Changes

|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]]