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Obama Regime Brings Back Subprime Mortgages
RushLimbaugh.com ^ | May 11, 2011 | Rush Limbaugh

Posted on 05/11/2011 11:57:01 PM PDT by neverdem

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A Renewed Crackdown on Redlining

They were redlined because their credit history and risk was bad news. None of these stories ever mentions that. It's always the racial discrimination angle!

Everybody needs some skin in the game. Everybody needs to put 20 % for the down payment. Only an idiot buys an adjustable rate mortgage.

IIRC, Rush made these comments on Tuesday, May 10, 2011. There are some other commentaries at the source from Rush's "Stack of Stuff."

1 posted on 05/11/2011 11:57:03 PM PDT by neverdem
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To: neverdem

>> Everybody needs to put 20 % for the down payment.

If that were mandatory, there would have been no housing catastrophe.

Their stupid is so extreme that it feels like a nefarious plan to destroy middle America.


2 posted on 05/12/2011 12:00:48 AM PDT by Gene Eric (*** Jesus ***)
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To: Gene Eric
There is even a name for this "stupidity": the Cloward-Piven strategy of manufactured crisis.

If they were the stupid ones, why did we fall for it, and why are we falling for it again? (By "we," I mean the very middle class they, per Alinsky, have set out to destroy.)

3 posted on 05/12/2011 12:12:44 AM PDT by Publius Maximus (God, please let 2012 come quickly...)
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To: neverdem

This stupidity by the DOJ is unreal. There is no constitutional right to a sub-prime mortgage. Some people, many people today, just don’t have the steady income needed to make the payments on a mortgage year after year. Those people have to rent. End of story. Forcing banks to lend to people who don’t have steady reliable income and a good credit score is just going to put us back in a bigger mess than we were in two years ago.

The federal government just needs to go cold turkey and completely stop trying to pump up and prop up the housing market. It’s futile and costly to the Treasury and the taxpayers. They need to just let the housing market drop until prices stabilize and home buyers believe the risk of a significant price decline is gone. Only then will the housing market make a real sustained recovery.


4 posted on 05/12/2011 12:16:36 AM PDT by socialism_stinX (Why did California go bankrupt?...because of unfunded mandates, medicaid, and illegal immigration.)
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To: Publius Maximus

I know, just angling on the ‘stupid’ theme for the sake of insulting the jackwagons.


5 posted on 05/12/2011 12:18:34 AM PDT by Gene Eric (*** Jesus ***)
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To: Publius Maximus

We must get rid of the entire Obama regime next year to stop this stupidity and theft from responsible taxpayers. That’s the only way to stop this nonsense. Some people just have to rent. Big deal...it’s not a real problem.


6 posted on 05/12/2011 12:18:49 AM PDT by socialism_stinX (Why did California go bankrupt?...because of unfunded mandates, medicaid, and illegal immigration.)
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To: Publius Maximus

The middle class fell for it in ‘08. Cloward - Piven has been successful to a degree.

The fact that Captain Gutsy was able to claim Osama’s head doesn’t mean that the ecomony won’t be the major factor in the next election. And, if the pundits are right, Obamacare will be front and center, too.

However, I have faith in the American people. Little by little they/we are waking up to the destruction of this country, and to their/our lives, that is ongoing.


7 posted on 05/12/2011 12:23:59 AM PDT by dixiechick2000 (Age, skill, wisdom, and a little treachery always overcome youth and arrogance!)
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To: socialism_stinX
And so, the dog returns to its vomit.

Somehow, visions of an ACORN type organization promoting this waste of taxpayers money, floats around in my disgusted mind.

8 posted on 05/12/2011 1:29:40 AM PDT by AmericanInTokyo (FreeRepublic's frontline citizen reporter in Japan (among others). -- AiT)
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To: Gene Eric

US Veterans Affairs guaranteed loans are no down payment and low closing costs: http://www.benefits.va.gov/homeloans/lp.asp


9 posted on 05/12/2011 2:33:53 AM PDT by 2ndDivisionVet (Work hard and become a leader; be lazy and never succeed. (Proverbs 12:24))
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To: 2ndDivisionVet

Long ago, I had a VA mtg. I thought at that time there was a downpayment, something like 10%. Still, the requirements on earnings and credit were very tough. The trick was to find a bank that would actually make the loan at a prescribed VA rate. I was surprised reading how it has morphed into another entitlement program.

