 2 new Spiderman water shooters were the hit of the day.

* Spending time at the beach in Kiawah with our friends was really fun, and we had an amazing group date out at the Peninsula Grill in Charleston together which was honestly the best restaurant I've ever been to. It was a real treat to have lobster and shrimp and spend time with our best friends.

Check out the pictures!!