Posted on 01/08/2016 10:17:01 PM PST by boycott
Subprime 2.0: The White House is rolling out a new low-income mortgage program that for the first time lets lenders qualify borrowers by counting income from nonborrowers living in the household. What could go wrong?
The HomeReady program is offered through Fannie Mae, which is now controlled by Obama's old Congressional Black Caucus pal Mel Watt. It replaces the bankrupted mortgage giant's notorious old subprime program, MyCommunityMortgage.
In case renaming the subprime product fails to fool anybody, the affordable-housing geniuses in the administration have re-termed "subprime," a dirty word since the mortgage bust, "alternative."
(Excerpt) Read more at news.investors.com ...
It was the dems that got us in the subprime mess the last time and they're trying to do it again.
Obama has this set up to where the collapse happens under another administration. It's a short-term fix to get home sales up again but it will just lead to another crash.
This is utter INSANITY !
Here we go again.
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You know that’s cheating doncha? Getting to say it first because you posted the article.
This is utter INSANITY !
The definition of liberalism.
True....only too damned true; as well as for the stupid GOPEers.
And when it fails banks will do bail-ins with the money you have in your accounts. Law is already in place.
Take most of your money out before the banks can swap it for worthless shares of their banks. They will be worthless as bail-ins begin and piss people off. So many before you would get paid off if banks then go bankrupt.
Well that is exactly where we’re heading.
It really is just another attempt at redistribution of wealth. The banks will again bt “too big to fail.” The working class will get stuck with the bill again. It’s certainly not the ruling liberal elites or the welfare moochers that are going to bail us out.
GOPEers are right there with Obama.
Welcome to the progressive, social-engineering nanny state, supported by fake currency and massive debt courtesy of the Federal Reserve.
bttt
AND....when this fails, as it will.....again, the media and guilty members of Congress and Obama will blame the brokers and bankers. It will happen!!!
Insanity has ravaged the US!
Dear God in heaven... help us!
Here we go again.
Yep I was going to say the same thing. This is what caused the Housing bubble in the first place.. Congress cut off Fannie Mae and Freddy Mac’s funds!!!
Welcome to the progressive, social-engineering nanny state, supported by fake currency and massive debt courtesy of the Federal Reserve.
Yep. The next crash may require us starting over. The welfare moochers aren’t going to move out of “their houses” the next time it crashes. We’re just going to be expected to bail them out again.
Don’t let anybody talk you out of it. The film The Big Short is scary and hilarious.
Aw hell...
AND....when this fails, as it will.....again, the media and guilty members of Congress and Obama will blame the brokers and bankers. It will happen!!!
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Obama will say the housing market was doing well when he left office. The crash will be dumped in another administration’s hands.
Candidates running for president should say they’ll have an “executive order” putting an end to this destined to fail program the first day they’re in office. They need to draw attention to what Obama is doing.
barry want’s the rates low enough to pay off his debt before he leaves office...
I may have to check that film out.
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