Skip to comments.Obama administration pushes banks to make home loans to people with weaker credit
Posted on 04/03/2013 6:32:05 AM PDT by SeekAndFindEdited 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 ...
This is his contribution to this world. Did it before, he expects MORE clout as president now.
That’s how we got into this mess in the first place!........
So back to “anyone with a pulse has a right to a mortgage”.Well,at least anyone “of color” who has a pulse.
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............
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.
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 !!!
It worked GREAT for GWB. What could go wrong?
RETURNING TO THE SCENE OF THE CRIME!!
“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.
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?
More of the same lies over and over again.
The banks are in on it.
We are going to over-inflate real estate again and then WHAM.
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?
You forgot to add:
Unemployment proceeds as an acceptable source of income on a mortgage application.
“Thats 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.
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).
Still a lot of bank owned properties in the market? They’re asking the government to flush again.
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.
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.
The banks were bailed out for a reason.
Not to keep them solvent, but to buy their loyalty.
“Nice bank ya got there....”
Long Island...it’s not the loan, it’s the insurance that’ll break ya!
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..........
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.
Sic Eric Holder on their racists asses.
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.
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.
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.
Meanwhile, banks are being sued for making predatory loans aka loans to peopl with low credit!
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.”
Here we go again!!! This is how the housing market was destroyed in the first place! FU OBAMA!!!
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?
loan approved= “predatory lending”
(’pwedatowy wending’ if you’re Bawney Fwank)
Deja Vu .. all over again..
Its called “reparations” folks get used to it!
...isn’t this what caused the first housing bubble?
...isn’t this what caused the first housing bubble?
Gee, what could go wrong?
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.