07-22-2009, 12:24 PM
quote:
Originally posted by IslandTrust
3. Aaron has now confirmed that the SB reporter didn't accurately report the situation with Fannie Mae: the reality is that they never backed loans in 1 & 2, yet the inflammatory article, and Mr. Dirgo, make it seem as though there is some radical policy change via a "Lava Loan Meltdown" when it is simply not true. Nothing has changed, there is no discrimination; Fannie continues to not back loans there, and to the best of my knowledge, most, if not all, of the conventional financing in zones 1 & 2 still continues to be readily available to those that qualify. This is exactly, and only, what I posed as contradictory to Mr. Dirgo's statements in the article, yet he (and others) choose to make it appear as though some vendetta is at the core of my comments. Simply, again, not true. Mr. Rabi correctly points out the fact that Fannie's long-term policy was obviously indeed in existence in some written form; huge organizations such as this don't dictate such succinct policy purely by word-of-mouth.
The reporter got this information from Fannie Mae's public relations officer. Thus if there is an accuracy issue it is with the PR person, not the reporter. I'd suggest you call up the reporter and get the PR's person's name and phone number and complain to her.
Better yet, I would suggest you call up the reporter now and complain to her about her inaccurate article.
That being said,this new written policy will probably have severe consequences. Especially since it includes most of Ka'u and South Kona where there hasn't been any recent lava flow activity.