Obama Urges Banks to Make Home Loans to People With Weak Credit... Again??

[Truthmatters]

you idiots would line right up for more deregulation wouldnt you?

 

[Truthmatters]

EVERY TIME the republicans talk this country into deregulating ANYTHING the people get fucked

 

[LordBrownTrout]

TM still can't explain why O is pushing home loans to weaker credit individuals.

 

[Meister]

you idiots would line right up for more deregulation wouldnt you?

Sounds more like you are all for deregulation, young drunk lady

 

[kaz]

Apparently Obama wants banks to do exactly the same thing that cause the housing crash in the first place.

And when the market collapses, it will be the Republican's fault again. He who does not study history is doomed to repeat it. He who does study history and repeats it anyway because it worked out for them politically the first time is a Democrat.

 

[Meister]

TM still can't explain why O is pushing home loans to weaker credit individuals.

She won't answer you....when it comes to Obama it's, "Ours is not to reason why, ours is just to do and die".

 

[edthecynic]

CRA did not cause this you fool.

So let me get this straight.

You think giving people with bad credit loans to buy houses they can't afford is a good idea?

That's what BUSH thought, but it wasn't the CRA that gave people with bad credit no down payment loans for more than the house was worth. That "honor" belongs to BUSH's ADDI. Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) is what changed the rules to allow no downpayment loans for more than the house was worth to people with bad credit who could not keep up with the payments and who were at least 20% below the standard of living for the neighborhood they were buying into.

American Dream Downpayment Initiative - Affordable Housing - CPD - HUD
American Dream Downpayment Initiative
Summary

The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program.

Purpose

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

Type of Assistance

ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards.

Eligible Customers

To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.

Eligible Activities

ADDI funds may be used for downpayment, closing costs and, if necessary, rehabilitation in conjunction with home purchase. ADDI funds used for rehabilitation may not exceed twenty percent of the participating jurisdiction's total ADDI allocation. The rehabilitation assisted with ADDI funds must be completed within one year of the home purchase.

 

[kaz]

ADDI funds may be used for downpayment, closing costs and, if necessary, rehabilitation in conjunction with home purchase. ADDI funds used for rehabilitation may not exceed twenty percent of the participating jurisdiction's total ADDI allocation. The rehabilitation assisted with ADDI funds must be completed within one year of the home purchase.

No doubt Bush was a useless hack in this and any other fiscal issue. As an MBA myself (Michigan), I say he's an embarrassment to MBA's. He should sue Harvard for his money back.

However, a Wiki lookup will show you that Clinton was President before W. The Clinton Administration began the policies of threatening financial institutions to make more loans to riskier borrowers or they would haul their asses into congress, investigate them and make every effort to crush them. It worked. Those borrowers were ... sub-prime.

W came in, said wow, that's a bad idea, then to your point kept doing it. The moral of the story is that yeah, the Republicans suck. To blame them is fair. To blame only them is a re-writing of history. Not that liberals are hesitant to do that or will even acknowledge it. It's for those of us who don't drink the partisan kool-aid to correct you.

 

[Truthmatters]

Hey cons want mne to go get all the threads where me and usc tried to tell you a crash was coming and how you treated that prediction?

 

[Truthmatters]

you licked Bush butt so hard he had to stop running and ride a bike.


Now you pretend you KNEW he was a clown

 

[Truthmatters]

NONE of you would accept that we predicted this crash.


It caught you all with your pants down

 

[Truthmatters]

The DEREGULATION is no longer there to allow the banks to fuck eveyone again you fools

 

[LordBrownTrout]

You predicted nothing.

 

[Truthmatters]

hahahahahahahahahahahahahahahahahahahahhas

 

[Mr. Shaman]

Apparently Obama wants banks to do exactly the same thing that cause the housing crash in the first place.

Can you Democrats spin this into a positive light?

Obama administration pushes banks to make home loans to people with weaker credit - The Washington Post

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.

"Administration officials say they are looking only to allay unnecessary hesitation among banks and encourage safe lending to borrowers who have the financial wherewithal to pay."​

I guess you missed that part, tooAlive!!​

 

[LordBrownTrout]

Apparently Obama wants banks to do exactly the same thing that cause the housing crash in the first place.

Can you Democrats spin this into a positive light?

Obama administration pushes banks to make home loans to people with weaker credit - The Washington Post

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.

"Administration officials say they are looking only to allay unnecessary hesitation among banks and encourage safe lending to borrowers who have the financial wherewithal to pay."​

I guess you missed that part, tooAlive!!​

You missed this part:

"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."

 

[jknowgood]

NONE of you would accept that we predicted this crash.


It caught you all with your pants down

Yeah right i'm sure you were getting your talking points of the day from barney frank, when he was stating there was no bubble in the housing market. Bush warned him in 2005.

