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Obama administration pushes banks to make home loans to people with weaker credit
Washington Post ^ | 04/03/2013 | By Zachary A. Goldfarb,

Posted on 04/03/2013 6:32:05 AM PDT by SeekAndFind

Edited on 04/03/2013 7:26:03 AM PDT by Admin Moderator. [history]

The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.


(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Government
KEYWORDS: banks; bhofascism; corruption; democrats; homeloans; housing; housingbubble2; mortgages; obama; subprimeloans
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Question: WHAT IF A BANK REFUSES TO LISTEN TO HIM? What can he do?
1 posted on 04/03/2013 6:32:05 AM PDT by SeekAndFind
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To: SeekAndFind

This is his contribution to this world. Did it before, he expects MORE clout as president now.


2 posted on 04/03/2013 6:33:25 AM PDT by George from New England (escaped CT in 2006, now living north of Tampa)
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To: SeekAndFind

That’s how we got into this mess in the first place!........


3 posted on 04/03/2013 6:33:47 AM PDT by Red Badger (Want to be surprised? Google your own name......Want to have fun? Google your friend's names........)
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To: SeekAndFind

So back to “anyone with a pulse has a right to a mortgage”.Well,at least anyone “of color” who has a pulse.


4 posted on 04/03/2013 6:35:23 AM PDT by Gay State Conservative ("Progressives" toss the word "racist" around like chimps toss their feces)
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To: SeekAndFind

Here we go again. The cretins once again “given” homes they can’t afford, will not pay for, and are unable to afford maintaining, all backed up by taxpayers.

What could go wrong? Oh wait............


5 posted on 04/03/2013 6:37:36 AM PDT by dforest (I have now entered the Twilight Zone.)
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To: SeekAndFind

Confiscate some of your money? Ala Cyprus. But, what we have again, people who KNOW(or should have known) they can’t afford a $300k home getting approved by pressure from the feds and we, the law abiding victims, get stuck paying for someone else’s deliberate screwing up. If you make $12.50/hr, guess what. YOU CAN’T AFFORD THAT $300K HOME! Even though we’re sure you DESERVE it and FEEL entitled to it. Pretty sick of following the rules and doing the right thing only to get hosed on my taxes and everything else while the deadbeats skate. Like I said, law abiding victims.


6 posted on 04/03/2013 6:39:10 AM PDT by rktman (BACKGROUND CHECKS? YOU FIRST MR. PRESIDENT!(not that we'd get the truth!))
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To: Red Badger

I can tell you that here in Long Island, houses are now being snapped up very quickly.

I have a colleague who (with his working wife) saved $80,000 to put a down payment of 20% for a house in the Nassau-Suffolk Counties. Mortgage interest rates are at a ridiculously low 3.9%.

Everytime he see’s one house that he likes, it already had an offer which the seller accepted ( with a second backup offer in existence ).

He recently found a house he liked and he and his wife quickly gave an offer which the seller agreed to. Problem, he forgot to sign an agreement. Another buyer offered $10,000 more than his offer which the seller favored.

The other buyer (whose offer was accepted ) got a loan from a bank with only 3% DOWN !!!

We’re back to the bubble economy once again !!!


7 posted on 04/03/2013 6:39:47 AM PDT by SeekAndFind
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To: SeekAndFind

It worked GREAT for GWB. What could go wrong?


8 posted on 04/03/2013 6:39:58 AM PDT by sickoflibs (To GOP : Any path to US citizenship IS putting them ahead in line. Stop lying about your position.)
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To: SeekAndFind

RETURNING TO THE SCENE OF THE CRIME!!


9 posted on 04/03/2013 6:41:08 AM PDT by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: SeekAndFind

“working with banks” means extortion, threats, coersion and all the other veiled threats this SOB can make. He means he wants unqualified loans to unqualified blacks, Mexicans and any other minority affiliated with the Democrat Party.


10 posted on 04/03/2013 6:41:45 AM PDT by Gaffer
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To: SeekAndFind

Obama’s solution for the economy:

1. Issue more loans to credit risks.
2. Print money.
3. Remove unemployed form labor rolls.
4. Subsidize green energy industry.
5. Raise taxes
6. Increase entitlements.

What could go wrong?


11 posted on 04/03/2013 6:41:59 AM PDT by Rennes Templar
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To: SeekAndFind
This has been the policy of the Democrat Party, Fannie and Freddie, Barney Frank and the Government bureaucrats all along. Obama and Acorn spoke about banks not making loans .Then when the mortgages were not paid back Democrats and the MSM blamed “deregulation”.

More of the same lies over and over again.

12 posted on 04/03/2013 6:42:32 AM PDT by detective
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To: SeekAndFind

The banks are in on it.


13 posted on 04/03/2013 6:43:01 AM PDT by Third Person (Welcome to Gaymerica.)
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To: SeekAndFind

We are going to over-inflate real estate again and then WHAM.


14 posted on 04/03/2013 6:43:25 AM PDT by AppyPappy (You never see a massacre at a gun show.)
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To: SeekAndFind
Morning Folks! ...IT'S GROUNDHOG DAY!!


