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→Franklin Raines era
|title=FIRST UNION CAPITAL MARKETS CORP., BEAR, STEARNS & CO. PRICE SECURITIES OFFERING BACKED BY AFFORDABLE MORTGAGES
|title=FIRST UNION CAPITAL MARKETS CORP., BEAR, STEARNS & CO. PRICE SECURITIES OFFERING BACKED BY AFFORDABLE MORTGAGES
|url=http://www.wachovia.com/inside/page/textonly/0,,134_307%5E306,00.html
|url=http://www.wachovia.com/inside/page/textonly/0,,134_307%5E306,00.html
|publisher=First Union Corporation (wachovia)}}</ref> but Raines had ideas to give them government guarantees against default by granting non-qualified borrowers, that is, borrowers with proven records of poor performance on their debt obligations, the assurance against loss and default of government backing.
|publisher=First Union Corporation (wachovia)}}</ref> but Raines had ideas to give mortgage lenders government guarantees against default by granting non-qualified borrowers, that is, borrowers with proven records of poor performance on their debt obligations, the assurance against loss by government backing.
===Fannie Mae lowers guidelines for subprime borrowers 1999===
===Fannie Mae lowers guidelines for subprime borrowers 1999===
:''Main article:'' [[Community Reinvestment Act]]
:''Main article:'' [[Community Reinvestment Act]]