Skip to comments.Obama to insist market provides 30-year mortgages
Posted on 08/05/2013 6:35:45 PM PDT by Nachum
President Obama on Tuesday will for the first time insist that any future housing system in the United States makes 30-year mortgages widely available to borrowers, senior administration officials said, preserving a linchpin of the American economy but also continuing to expose taxpayers to risk from another housing meltdown. (Snip) That will require, officials said, some form of government guarantee that means lenders will be reimbursed by taxpayers in the event of a housing catastrophe like the one that occurred several years ago. Traveling to Phoenix on Tuesday, Obama is planning to call for a new
(Excerpt) Read more at washingtonpost.com ...
The list, Ping
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With rampant inflation on the way, the 30-yr mortgage is exactly what banks want to hold!
It is none of that stupid dork’s business what length of mortgage a bank offers.
After all, in a just society, the dork wouldn’t qualify to scrub the floor.
Let Capn Coke start his own lending business and do whatever he want’s. Oh wait, he only knows how to spend other peoples money.
How did we ever survive without this D Bag ?
I thought the 30 year mortgage was already the most common. During the height of the housing bubble some bank offered 40 year motgages. Gov’t needs to stay out of it. Gov’t needs to kill Fannie/Freddie/VA/FHA and get clear out of the mortgage business.
How does someone require anything of “the market”?
That man is pitifully dumb and deserves much ridicule.
It will go well with his new 5 year plan...
(except there is no America to buy wheat from)
When I was originating loans, prior to Katrina, someone had recently introduced FORTY YEAR mortgages. Don’t know if they’re still around.
What this obviously means is that Banks will be eliminating any risk, with all the risk born by the Taxpayer.
Loans to "Holder's People", where there SOLE SOURCE of income was Welfare checks, were a MAJOR cause of the collapse of the markets and the economy and we are going to be handing out Taxpayers' money to these people, AGAIN.
So when they default on the loans “owed” to them, We the People get to bail them out....again?
#9,723 of ways to share the wealth.
Holy Enumerated Powers, Batman, which orifice did he pull that concept from?
How about loan-to-value ratio?
Is the African communist p.o.s. Ubama going to insist on 100% loans, as well?
In Canada, you have to re-do your mortgage every 5 (FIVE) years...gee, wonder why they didn’t have the mortgage meltdown we had!!!
He he he well I like my debts at a fixed, historically low rate. Hell the interest rate on my mortgage is below the rate of inflation!
I’m making money on that! LOL
Idoit. That is how we got the housing bubble in the first place.
NO to federal guarantees which are simply subsidies. We can’t afford more subsidies.
Yeah, he isn’t the Emperor of the Galactic Empire just yet.
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