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U.S. Backs Off Tight Mortgage Rules
WSJOnline ^ | 5/13/2014 | Nick Timiraos and

Posted on 05/14/2014 6:02:50 AM PDT by mac_truck

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To: HereInTheHeartland
Agree with your assessment. Recently renewed a HELOC and they practically required a colonoscopy exam. Sheesh. My credit score is above 800 and I found the whole process exceedingly unpleasant. Had I known, I probably would not have gone through the process. It sucks.
21 posted on 05/14/2014 6:37:45 AM PDT by Obadiah (Always remember that you're unique. Just like everyone else.)
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To: E. Pluribus Unum

“Because one subprime mortgage collapse is never enough.”

Perhaps the Democrats have concluded Hillary cannot run in 2016 for health reasons and know the Republicans will have a high likelihood of winning in 2016 without Hillary in the race. The economy still weak and there are multiple asset bubbles resulting from Fed money printing and the irresponsible fiscal policies of Bush and Obama which has ballooned the federal debt. The Chinese, Russians and Iranians are all working to remove the dollar as the reserve currency. Loss of reserve currency status, high inflation from money printing, and the bursting of asset bubbles could send the economy into an economic collapse that makes 2008 look mild.

Could it be the Republicans are walking into a trap? Imagine they go ahead and nominate Jeb Bush to run against the presumptive Democrat nominee Hillary Clinton. By May 2016 the Democrat and Republican primary races should be settle with Jeb and Hillary at the top. Hillary steps down in mid to late May for medical reasons and basks in the public concern about her well being. The Democrats then scramble and the power brokers settle on Biden who is nominated as the people’s candidate in the “open” convention. Bush is nominated in the Republican convention as expected. Bush goes on to run a decent moderate campaign. A few Biden gaffes, Obama/Biden fatigue, and enough conservatives showing up to keep Biden from being elected are enough to cause Bush to win a narrow victory. In February 2017, a month after the inauguration, Soros working with the Russians and Chinese precipitates a run on the US banking system. The Keynesian monetary levers Bush and the Fed attempt to use don’t work and the banking system collapses plunging the US and the world into a deep economic depression. Bush and the Republican Party are blamed by the media and the people for a generation. The Democrats win overwhelming majorities in the House and Senate in 2018 and use those majorities to block any free market based initiatives to stimulate the economy. In 2020 a bankrupt nation goes to the polls and elects a no apologies Marxist Democrat as President. From that point on demographics control future elections, ensuring one party rule.

Our government and Federal Reserve economic policies since 2000 make a severe economic adjustment a certainty. It is a question of when, not if. If you have the ability to delay the collapse until you are out of power, and those you are indebted to want the collapse and have the power to trigger it, why wouldn’t you time it to your political advantage?


22 posted on 05/14/2014 6:38:45 AM PDT by Soul of the South (Yesterday is gone. Today will be what we make of it.)
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To: mac_truck

The housing market is dead.

Huge college loans
No jobs, other than part-time

But, hey, the rental market sure is hot. We have arrived at Obamaville.


23 posted on 05/14/2014 6:43:06 AM PDT by Obadiah (Always remember that you're unique. Just like everyone else.)
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To: HereInTheHeartland
If Samuel Clemens were alive today, he'd say there are 3 kinds of lies:

Lies, damn lies, and HAMP modifications.

24 posted on 05/14/2014 6:43:41 AM PDT by Night Hides Not (For every Ted Cruz we send to DC, I can endure 2-3 "unviable" candidates that beat incumbents.)
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To: upchuck
Wait, let me guess... the Democrats are saying, “Yes, but this time it will be different.”

You got it. I found this quote by the former FHFA director Ed DeMarco to be interesting.

"Do not confuse weakening underwriting standards and underpricing risk with helping people or promoting market efficiency."

25 posted on 05/14/2014 6:46:08 AM PDT by mac_truck ( Aide toi et dieu t aidera)
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To: mac_truck
"...could snuff out the fledgling housing rebound and dent the economic recovery."

WHAT economic recovery? Is the libtard media STILL not willing to admit there is none ?

26 posted on 05/14/2014 6:46:23 AM PDT by Mr. K (If you like your constitution, you can keep it...Period. PALIN/CRUZ 2016)
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To: Georgia Girl 2
You are righter than you know. As a 30 year veteran of the mortgage industry both underwriting and as a mortgage broker I can tell you that these cycles are never ending. When rates go up and business slows down the first thing that happens is they come around and tell the underwriters to loosen up. Then the no doc loans come back and the 97% and 100% loan programs. As 30 year rates rise the ARM’s get hot again. Less than perfect credit programs come back. The one and only thing to remember is that lenders are in business to lend money. If they can’t lend money they go broke.

The problem is not with lenders making business decisions to make money. The problem is with government backing these loans.

