[LomanBill]

“Passage of the law, which will make it possible for buyers to convert their loans to traditional mortgages"

 

IOW, it's how the Marxists in ACORN shoved non-credit worthy loans down the windpipe of the financial infrastructure.

 

Tell us, Doctor Suuuuper Genius, how'come the borrowers encumbered by those loans didn't have a traditional mortgage in the first place?

 

Could it be because they HADN'T EARNED THE CREDIT?

What are Señor Perry and the ACORNistas going to pull out of their sleeve next?  Will an 830 FICO become an entitlement too?

 

 

[hocndoc]

You need to slow down, most people here don’t talk to the same people you do, so they don’t understand your phrases. I’m translating as I can.

As far as I can tell, the 2005 law did not create new entitlements or give any special breaks. It encouraged equal opportunity, but not equal outcome.

[Liz]

......how'come borrowers encumbered by subprime loans didn't have traditional mortgages in the first place?....

Good question, LB.

Banks gave out sub-prime loans like they were aqua fresca ....if the applicant could breathe and make an X, no questions asked....not about jobs, residency, citizenship, ability to pay.

Nada.

Illegals flipped houses to family members at higher and higher prices, duping banks over and over, each family member making a bundle. Then the last illegal mtge holder absconded to Mexico--leaving taxpayers holding the bailout bag.