Right. Because, after all...
Posted on 11/13/2014 7:47:22 AM PST by Beowulf9
Federal regulators are attempting to lower credit and lending standards for home mortgage loans during a time when there is little demand for housing, some experts say, a move that could create another destabilizing bubble if the economy improves.
(Excerpt) Read more at freebeacon.com ...
I believe this is directly related to Amnesty. If Obama can get Illegals mortgages in this country, the banking industry will have a vested interest in seeing that amnesty is not over thrown, since a lot of Illegals would default ...
Good point.
Right. Because, after all...
I’ve seen this movie before...
I’m one of Gruber’s “stupid” citizens but even I recognize that this was done awhile ago which was instrumental in causing the meltdown of 2008.Doing the same thing over and over and expecting a different result is the definition of insanity.
People are’nt buying homes because of several factors. 1. Most homes for sale are foreclosed properties - scared to buy in case foreclosure is reversed and they are pushed out of the home by the previous owner. 2. People whose home is underwater can’t sell for what they need to get out from under. 3. Banks can’t be trusted. 4. There are no clear titles on homes anymore because banks did not follow the law and used MERs for recording titles instead of the local county recorder of deeds. I’m sure many of you can think of some more reasons.
Interesting perspective. You may well be right.
I’m with the “Bring Back American Jobs” guy on this one.
We’ve got to rebuild the economy on something real and substantial. Not another speculative real estate bubble.
Though our elites appear to be out of other ideas.
I believe you’re right. Brilliant deduction, too.
https://asunews.asu.edu/20141112-business-orr-housing-report
“I believe this is directly related to Amnesty. If Obama can get Illegals mortgages in this country, the banking industry will have a vested interest in seeing that amnesty is not over thrown, since a lot of Illegals would default.”
You may be correct based on our mortgage loan experiences last year and this year.
Last year my wife and I refied our home mortgage. Inspite of having a credit rating well over 830, a constant 6 figure income, no debts besides the mortgage, never being late on a credit card payment and the new mortgage being less than 1/5 of the value of the home on a good appraisal, the process took over two months.
This summer we took out a home improvement loan at the same bank, and the process was even more stringent. In spite of the bank getting direct deposits for our retirement checks, SS checks and MDR payments from our 401 k’s, every piece of income had to be documented with hard copies. We had a second appraisal called a hard appraisal, (over 40 pages with a ton of photos).
That process took even longer than the one last year in spite of a very nice increase in the appraisal value of our home in one year and modest increases in our monthly/yearly incomes.
When, we finally got approval, the lady at the bank, who guided us through this long and aggravating process, said that if we waited until the immigrate invasion from Mexico, (she is Hispanic). Then we changed our names to a Hispanic Surname, we could have gotten the loan in a few weeks. That would be due to the feds would be easing the restrictions to getting loans if we claimed to be a minority.
BINGO !!!!
How the Democrats Created the Financial Crisis: Kevin Hassett
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
This is what caused the major problems in the first place back in 2008 ....
I just got this as an answer to this post, can you tell me if he is right?
“The only way the president can ‘get Amenesty’ for anyone is through an executive order. That order can be over ridden by a law pertaining to the same subject, which can be passed the very same day. The mortgages could hardly be arranged on time.
Congress simply has to pass an immigration law that addresses avenues to citizenship, or provides none. Very simple.”
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