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Author Topic: The moron in chief never learns  (Read 256 times)
dario73
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« on: April 03, 2013, 05:49:38 AM »

This has been done before by Demotwats and failed miserably. It was one of the main reasons for the economic collapse in the first place.

http://www.washingtonpost.com/business/economy/obama-administration-pushes-banks-to-make-home-loans-to-people-with-weaker-credit/2013/04/02/a8b4370c-9aef-11e2-a941-a19bce7af755_story.html
Obama administration pushes banks to make home loans to people with weaker credit

The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.

In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default.

Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.

Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps.
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« Reply #1 on: April 03, 2013, 05:57:48 AM »

Obama was all for sub prime and sued banks to give bad loans as a community communist agitator. 

This is nothing new, 
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« Reply #2 on: April 03, 2013, 07:10:56 AM »

Obama Is Pushing Banks To Make More Home Loans To Borrowers With Poor Credit
 
Brett LoGiurato|Apr. 3, 2013, 8:26 AM|2,467|29



The Obama administration is readying a push to get banks to make more home loans available to individuals with weaker credit, The Washington Post's Zach Goldfarb reports.
 
It's a push that walks a tightrope, since it is expected to help boost the continuing economic recovery immediately but risks opening up the shaky lending that led to the housing crash. Obama's plan would provide for more lending to individuals such as young people buying their first homes, as well as people whose credit has been damaged by the recession.
 
More details from Goldfarb:
 
[A]dministration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default.
 
Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.
 
Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps.
 
Obama hinted at a push during his State of the Union address in January.
 
"Even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected," Obama said. "Too many families who have never missed a payment and want to refinance are being told no. That’s holding our entire economy back, and we need to fix it."


Read more: http://www.businessinsider.com/obama-home-loans-credit-white-house-2013-4#ixzz2PPRYXysp

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LurkerNoMore
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« Reply #3 on: April 03, 2013, 07:58:28 AM »

I heard yesterday that Fannie Mae reported their 2012 profits as the highest in their history.

I no longer feel guilty for breaking in and looting the foreclosed houses that are their result.  You wouldn't believe how much bulk door knobs and ceiling fans will fetch you on eBay now.
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« Reply #4 on: April 04, 2013, 12:56:47 PM »

#Invalid YouTube Link#
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GigantorX
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« Reply #5 on: April 04, 2013, 04:15:45 PM »

I heard yesterday that Fannie Mae reported their 2012 profits as the highest in their history.

I no longer feel guilty for breaking in and looting the foreclosed houses that are their result.  You wouldn't believe how much bulk door knobs and ceiling fans will fetch you on eBay now.

Don't forget the copper wire, copper pipes and furnaces!
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