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Obama to loosen lending standards to boost home ownership. What could go wrong?
aei-ideas ^

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.

(Excerpt) Read more at aei-ideas.org ...


TOPICS: News/Current Events
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Doubling down on stupid.
1 posted on 05/15/2014 1:12:45 AM PDT by chessplayer
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To: chessplayer

The current administration is smarter than all previous administrations. Plus, they care more about people. That’s why it will work this time. /sarc


2 posted on 05/15/2014 1:22:13 AM PDT by Cowboy Bob (They are called "Liberals" because the word "parasite" was already taken.)
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To: chessplayer

Mortgage loans? Might as well give every low income person in the country a free home.


3 posted on 05/15/2014 1:22:32 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: chessplayer

Ruh Roh. More CRAp.


4 posted on 05/15/2014 1:29:30 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: chessplayer

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?


5 posted on 05/15/2014 1:33:58 AM PDT by Ray76 (True change requires true change - A Second Party)
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To: Ray76

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.
oh well


6 posted on 05/15/2014 1:42:26 AM PDT by Therapsid
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To: chessplayer

To pay for it they’ll just recommend that people get a couple of more part time jobs.


7 posted on 05/15/2014 2:01:29 AM PDT by Hillarys Gate Cult (Liberals make unrealistic demands on reality and reality doesn't oblige them.)
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To: chessplayer
I'm reminded of the old joke.
I can't be broke! I still have checks left!!!

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


8 posted on 05/15/2014 2:09:30 AM PDT by Bobalu (What cannot be programmed cannot be physics)
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To: chessplayer

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.


9 posted on 05/15/2014 3:06:16 AM PDT by The Working Man
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To: chessplayer

I have a better idea. Why don’t we just subsidize Heroin for bankers and politicians?


10 posted on 05/15/2014 3:16:01 AM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: Bobalu
Respectfully, I need to take issue with the picture you posted (see below.) The reason is that in the past I've gone after Democrats I know for using it to represent poverty/food lines/oppression, etc. It's an incredibly deceptive picture that Libs LOVE to throw around and use as a weapon. I like taking that weapon away ;-)

In reality the picture shows Blacks in Louisville KY waiting in line to be evacuated by bus during the Great Flood of 1937. How the White (and indeed racist and segregationist) power-structure at the time took the effort to remove Blacks from danger, actually represents an excellent contrast to how Mayor Nagan failed to do so (cue images of flooded field of school busses) in New Orleans during Katrina.


11 posted on 05/15/2014 3:21:28 AM PDT by tanknetter
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To: chessplayer
Doubling down on stupid.

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.

12 posted on 05/15/2014 3:23:22 AM PDT by Lazamataz (Early 2009 to 7/21/2013 - RIP my little girl Cathy. You were the best cat ever. You will be missed.)
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To: Ray76
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?

Obama is nothing less than a Human Cruise Missile, launched by our enemies (external *and* internal enemies) to destroy America.

13 posted on 05/15/2014 3:24:40 AM PDT by Lazamataz (Early 2009 to 7/21/2013 - RIP my little girl Cathy. You were the best cat ever. You will be missed.)
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To: tanknetter

Thanks, I knew nothing of the history of that photo :-)

It’s one that always pops up in any search for depression era images.


14 posted on 05/15/2014 3:26:59 AM PDT by Bobalu (What cannot be programmed cannot be physics)
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To: The Working Man

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.


15 posted on 05/15/2014 3:29:16 AM PDT by Bobalu (What cannot be programmed cannot be physics)
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To: chessplayer

Return to the scene of the crime!


16 posted on 05/15/2014 3:53:13 AM PDT by SMARTY ("When you blame others, you give up your power to change." Robert Anthony)
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To: chessplayer

Dumba$s in chief to act again. There’s a REASON some people get turned down for loans, dumba$s.


17 posted on 05/15/2014 4:21:31 AM PDT by Mich Patriot (Pitch black is the new "transparent.")
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To: chessplayer

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


18 posted on 05/15/2014 4:24:06 AM PDT by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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To: goldstategop

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.


19 posted on 05/15/2014 4:46:50 AM PDT by Roman_War_Criminal (Bible Summary in a few verses: John 14:6, John 6:29, Romans 10:9-10)
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To: chessplayer

Obama has an ulterior reason for everything he does. Including breathing./


20 posted on 05/15/2014 4:48:57 AM PDT by sport
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To: chessplayer
Einstein defined this and by definition, Obama should be hauled out of the Hut in a straight jacket.
21 posted on 05/15/2014 4:58:03 AM PDT by liberalh8ter (The only difference between flash mob 'urban yutes' and U.S. politicians is the hoodies.)
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To: liberalh8ter

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.


22 posted on 05/15/2014 5:21:43 AM PDT by DaveA37
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To: Lazamataz

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.


23 posted on 05/15/2014 5:28:40 AM PDT by Texas resident (The democrat party is now the CPUSA)
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To: chessplayer

Home ownership is another aspect of the American Dream,

so why WOULDN’T he want to destroy it?


24 posted on 05/15/2014 5:32:31 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: chessplayer

More unqualified borrowers. More failed loans. More bailouts. What’s not to love?


25 posted on 05/15/2014 6:06:39 AM PDT by Paine in the Neck (Socialism consumes EVERYTHING)
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To: chessplayer

I think we’re past double.


26 posted on 05/15/2014 6:08:31 AM PDT by mykroar (We fight, get beat, rise, and fight again. - Nathanael Greene)
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To: DaveA37

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.


27 posted on 05/15/2014 6:13:13 AM PDT by liberalh8ter (The only difference between flash mob 'urban yutes' and U.S. politicians is the hoodies.)
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To: liberalh8ter
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.

28 posted on 05/15/2014 7:56:38 AM PDT by kiryandil (turning Americans into felons, one obnoxious drunk at a time (Zero Tolerance!!!))
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To: SMARTY

Lather. Rinse. Repeat.


29 posted on 05/15/2014 7:58:23 AM PDT by dfwgator
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To: kiryandil
Without going into too much detail, he was cash poor.
30 posted on 05/15/2014 9:08:05 AM PDT by liberalh8ter (The only difference between flash mob 'urban yutes' and U.S. politicians is the hoodies.)
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