Posted on 04/03/2013 6:32:05 AM PDT by SeekAndFind
Edited on 04/03/2013 7:26:03 AM PDT by Admin Moderator. [history]
The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
(Excerpt) Read more at washingtonpost.com ...
Here we go again!!! This is how the housing market was destroyed in the first place! FU OBAMA!!!
So, we can expect another housing bubble and market crash in, say, 3 1/2 years, just in time for the 2016 election to blame on the Republican Congress in place as a result of the 2014 election?
loan disapproved=”redlining”
loan approved= “predatory lending”
(’pwedatowy wending’ if you’re Bawney Fwank)
Deja Vu .. all over again..
Its called “reparations” folks get used to it!
...isn’t this what caused the first housing bubble?
...isn’t this what caused the first housing bubble?
Gee, what could go wrong?
This dumb policy, rooted in the Community Reinvestment Act under the Carter administration, was only a minor contributor to the housing bubble.
The biggest culprit by far was the Federal Reserve. Had the Fed not intervened throughout the early 2000s to keep interest rates artificially low, had the Fed allowed interest rates to rise to reflect the increasing demand for loanable funds, then the higher interest rates would have choked off the bubble.
If at first you don’t succeed (in destroying America), try, try again.
Housing market must be recovering, gotta throw more sand in the engine quick!
Not this sh*t again. This is how we got here.
WHAT IF A BANK REFUSES TO LISTEN TO HIM? What can he do? Same as last time. Threaten to put them out of business.
Fannie Mae and Freddie Mac Invest in Democrats
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Freddie Mac records exempt from FOIA -Obama Admin Denies FOIA Request
http://realtime.sunlightprojects.org/2009/03/26/freddie-mac-records-exempt-from-foia/
Pressured to take more risk, Fannie hit a tipping point
http://www.nytimes.com/2008/10/05/business/05fannie.html?hp
Give them grief!
The CRA -—Community Reinvestment Act-—was started under Carter—and exploded under Clinton with Henry Cisneros & Reno helping strongly.
Carter believed that ‘HOME’ ownership was a right & he even authorized that food stamps were to be considered income to get a home. Reno threatened to sue every bank that balked and she meant it.
Not the fault of GWB.
You forgot to add:
Unemployment proceeds as an acceptable source of income on a mortgage application.”””
Under Jimmah Carter, FOOD STAMPS were to be considered income by the banks.
” It worked GREAT for GWB. What could go wrong?”
Somebody should go back to the summer of 06, where I warned of a trillion dollar mortgage bloodbath : )
Documentation File on the negative impact of the Obamanation Counterculture on America.
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