Obama administration pushes banks to make home loans to people with weaker credit

Washington Post ^ | 04/03/2013 | By Zachary A. Goldfarb,

[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.

[SeekAndFind]

Question: WHAT IF A BANK REFUSES TO LISTEN TO HIM? What can he do?

[George from New England]

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

[Red Badger]

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

[Gay State Conservative]

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

[dforest]

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............

[rktman]

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.

[SeekAndFind]

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 !!!

[sickoflibs]

It worked GREAT for GWB. What could go wrong?

[SMARTY]

RETURNING TO THE SCENE OF THE CRIME!!

[Gaffer]

“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.

[Rennes Templar]

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?

[detective]

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.

[Third Person]

The banks are in on it.

[AppyPappy]

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

[TexasCajun]

Morning Folks! ...IT'S GROUNDHOG DAY!!

[listenhillary]

To the poor.

[laweeks]

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?

[BradtotheBone]

You forgot to add:

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

[Proud2BeRight]

“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.

[concerned about politics]

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).