 

[edthecynic]

ADDI funds may be used for downpayment, closing costs and, if necessary, rehabilitation in conjunction with home purchase. ADDI funds used for rehabilitation may not exceed twenty percent of the participating jurisdiction's total ADDI allocation. The rehabilitation assisted with ADDI funds must be completed within one year of the home purchase.

No doubt Bush was a useless hack in this and any other fiscal issue. As an MBA myself (Michigan), I say he's an embarrassment to MBA's. He should sue Harvard for his money back.

However, a Wiki lookup will show you that Clinton was President before W. The Clinton Administration began the policies of threatening financial institutions to make more loans to riskier borrowers or they would haul their asses into congress, investigate them and make every effort to crush them. It worked. Those borrowers were ... sub-prime.

W came in, said wow, that's a bad idea, then to your point kept doing it. The moral of the story is that yeah, the Republicans suck. To blame them is fair. To blame only them is a re-writing of history. Not that liberals are hesitant to do that or will even acknowledge it. It's for those of us who don't drink the partisan kool-aid to correct you.

That claim is based on the racist principle that no minority is ever qualified for a loan and is by definition a "riskier borrower." So anything that helps qualified minorities get a loan forces banks to make riskier loans and justifies banks doing anything, no matter how crooked, to offset the minority loans.

December 07, 2011
RUSH: Practically all of the mortgage-backed securities they've bought from other people -- remember, now, the government made people in the lending industry lend money, mortgages to people that couldn't pay it back. Those mortgages were worthless from the get-go! You loan money, enough money for a schlub who is either not working or makes 20 grand a year to buy a house, you know you're not gonna be paid back, but you're the only one who knows it.
So what do you do? You pack those mortgages.

December 07, 2011
RUSH: Okay, you package this worthless paper. You sell it to some unsuspecting financial house, client list or whatever. You're lying to them about, "Yeah, there's an income stream here, these are mortgages."
You keep selling worthless paper. The people who buy it, they figure out it's worthless; they sell it to another unsuspecting group, and that goes on until there's nobody left to buy it

December 07, 2011
RUSH: But these financial houses were selling what they knew was worthless because they had been forced to make these loans by government in the first place, and they were selling worthless paper for high prices

 

[kaz]

ADDI funds may be used for downpayment, closing costs and, if necessary, rehabilitation in conjunction with home purchase. ADDI funds used for rehabilitation may not exceed twenty percent of the participating jurisdiction's total ADDI allocation. The rehabilitation assisted with ADDI funds must be completed within one year of the home purchase.

No doubt Bush was a useless hack in this and any other fiscal issue. As an MBA myself (Michigan), I say he's an embarrassment to MBA's. He should sue Harvard for his money back.

However, a Wiki lookup will show you that Clinton was President before W. The Clinton Administration began the policies of threatening financial institutions to make more loans to riskier borrowers or they would haul their asses into congress, investigate them and make every effort to crush them. It worked. Those borrowers were ... sub-prime.

W came in, said wow, that's a bad idea, then to your point kept doing it. The moral of the story is that yeah, the Republicans suck. To blame them is fair. To blame only them is a re-writing of history. Not that liberals are hesitant to do that or will even acknowledge it. It's for those of us who don't drink the partisan kool-aid to correct you.

That claim is based on the racist principle that no minority is ever qualified for a loan and is by definition a "riskier borrower." So anything that helps qualified minorities get a loan forces banks to make riskier loans and justifies banks doing anything, no matter how crooked, to offset the minority loans.

December 07, 2011
RUSH: Practically all of the mortgage-backed securities they've bought from other people -- remember, now, the government made people in the lending industry lend money, mortgages to people that couldn't pay it back. Those mortgages were worthless from the get-go! You loan money, enough money for a schlub who is either not working or makes 20 grand a year to buy a house, you know you're not gonna be paid back, but you're the only one who knows it.
So what do you do? You pack those mortgages.

December 07, 2011
RUSH: Okay, you package this worthless paper. You sell it to some unsuspecting financial house, client list or whatever. You're lying to them about, "Yeah, there's an income stream here, these are mortgages."
You keep selling worthless paper. The people who buy it, they figure out it's worthless; they sell it to another unsuspecting group, and that goes on until there's nobody left to buy it

December 07, 2011
RUSH: But these financial houses were selling what they knew was worthless because they had been forced to make these loans by government in the first place, and they were selling worthless paper for high prices

Bam. When liberals start calling you a racist out of the blue, you know that they know they lost. I accept your admission you have nothing constructive to add to the discussion and will further no longer embarrass you. Well, I'll try not to...

 

[Mr. Shaman]

Apparently Obama wants banks to do exactly the same thing that cause the housing crash in the first place.

Can you Democrats spin this into a positive light?

Obama administration pushes banks to make home loans to people with weaker credit - The Washington Post

"Administration officials say they are looking only to allay unnecessary hesitation among banks and encourage safe lending to borrowers who have the financial wherewithal to pay."​

I guess you missed that part, tooAlive!!​

You missed this part:

"The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit....."

"......who have the financial wherewithal to pay."​

​