I remember being in college and clueless about politics and the ways of the world and listening to the radio announcement about how Clinton was going to give houses to minorities and poor people. Even I knew that it was a mistake. I told my future hubby we needed to save our pennies because in a few years we could buy up a really nice for cheap! (Wish I would have followed my own advice and that of my econ prof who told me the market would top out at 14000)
Buy a really nice House that is!
My husband was working of a small holding company (bank) back then and thought that it was a bad idea to let people use their homes as ATM’s and also mentioned that the banks were held hostage to the CRA. They could not say, open a new location, unless they could prove they were giving out those sorts of loans. It never seemed like a good idea to encourage people to get in over their heads, and even an idiot should have known that we would one day be paying the piper. Too bad people like you and I are doing the paying.