Someone noted that 20% down should have been the norm for all mortgages. Does anyone notice our neighbors to the North don’t have this huge number of foreclosures and defaults? Why might that be...well, for starters, all mortgages there required 20%...there were no liar mortgages or other “creative” financings either. And remember about the mortgage “crisis”: No one of substance at any bank, mortgage company, real estate company or Fannie or Freddie has GONE TO JAIL albeit this has been the biggest robbery of all times and virtually destroyed the country.


10 posted on 05/12/2011 3:51:02 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: neverdem

Dear God!

We always hear that if we don’t learn from our history we are doomed to repeat it, but this is nuts! This is exactly what helped sink the banks, and it happened like, yesterday.


11 posted on 05/12/2011 5:36:43 AM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: Mouton
Long ago, I had a VA mtg. I thought at that time there was a downpayment, something like 10%. Still, the requirements on earnings and credit were very tough.

I had the same experience with V.A. about 40 years ago. I got the loan and paid it off but it was by no means a "gift" from V.A.

12 posted on 05/12/2011 6:04:22 AM PDT by Graybeard58
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To: neverdem

IIRC reading an article about a year, maybe more than a year ago the Subprime Mortgages, the assaults on the Mortgage Industry actually never ceased even during the hooplah over the housing bubble bursting. The CRA was never rescinded, and the “Community Organizers” continued unabated throughout that period of time, and to this day.

I’d say Rush is probably pointing out a newly conceived Community Mortgage Aggressor more than a restart of the ongoing, existing Leftist/minority assault on the mortgage industry.

Just like our POTUS the Left is using minorities as shields to gain their ground in this war.


13 posted on 05/12/2011 6:21:36 AM PDT by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: neverdem

“And this group, the name of the group, the St. Louis Equal Housing and Community Reinvestment Alliance. What do you bet that’s just ACORN under a new name?”

Why, of course! See here: http://slehcra.wordpress.com/contact-us/

Bottom right of page it says:

Member Organizations

* ACORN St. Louis

So there you have it!


14 posted on 05/12/2011 6:34:24 AM PDT by Jeronimo
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To: neverdem

20% down required would screw everyone who already owns a home. People who DID put 20% down would be upside down due to the resulting drop in values (due to far reduced demand).

10% is a reasonable compromise IMHO. Still some skin in the game (and IIRC, historically, defaults drop way off at the 10% equity level).

Regardless, why is nobody stating the obvious - they’re not being turned down for loans because they’re **insert protected minority group here**, it’s because they DON’T PAY THEIR DAMN BILLS!

Somehow I don’t think a guy like Herman Cain would have trouble getting a mortgage.


15 posted on 05/12/2011 6:51:54 AM PDT by RockinRight (Herman Cain 2012)
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To: Publius Maximus

Amen brother.


16 posted on 05/12/2011 7:21:42 AM PDT by cranked
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To: neverdem

Obama: I know what will fix the economy! ANOTHER HOUSING BUBBLE! Who cares what happens in 10 years, I won’t be president anymore!


17 posted on 05/12/2011 8:44:19 AM PDT by Shadow44
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To: neverdem

Lather. Rinse. Repeat.


18 posted on 05/12/2011 10:19:21 AM PDT by PMAS
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To: 2ndDivisionVet

I don’t believe the vets are part of the problem.


19 posted on 05/12/2011 3:31:34 PM PDT by Gene Eric (*** Jesus ***)
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To: fiddlerselbow

I bet that obama and friends have no understanding of the what the subprime is all about. They just think that it is all the man making money off the poor.


20 posted on 05/12/2011 4:08:42 PM PDT by antonia (A nation of sheep will beget a government of wolves. - Edward R. Murrow)
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