27 posted on 05/14/2014 6:46:55 AM PDT by gunnut
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To: shadeaud

No problem!
Lets work together so you can have the house you deserve.
All the years in prison, we show as working full time.
The bundle of cash you found, will be income.The money you gave to Willy to bring back some stuff; is an investment...

Enjoy your new house!
And don’t forget to vote early and often for team 0bama!


28 posted on 05/14/2014 6:49:31 AM PDT by DUMBGRUNT
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To: E. Pluribus Unum
Because one subprime mortgage collapse is never enough.

Well said. They never learn, do they? Maybe this is the only thing they have to stave off a much deeper crash, which is almost certainly inevitable.

29 posted on 05/14/2014 6:52:47 AM PDT by backwoods-engineer (Blog: www.BackwoodsEngineer.com)
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To: gunnut

I agree. All lending should be private. No more FHA, VA, FNMA etc. Capitalism works.

What I stated in my previous post is what the reality is now and has been for over 30 years.


30 posted on 05/14/2014 6:58:09 AM PDT by Georgia Girl 2 (The only purpose o f a pistol is to fight your way back to the rifle you should never have dropped.)
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To: E. Pluribus Unum
Here in Phoenix--it looks exactly like before the crash. Houses are, again, being built everywhere. The giant McMansions that you couldn't give away after the crash? They are going up everywhere too.

Some people never learn.

31 posted on 05/14/2014 7:00:16 AM PDT by riri (Plannedopolis-look it up. It's how the elites plan for US to live.)
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To: upchuck

“Wait, let me guess... the Democrats are saying, “Yes, but this time it will be different.”

Because now it has more electrolytes!


32 posted on 05/14/2014 7:04:31 AM PDT by Justa
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To: shadeaud

“Yeah, I makes 2.5 million a years and eyes wants ta live in one of dem big Trump hy risus on Park Ave. Sur I kun eford dit. You don’t giv me dis stinkin loan and youse a racist”

Da lone kamitee of Frank, Dodd and Reno, along wit Cuomo has OK’s yer lone today !


33 posted on 05/14/2014 7:07:37 AM PDT by litehaus (A memory tooooo long)
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To: Night Hides Not
"Lies, damn lies, and HAMP modifications."

Oh, that's a keeper.

34 posted on 05/14/2014 7:08:55 AM PDT by moehoward
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To: riri

I was back there a couple years ago and the transformation was amazing, things had really turned around.. At least on the west side of town, which was hit harder. Looked like 1980’s Beirut over there.

AZ was an early casualty so an early recovery makes sense. SB1070 didn’t hurt either. Lots of folks got back to work “doing jobs Americans don’t want’.


35 posted on 05/14/2014 7:15:13 AM PDT by moehoward
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To: mac_truck

1) Lots of cheap unqualified lending.
2) No jobs to pay the loan back.
3) Obamacare making part time jobs because of the 40 hour a week penalty.
4) Dollar devaluation
5) Globull Climate change ..heh kidding
6) Miley Cirus losing her twerk maneuver..heh serious
7) Hilary brain damage
8) Too many Sinkholes, potholes, and a..holes
9) SriRacha owner says government is worse than VietKong!
10) Pocohontas (aka Elizabeth Warren) is applying war paint to those indigenous high cheek bones.

Put all ingredients in plastic bag, Shake then Bake!


36 posted on 05/14/2014 7:27:02 AM PDT by rwoodward ("god, guns and more ammo")
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To: rwoodward

Got a prison record, we don’t care.

Don’t have a job, we don’t care.

Don’t expect to pay us, THAT’S when we care!


37 posted on 05/14/2014 7:28:14 AM PDT by dfwgator
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To: Obadiah

All this regulation was passed when everyone was mad at the banking industry.
The Elizabeth Warren and Barney Frank type of people wrote it. The more crap they pile on; the better they think. Republicans did little to stand in the way.

Smaller banks have been forced to merge or spend lots more money on compliance.
My company is very large and can deal with the garbage easier than many. Lots of good internal jobs in compliance roles.
Those of us on the customer facing sales roles just have to deal with it; and deal with angry customers.


38 posted on 05/14/2014 7:42:39 AM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: moehoward
It was terrible. I had NEVER seen Phoenix like that. I was out of the country for the worst of it but as I was leaving giant subdivisions were just left. Some were started and the builders went under. Then the homeowners panicked and just walked away from their homes--

It's hard to keep Phoenix down though. Pretty strong economy here. When the rest of the country was at 5% unemployment, we were at 3%.

Anyhow, I am not sure how sustainable this is. Regardless, I would be nervous about cooling 4500 sq ft. with this administration at the helm.

39 posted on 05/14/2014 8:35:36 AM PDT by riri (Plannedopolis-look it up. It's how the elites plan for US to live.)
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To: E. Pluribus Unum

Good Lord. Even a 12 year old could figure this out. Debt was the problem so debt is the solution? I think he has some Goldman Sachs or JP Morgan suits on his staff wispering in his ear.


40 posted on 05/14/2014 8:40:29 AM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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