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Obama to insist market provides 30-year mortgages
Washington Post ^ | 8/5/13 | Zachary A. Goldfarb

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 ...


TOPICS: News/Current Events
KEYWORDS: insist; market; mortgages; obama

1 posted on 08/05/2013 6:35:45 PM PDT by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 08/05/2013 6:36:16 PM PDT by Nachum
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To: Nachum

Bump


3 posted on 08/05/2013 6:36:41 PM PDT by Jet Jaguar
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To: Nachum

With rampant inflation on the way, the 30-yr mortgage is exactly what banks want to hold!


4 posted on 08/05/2013 6:38:12 PM PDT by Ken522
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To: Nachum

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.


5 posted on 08/05/2013 6:38:14 PM PDT by Da Coyote
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To: Nachum

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.


6 posted on 08/05/2013 6:42:35 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: Nachum

How did we ever survive without this D Bag ?


7 posted on 08/05/2013 6:42:45 PM PDT by Newbomb Turk ("All that is necessary for the triumph of evil is that good men do nothing.")
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To: Nachum

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.


8 posted on 08/05/2013 6:42:49 PM PDT by umgud (2A can't survive dem majorities)
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To: Nachum

How does someone require anything of “the market”?

That man is pitifully dumb and deserves much ridicule.


9 posted on 08/05/2013 6:43:32 PM PDT by Principled
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To: Nachum

It will go well with his new 5 year plan...

(except there is no America to buy wheat from)


10 posted on 08/05/2013 6:43:54 PM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: Nachum

When I was originating loans, prior to Katrina, someone had recently introduced FORTY YEAR mortgages. Don’t know if they’re still around.


11 posted on 08/05/2013 6:44:26 PM PDT by 2ndDivisionVet (I aim to raise a million plus for Gov. Palin. What'll you do?.)
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To: Nachum
I stopped reading right when "Government Guarantee" appeared.

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.

12 posted on 08/05/2013 6:44:27 PM PDT by traditional1 (Amerika.....Providing public housing for the Mulatto Messiah)
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To: Nachum

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.


13 posted on 08/05/2013 6:44:41 PM PDT by Wisconsinlady (AMNESTY BY ANY OTHER NAME IS STILL A PIG WITH LIPSTICK)
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To: Nachum

Holy Enumerated Powers, Batman, which orifice did he pull that concept from?


14 posted on 08/05/2013 6:45:18 PM PDT by NonValueAdded ("When there is no penalty for failure, failures proliferate." George F. Will)
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To: Nachum

How about loan-to-value ratio?
Is the African communist p.o.s. Ubama going to insist on 100% loans, as well?


15 posted on 08/05/2013 6:45:46 PM PDT by Lancey Howard
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To: Nachum

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!!!


16 posted on 08/05/2013 6:46:04 PM PDT by goodnesswins (R.I.P. Doherty, Smith, Stevens, Woods.)
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To: Ken522

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


17 posted on 08/05/2013 6:46:15 PM PDT by Principled
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To: Nachum

Idoit. That is how we got the housing bubble in the first place.


18 posted on 08/05/2013 6:57:41 PM PDT by Blood of Tyrants (Inside every liberal and WOD defender is a totalitarian screaming to get out.)
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To: Nachum

NO to federal guarantees which are simply subsidies. We can’t afford more subsidies.


19 posted on 08/05/2013 7:05:24 PM PDT by JustTheTruth
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To: NonValueAdded

Yeah, he isn’t the Emperor of the Galactic Empire just yet.


20 posted on 08/05/2013 7:09:37 PM PDT by bkaycee (John 3:16)
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To: Nachum
President Obama on Tuesday will for the first time insist that any future housing system in the United States makes 30-year mortgages

KEYWORD: INSIST All this d!psh!t does is make orders and break laws - and of course the depends wearing, pants pissing republicans do absolutely NOTHING! Why in the hell are the republicans so afraid of this guy?

21 posted on 08/05/2013 7:37:17 PM PDT by Cyclone59 (Where are we going, and what's with the handbasket?)
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To: Nachum

Will Business ever just say, “NO”?

How much worse can it get, if we stopped complying with Bracky’s every socialist pipe dream and Marxist imagining.


22 posted on 08/05/2013 7:43:10 PM PDT by RitaOK ( VIVA CHRISTO REY / Public education is the farm team for more Marxists coming.)
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To: Nachum

“...will for the first time insist that any future housing system in the United States makes 30-year mortgages widely available to borrowers...”

And the word that hangs in the air: “...who...


23 posted on 08/05/2013 7:48:32 PM PDT by jonno (Having an opinion is not the same as having the answer...)
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To: jonno

.....aaaand nobama in another executive ooorder granted that during the day there has to be at least 6 hours of daylight

.... and nobama farted, halllleeelllluuuyah


24 posted on 08/05/2013 7:57:03 PM PDT by Leo Carpathian (FReeeeepeesssssed)
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To: Mastador1

“peoples” wants its apostrophe back. It appears that “want’s” stole it when peoples turned away for a brief moment.


25 posted on 08/05/2013 8:31:03 PM PDT by ProtectOurFreedom
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To: Nachum

“widely available to borrowers”

as far as I understand, 30 year mortgages are now the choice of most mortgage holders/applicants

so what else is meant by “widely available to borrowers”????


26 posted on 08/05/2013 9:17:11 PM PDT by Wuli (uir)
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To: Wuli

If they did away with 30 year mortgages it’s news to me and to Wells Fargo. I refinance my house last year and took out a 30 year mortgage.


27 posted on 08/05/2013 9:56:44 PM PDT by VerySadAmerican (If you vote for evil because you can't see evil, you ARE evil!)
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To: ProtectOurFreedom

Thank God for the grammar police! However when I need or want assistance I turn my children, they are always ready to school old Dad.


28 posted on 08/05/2013 10:50:18 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: Principled

This will be the ‘obamaphone’ of housing...


29 posted on 08/06/2013 4:39:41 AM PDT by GOPJ (Sob stories make bad law...)
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To: Ken522
With rampant inflation on the way, the 30-yr mortgage is exactly what banks want to hold!

You forgot the "/S", right?

Interest rates are more likely to go up over the next 30 years than stay near zero, which causes the value of the mortgage to drop, and gives he banks (or Fannie/Freddie/FHA) a huge loss.

30 posted on 08/06/2013 6:02:27 AM PDT by Pearls Before Swine
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To: goodnesswins

Canada also didn’t have Dodd,Raines,Frank and CRA.
You also can’t just walk away from a mortgage there.

Remember the rat/rino lexicon: NOT giving a loan to the unqualified is evil and “redlining”.
Giving the unqualified a loan is “predatory lending”.
(”Pwedatowy wending” if you’re Bawney Fwank)


31 posted on 08/06/2013 7:27:48 AM PDT by TurboZamboni (Marx smelled bad & lived with his parents most his life.)
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