Skip to comments.Obama to loosen lending standards to boost home ownership. What could go wrong?
Posted on 05/15/2014 1:12:44 AM PDT by chessplayer
After a near-depression and worst-ever financial crisis that cost the US economy as much as $14 trillion, one might think Washington would be careful to avoid repeating the same policy mistakes. One might think, for instance, Washington would think twice and then thrice before loosening mortgage lending standards to boost home ownership, particularly among low-income borrowers. Because, you know, loosened mortgage standards seem to have played some role in helping set the stage for the catastrophic mortgage meltdown.
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The current administration is smarter than all previous administrations. Plus, they care more about people. That’s why it will work this time. /sarc
Mortgage loans? Might as well give every low income person in the country a free home.
Ruh Roh. More CRAp.
Didn’t “Obama” advocate that before and it helped lead to the real estate bubble?
All right enough pussy footing around, I’m sick of this ahole. Who is this guy? Who posts a picture on internet yet refuses to produce the document? Who relies on attorneys in robes - yes you Florida Judge Kevin Carroll - to cite “Miracle on 34th Street”? What a disgrace to your profession and infamous traitor to your Oath. Shame on you. Shame. Shame.
Who is this person who every politician bows down to when he declares the law is in his mouth? No one knows who he is.
Every American who supports these parties is a traitor. That’s right. You. Who is Obama? Do you know? No body knows - but we’re to keep quiet and take it. You’re idiots. You’re all idiots.
Who is this destroyer? Who is Obama?
Maybe they cut the dollar in half....your debt will remain the same.....except of course,,,for the special gov..loans which will be excused...simple redistribution is SO 90s.
To pay for it they’ll just recommend that people get a couple of more part time jobs.
Forty acres and a mule
A chicken in every pot
Prosperity is just around the corner
Nothing to fear but fear itself
Sometimes images are just more descriptive
Because, you know, loosened mortgage standards seem to have played some role in helping set the stage for the catastrophic mortgage meltdown.
I agree they did play a role. However I think that the creation of Mortgage Backed Securities played an even bigger role and the beginning of the end of ‘that’ debacle isn’t even here yet.
I have a better idea. Why don’t we just subsidize Heroin for bankers and politicians?
Not stupid. Not at all. He simply has different goals than any other President.
EVERY decision he has made has been made with the goal of destroying America.
EVERY LAST ONE.
Obama is nothing less than a Human Cruise Missile, launched by our enemies (external *and* internal enemies) to destroy America.
Thanks, I knew nothing of the history of that photo :-)
It’s one that always pops up in any search for depression era images.
Yes, those Mortgage Backed Securities are as stupid an idea as buying stocks on margin. Stocks on margin is what led to the 1929 crash.
Return to the scene of the crime!
Dumba$s in chief to act again. There’s a REASON some people get turned down for loans, dumba$s.
The balderdash about reducing lending requirements is a certain indicator of panic. That play resulted in a 50 yard penalty and the coach being kicked off the field.
The best he can hope for is to lose the gambit and then blame as many as he can........ terminal weakness
It’s a human right you know....nevermind the fact that folks like me actually did it the honorable way. Building up that savings account over years and taking the plunge after having my 20% down.
I swear people these days are immediate gratifiers with zero self-control. If you don’t have the patience for saving over a long period of time to buy a home, then IMO you don’t deserve one.
Obama has an ulterior reason for everything he does. Including breathing./
Ask yourself why so many homes a lost after those same homeowners can no longer make payments, keep current on their taxes, keep the homes in good repair, etc. Perhaps its because they are not QUALIFIED to own a home and should NEVER been given loans the should not have.. “No problem” says odumbo, “we have to help them”. All they are doing is setting up those people for FAILURE!
I have a friend who is a banker and said their bank HAD TO make those loans (gubmint edict) knowing all the time the new home owners would default and the bank would get the homes back.
Not doubling down on stupid.
Doubling down on evil.
I believe that Obama and his team have been working to create either a financial crisis or allow a terrorist attack or both while they are in power.
After 9/11, the media was all upset that Klinton wasn’t in power at that time. They were all crooning about all the things he could have gotten done in the aftermath of 9/11.
Rahm Emmanuel: Never let a crisis go to waste.
This regime’s mission is to crash the country while they have all the levers of power.
Home ownership is another aspect of the American Dream,
so why WOULDN’T he want to destroy it?
More unqualified borrowers. More failed loans. More bailouts. What’s not to love?
I think we’re past double.
It’s been in the works for a long time but increased greatly when Clinton expanded the ACA. I’ll tell you another troubling fact; there were homeowners who were ‘negotiating’ with the bank and during the negotiation period had to stop making payments to qualify for help.....they suddenly got foreclosed on. I had read about this happening and waned a neighbor who told me he was ‘working with the bank’.....he got foreclosed on.
I'm sure he must have had quite a bit of equity in the place.
Lather. Rinse. Repeat.