15 posted on 04/03/2013 6:44:00 AM PDT by TexasCajun
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To: SeekAndFind
To the poor.


16 posted on 04/03/2013 6:46:01 AM PDT by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: SeekAndFind

It used to be that the limit of the house’s mortgage was approx. 2-1/2 your annual gross salary with payments of no more than 1/4 of your monthly takehome pay. All of this made sense. If you couldn’t afford it, you didn’t buy it.

But these numb-nut morons are starting this all over again . . . buy what you can’t afford . . . someone else will pay for it (someone else? you mean the gummint?)

Did these stupid-a$$E$ ever hear of RENT?


17 posted on 04/03/2013 6:48:03 AM PDT by laweeks
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To: Rennes Templar

You forgot to add:

Unemployment proceeds as an acceptable source of income on a mortgage application.


18 posted on 04/03/2013 6:48:49 AM PDT by BradtotheBone (Moderate Democrat - A politician whose voting record leans left and whose vote can be bought.)
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To: Red Badger

“That’s how we got into this mess in the first place!........”

Yea, but the community organizer will be a hit with the low information crowd now and it won’t cave in until the next administration and that poor slob will get blamed.


19 posted on 04/03/2013 6:49:23 AM PDT by Proud2BeRight
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To: SeekAndFind
The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

What's the definition of insanity? Doing the same thing over and over again and expecting a different result.
The first housing crash happened during a great economy, and it cost us taxpayers billions. Imagine what would happen during a failing oboma economy (oboma - finishing the job his muslim brothers failed to do on 9/11).

20 posted on 04/03/2013 6:49:31 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: laweeks

Still a lot of bank owned properties in the market? They’re asking the government to flush again.


21 posted on 04/03/2013 6:50:11 AM PDT by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: SeekAndFind

Loans to weak credit...I thought that already happened.
Some 5 years ago, a local branch of Citi Financial called me, trying harder than a car dealer to talk me into a home eq loan I didn’t need or want, on my mortgage-free abode. It was totally clear to the agent that my income didn’t justify the loan in any real world, but when he realized it was clear to me as well, he acted personally offended and hung up.
I could swear this sort of fast-and-loose lending was outmoded by now.


22 posted on 04/03/2013 6:50:13 AM PDT by HomeAtLast ( You're either with the Tea Party, or you're with the EBT Party.)
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To: SeekAndFind

No problem. Banks can give the money away and King Obama will bail them out. Nothing much new here just new voters for his empire.


23 posted on 04/03/2013 6:52:44 AM PDT by Logical me
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To: SeekAndFind

The banks were bailed out for a reason.
Not to keep them solvent, but to buy their loyalty.

“Nice bank ya got there....”


24 posted on 04/03/2013 6:53:32 AM PDT by Texas resident (I'm not a lawyer, but I play one on FR)
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To: SeekAndFind

Black mail.


25 posted on 04/03/2013 6:57:41 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: SeekAndFind

Long Island...it’s not the loan, it’s the insurance that’ll break ya!


26 posted on 04/03/2013 7:01:08 AM PDT by HomeAtLast ( You're either with the Tea Party, or you're with the EBT Party.)
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To: SeekAndFind
Question: WHAT IF A BANK REFUSES TO LISTEN TO HIM? What can he do?

Same thing Bubba and Janet Reno did - threaten them with "damage" if they don't carry through.

The TRILLION dollar shakedown, August 19, 2010

" Wow, talk about ignorance. The current mess started allll the way back during Clinton’s term by way of the CRA, Barney Frank and Janet Reno threatening banks to make loans to people who had no chance of paying them back.

That’s right, somehow Barney Frank and Janet Reno forced all the banks to give people terrible loans. That’s exactly what happened. Don’t you remember the banks complaining about this on a regular basis? They were saying, “Gosh, we sure don’t want to give these people loans, but since a Congressman is somehow forcing us to, I guess we might as well turn those into collateralized debt obligations, not reveal the basis of the bond to the bond rating agencies, but threaten to go to another bond rating agency and force Moody’s and S&P’s hands so they give AAA ratings to bonds which consisted of mortgages with teaser interest rates that were going to go way up in 2 years and then lead to tons of foreclosures?

Gee, why wasn’t Ken Lewis or Lloyd Blankfein complaining about that in 2005, if that were actually true?

27 posted on 04/03/2013 7:02:11 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: Proud2BeRight; SeekAndFind

If we learn anything from history, it’s that we learn absolutely nothing from history........

Ann Coulter was right: To a liberal, history began at breakfast this morning..........


28 posted on 04/03/2013 7:04:57 AM PDT by Red Badger (Want to be surprised? Google your own name......Want to have fun? Google your friend's names........)
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To: Cheerio

RE: Same thing Bubba and Janet Reno did - threaten them with “damage” if they don’t carry through.

Any self-respecting bank would fight back... IN COURT.


29 posted on 04/03/2013 7:05:34 AM PDT by SeekAndFind
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To: SeekAndFind

Rinse...Lather...Repeat...


