Franklin D. Raines, Chief Executive Officer of the Federal National Mortgage Association (a.k.a. “Fannie Mae”), in an address to the alabama Bankers Association says that the Department of Housing and Urban Development is requiring his company to commit half of its lending to subprime (junk) mortgages, with the 2010 target of 500,000,000,000 “dollars” invested in these risky instruments.

       [restored 6/11/2023] Thanks to Freedom’s Phoenix for this entry.