Posted on 04/13/2023 10:41:09 AM PDT by CFW
I’ve already covered how small business bankruptcies are at record highs and manufacturing is at a three year low [link in article]. To those woes add a severe credit crunch.
How severe? How about $105 billion drop in loans in just two weeks.
“This credit crunch greatly increases the chances that America is going to have a deflationary recession or depression at some point in 2023. And, in fact, we could already be in it.” Ya think?
“We’re going to see the unemployment rate start to spike in America in the second half of 2023, In fact, we’re already seeing a big increase in unemployment claims data from the Federal Reserve shows that continued unemployment claims has surged since September.”
“We’re seeing a big surge in mortgage defaults right now across America, particularly on what’s called FHA mortgages. FHA mortgages are these first-time home buyer loans that the US government sponsors and allows people to only put three to five percent down. Well, these loans now have a 12% default rate in the most recent month of February 2023.”
Debt-to-income ration is now higher than it was at the pre-subprime meltdown peak in 2008.
“The Biden Administration has been very aggressive in wanting to expand mortgage access to low-income borrowers who can’t afford these mortgages. And they do this under the guise of expanding the benefits of home ownership to everyone, but really what they’re doing is they’re saddling at-risk economic households with a lot of debt near the peak of a housing bubble.”
(Excerpt) Read more at battleswarmblog.com ...
"Here, Joey, put on these aviators. They make you look like a tough guy, like Tom Cruise, in Top Gun."
Build back better
“The Biden Administration has been very aggressive in wanting to expand mortgage access to low-income borrowers who can’t afford these mortgages. And they do this under the guise of expanding the benefits of home ownership to everyone, but really what they’re doing is they’re saddling at-risk economic households with a lot of debt near the peak of a housing bubble.”
They did the same thing in the late 90’s and it took the entire Bush years to get it recognized and the main liars, Dodd and Frank, to be exposed before they could try to figure out how to not look like October 1929 and ugly. Only difference is they are trying to hand it to the upcoming administration so they can blame them to build a voting base in 2028 when the libs might have some legitimate candidates for sale.
You can read liberal tactics by what they did somewhere in the last 50 years, how well and long the lies worked, and use it again. Only the names were changed to protect the guilty.
wy69
“but really what they’re doing is they’re saddling at-risk economic households with a lot of debt near the peak of a housing bubble.”
Exactly what happened in 2007-2008. Hundreds of thousands, maybe millions, of loans were made to people who could not afford to make the payments and the results were disastrous.
“The Biden Administration has been very aggressive in wanting to expand mortgage access to low-income borrowers”
Haven’t we already seen this movie?
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