30 posted on 04/03/2013 7:05:54 AM PDT by dfwgator
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To: SeekAndFind
WHAT IF A BANK REFUSES TO LISTEN TO HIM? What can he do?

Sic Eric Holder on their racists asses.

31 posted on 04/03/2013 7:06:34 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: SeekAndFind

More reparations?


32 posted on 04/03/2013 7:09:04 AM PDT by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: SeekAndFind

Bump


33 posted on 04/03/2013 7:14:46 AM PDT by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: HomeAtLast
Some 5 years ago, a local branch of Citi Financial called me, trying harder than a car dealer to talk me into a home eq loan I didn’t need or want

For a number of years, my mail box was flooded by offers from "financial institutions" wanting me to get a home equity loan from them, not too much anymore.

I have a home equity line of credit at my C.U. with a zero balance. They send me blank checks trying to get me to borrow money. It cost nothing to get the credit line, no appraisal costs etc. and nothing to maintain it. It's available to get cash quickly, if I ever need it.

34 posted on 04/03/2013 7:20:00 AM PDT by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: SeekAndFind
Question: WHAT IF A BANK REFUSES TO LISTEN TO HIM? What can he do?

Have the federal government file suit against the bank for housing discrimination, and have as part of the settlement that all officers of the bank be fired.

You know the real issue here is he wants cheap mortgages for his activists, as payoff.

35 posted on 04/03/2013 7:24:55 AM PDT by PapaBear3625 (You don't notice it's a police state until the police come for you.)
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To: PapaBear3625

RE: Have the federal government file suit against the bank for housing discrimination

Any honorable and self-respecting bank would FIGHT BACK all the way to the Supreme Court and make big news out of it.


36 posted on 04/03/2013 7:27:03 AM PDT by SeekAndFind
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To: SeekAndFind
George Santayana is up to 1000 RPM in his grave.
37 posted on 04/03/2013 7:40:29 AM PDT by KarlInOhio (Choose one: the yellow and black flag of the Tea Party or the white flag of the Republican Party.)
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To: SeekAndFind

Meanwhile, banks are being sued for making predatory loans aka loans to peopl with low credit!


38 posted on 04/03/2013 7:49:34 AM PDT by piytar (The predator-class is furious that their prey are shooting back.)
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To: SeekAndFind

Can Obama be any more of an idiot? This is exactly what fueled the housing bubble in the first place.

“Gee, it didn’t work the first time, lets try it again to see if we do better this time.”


39 posted on 04/03/2013 7:52:35 AM PDT by taxcontrol
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To: taxcontrol

40 posted on 04/03/2013 7:53:46 AM PDT by SeekAndFind
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To: SeekAndFind

Here we go again!!! This is how the housing market was destroyed in the first place! FU OBAMA!!!


41 posted on 04/03/2013 8:27:57 AM PDT by AngelesCrestHighway
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To: SeekAndFind
  1. Force banks to make bad loans
  2. Attack banks for "tricking" minorities into taking out loans they can't afford
  3. Blame Republicans and the "evil 1%"
  4. Repeat

42 posted on 04/03/2013 8:55:43 AM PDT by PogySailor
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To: SeekAndFind

So, we can expect another housing bubble and market crash in, say, 3 1/2 years, just in time for the 2016 election to blame on the Republican Congress in place as a result of the 2014 election?


43 posted on 04/03/2013 9:32:22 AM PDT by Real Cynic No More
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To: PogySailor

loan disapproved=”redlining”
loan approved= “predatory lending”
(’pwedatowy wending’ if you’re Bawney Fwank)


44 posted on 04/03/2013 10:26:08 AM PDT by TurboZamboni (Marx smelled bad & lived with his parents most his life.)
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To: SeekAndFind

Deja Vu .. all over again..


45 posted on 04/03/2013 11:06:30 AM PDT by NormsRevenge (Semper Fi)
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To: SeekAndFind

Its called “reparations” folks get used to it!


46 posted on 04/03/2013 11:47:53 AM PDT by rhubarbk (BHO = FUBAR)
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To: SeekAndFind

...isn’t this what caused the first housing bubble?


47 posted on 04/03/2013 11:59:04 AM PDT by Tzimisce (The American Revolution began when the British attempted to disarm the Colonists.)
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To: SeekAndFind

...isn’t this what caused the first housing bubble?


48 posted on 04/03/2013 11:59:05 AM PDT by Tzimisce (The American Revolution began when the British attempted to disarm the Colonists.)
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To: SeekAndFind

Gee, what could go wrong?


49 posted on 04/03/2013 12:07:29 PM PDT by Mouton (108th MI Group.....68-71)
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To: Tzimisce
...isn’t this what caused the first housing bubble?

This dumb policy, rooted in the Community Reinvestment Act under the Carter administration, was only a minor contributor to the housing bubble.

The biggest culprit by far was the Federal Reserve. Had the Fed not intervened throughout the early 2000s to keep interest rates artificially low, had the Fed allowed interest rates to rise to reflect the increasing demand for loanable funds, then the higher interest rates would have choked off the bubble.

50 posted on 04/03/2013 12:15:52 PM PDT by kevao (.)
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