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 ...
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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.
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?
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.
“...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...
.....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
“peoples” wants its apostrophe back. It appears that “wants” stole it when peoples turned away for a brief moment.
“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”????
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.
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.
This will be the ‘obamaphone’ of housing...
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.
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)