According to the Congressional Black Criminal Caucus, that's racist!
Never have so many QuasiGubamintal Black Ops agencies worked so hard to destroy a nation and its underpinnings.
Hindsight is 20/20 they say.. Oversight is priceless..
Who put us in the mess, Ben? Fess up
Unless of course you are an illegal or a minority and then there will be a whole new set of rules for you.
The abuses came from Democrats demanding “minorities” get home loans, so banks were required to make sub-prime loans. Now Democrats want to claim they were innocent and will clean up the problem.
Gee, if I was running a bank, I would not need the feds to tell me this. MORONS!
Huh? That's insane.
So why doesn’t the Fed follow their own rules? HUD is offering houses for 100 bucks down.
http://www.freerepublic.com/focus/f-chat/2705785/posts
“Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan”
What a novel idea.
Just where would we be without the genius of government?
sarc
meanwhile the turd world scammers among us gonna figure out how to lie to the lender, get the loan, then sue the lender for making the loan....
Who the hell came up with that plan?
What about us broke folks? (Number growing daily) Where will we live?
What did Barney Fag say about this?
This will last until some community organizers whine to Congress that the banks won’t loan to “their people”.
Congress will require the banks to make bad loans to the special people.
The banks will complain to Congress that they can’t stay in business maing bad loans.
Congress will set up a mortgage guarantee program that will buy the mortgages from the banks so the banks aren’t stuck with bad loans.
The banks, relieved of the consequences of making bad loans, will make lots of them while raking in the origination fees.
These mortgages will be bundled and securitized.
.
.
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well, you know how this turns out, right?
>>> Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan <<<
I would love to see how ‘Lenders’ are supposed to make borrowers ‘guarantee’ this? And how they are going to enforce it?
Once you sign on a loan application, you are a slave for that duration? You can not even lose a job, declare bankruptcy EVER?
The absurdity of attaching those two names to anything that promises sound lending practices cannot be exaggerated.
According to the Congressional Black Criminal Caucus, that's racist!
If I lie on my resume and get a job I am not qualified for, can I sue the employer? If I buy a car and am not a good driver, can I sue for any accidents I cause?
No Income, No Asset loans disappeared years ago, along with stated income and subprime loans (for the most part). And every lender we work with already verifies income, credit and assets.
Once again, the Fed is trying to regulate something that's already been taken care of, or is already being done. These folks really don't know their asses from a hole in the ground -- but I sure know which one smells worse.
I'll say. The Federal Reserve has taken at least a Trillion of toxic Mortgage Backed Securities onto its books since Ben has been calling the shots. Not to mention another Trillion of US Treasury Notes and Bonds. The Federal Reserve needs to be audited. It is the largest ponzi scheme in the world, and, like all ponzi schemes, it will have a limited life and come crashing down.
Interesting how neither the author nor the "editors" at Reuters seemingly understand the difference between "principle" and "principal".
By something you can’t afford—and sue the seller for it?
it always was that way before affirmative action and the dems got involved in this stuff.
And another way for the bureaucracy to get it’s barbs in deeper into business.
It’s also going to be a breeding ground for lawsuits, when financial institution gives someone a loan for a house, and that person goes belly up, they’ll blame the lender for loaning them the money in the first place. Just watch that materialize.