Posted on 08/12/2013 7:50:58 AM PDT by SeekAndFind
Fannie and Freddie have been in operation for decades without problems until recently. Fannie began in 1938 as a quasi-governmental agency making affordable homes available to people by making the financing easier and funds more readily available by establishing a secondary market for mortgages.
Previously banks had held onto their mortgages in a system called portfolio mortgages and were made mostly to their own account holders. With the homes as collateral, the banks then lent out that same money again to other local borrowers. If you remember the scene from It's a Wonderful Life when there is a run on the bank, you can visualize how that works when confidence in the system disappears.
With a secondary market for mortgages, banks could recoup their money rather than keeping it tied up. The result was that banks could loan out the same funds 5-6 times.
If there were a run, they could cover it. That stabilized the whole banking system in the eyes of the public. It also led to mortgage loans being more readily available, and the ability to do business with banks across the country and lenders whom borrowers never saw. Millions of people bought homes that way.
SNIP
The president thinks that the government will be able to dictate terms in that market without actually having a stake in it.
Maybe, but this won't do anything but create a venue for new kinds of interference.
In the wake of Obama's announcement, the FHA revealed that it is going to dictate the racial makeup of neighborhoods in the future. Neighborhoods will have to be in compliance with affirmative action dictates despite the Supreme Court's hinting that the days of affirmative action are near their end.
(Excerpt) Read more at americanthinker.com ...
Great...ferals for all. Just great. Is there no limig to LIB idiocy????
Agenda 21 BS. Using legalism in the exact same manner Satan uses it to deceive
Driving the values of your property one drug deal, , robbery, or burglary at a time. Oh, forgot to add cracka beatdown.
I say make the architects of the plan live under ther own rules for just one month. They’ll be begging to repeal it.
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Here’s the plan (From the article):
The houses that are sitting empty, that have residents who are living rent free, where the titles are clouded, or the owners are on the edge of foreclosure, are not likely to be in minority neighborhoods where people ‘need’ affordable housing. If the FHA wanted to do that, it could give away the city of Detroit.
The houses listed above are going to be taken by the FHA and given titles by the federal government since it thinks is already owns everything. It can’t be sued later so the new owner/resident (?) will be safe on that account.
The newly-titled houses will be given to others who most likely can’t afford them without government assistance. That means that the funds that are claimed to have gone to Fannie and Freddie despite their making a profit will then be paid out in direct assistance to voters, voters who will then be obligated to the government. No votes, no house, the same way people get garbage cans in Chicago today.
Cronies may also buy the houses at giveaway prices and rent them out while paying nothing on them and leaving them unmaintained, sort of like a suburban Cabrini Green.
Pretty strong statement. I don't think inner city criminals would stand a chance were they relocated to places like North Idaho.
However, the Banks are pushing this because Taxpayers, as always, will be forced to pay the mortgages and the Bankers lose/risk NOTHING.
It is so tiresome that wealth-redistribution and Businesses that are TOTALLY reliant on Lobbying/Donations to politicians who then make Laws that do only two things: keep the Politician in Power, keep the Businesses profitable.
The country's only hope was a coup d'etat by the Military, which basically would have allowed for a "Do-Over", using ONLY Constitutionally identified Federal Powers. Now that the military has been sissified, with the true, strong, God-and-Country leaders being pushed out, we are left with faggots and dykes, led by faggots and dykes, who have NO INTEREST WHATSOEVER in "preserve, protect, and defend" the U.S. Constitution, as written.
This country's days are numbered......
This is called “Block Busting” on a national scale.
The last mortgage I got was through a local bank in Illinois, that was more than 20 years ago. Immediately after I got it, the bank sold(?) it to a bank in Iowa. I was not a credit risk in any way and paid of the 15 year note in about 10 years.
I’ve never understood why that took place. Who made money off that deal and how? The interest rate didn’t change, my payments stayed the same, I just paid to a different company.
The author must be living in a cave to have missed all the corruption taking place in these programs.
You are SO correct.
“Immediately after I got it, the bank sold(?) it to a bank in Iowa.”
That is the norm, not the exception and that is how mortgage companies and banks operate: They sell their loans to investors. Usually overnight, BTW.
Maybe, but this won't do anything but create a venue for new kinds of interference. "
This is raw Facism at its' most culpable !
The state will then be able to tell you to whom you can sell your property , based on RACE ?
Isn't that called RACISM ?
Government institutionalized racism by fiat ,.. whoda thunk ?
Furthermore , it will create a new bureacracy, and there you have it .. --> new full-time jobs, only through govt. with benefits !
Ever heard of a government bureacracy shutting down ?
Naw ,.. me either !
Re the so-called poor obtaining mortgages with nothing to secure the mortgage ... I've been wondering for years now ...
1. Whatever happened to Private Mortgage Insurance (PMI)?
2. Why didn't PMI save us from the housing bubble debacle?
For anyone who's never heard of PMI, it was an insurance- homebuyers used to be required to buy --by the bank that held the mortgage- if the homebuyers' down payment was below a certain percentage of the home's purchase price (say, less than 20% down payment).
We were forced to pay PMI for years. If we had defaulted on our mortgage (which we didn't), the mortgage bank would've been made whole by our PMI insurer.
Was the requirement to pay PMI abolished during the housing bubble years? Because it was "unfair" to minorities?
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