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Of course not, but this is not what Obama is advocating. Read, think and then make a post.
People with poor credit have poor credit for a reason and that reason usually is that they don't pay their fucking bills.
Some people are scafflaws, not all. Some lost their jobs and given the Bush Recession and the exportation of many jobs - white and blue collar - overseas they couldn't secure employment. They couldn't sell a home underwater, they had lost their equity; none of which was a result of their willfull default.
People who don't pay their fucking bills should not be given loans and taxpayer money should not be used to guarantee loans to people who don't pay their fucking bills.
Read the link. People underwater would be able to refinance, stay in their home and make the lower payment. The Banks, BTW, have come all the way back and can afford to lower their rates (take a look at what banks pay you on your savings and how much they will charge you to borrow).
It's a very simple concept.
It may be simple to those who don't think critically.
That is pure bullshit!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.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.
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
Horse shit! Banks make a profit by making loans and collecting interest. If you qualify for the loan and have a good credit rating, your money is as good as anyone else's. They'll refuse a white guy with bad credit just as easily as a black guy.
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.
That is pure bullshit!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
Horse shit! Banks make a profit by making loans and collecting interest. If you qualify for the loan and have a good credit rating, your money is as good as anyone else's. They'll refuse a white guy with bad credit just as easily as a black guy.
The banks got stung when the media sent a black couple to the bank for a loan and were rejected and then sent in a white couple with the exact same credit portfolio to the exact same bank to buy the exact same house and the white couple were given the loan. That sting is what led to the CRA being passed in the first place.
The banks got stung when the media sent a black couple to the bank for a loan and were rejected and then sent in a white couple with the exact same credit portfolio to the exact same bank to buy the exact same house and the white couple were given the loan. That sting is what led to the CRA being passed in the first place.
Now tell me do the bank brokers NOW have to have a license?
YEAP they do.
What was the DATE that was implimented?
The banks would not have written SO MUCH subprime which was NOT covered by CRA becuase they could use thier self hired and trained brokers to sell ANYTHING they told them to sell.
No Broker license to get in the way.
The only people these brokers were beholden to were the banks.
IF they had been licensed like in the opast they would have told the Banks "I cant sell that becuase I will lose my license and in turn lose my carreer".
The Bush SEC gave the banks all the parts of GLBact 1999 that they wanted and held back all the shit the banks hated.
Man, Obama REALLY wants his bubble... little baby wants his bubble, it's his turn!
The banks would not have written SO MUCH subprime which was NOT covered by CRA becuase they could use thier self hired and trained brokers to sell ANYTHING they told them to sell.
No Broker license to get in the way.
The only people these brokers were beholden to were the banks.
IF they had been licensed like in the opast they would have told the Banks "I cant sell that becuase I will lose my license and in turn lose my carreer".
The Bush SEC gave the banks all the parts of GLBact 1999 that they wanted and held back all the shit the banks hated.
ever heard of redlining????
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.
Home loans didn't bring on the recession; gimmicky financial instruments bloated to 100 times their value are what caused all this pain.
Wall Street turned a few million home-loans into what Warren Buffet called "economic weapons of mass destruction," cratered the global economy and then, when the bubble burst, turned around and insisted on a massive bailout courtesy of the American tax-payer.
The entire subprime mortgage market was worth only $1.4 trillion in the fall of 2007, and that includes loans that were up-to-date. As former Goldman Sachs trader Nomi Prins noted in her book, It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, the federal government could have bought up every single residential mortgage in the country good, bad and in between and it would have cost a trillion less than the bailouts.
Short of that, notes Prins, if the crisis were really about people buying McMansions that they couldn't afford, we could have solved it much more cheaply in a couple of days in late 2008, by simply providing borrowers with additional capital to reduce their loan principals. It would have cost about 3 percent of what the entire bailout wound up costing, with comparatively similar risk.
What brought down the global economy was as much as $140 trillion worth of financial gimmickery built on top of the mortgage industry. It was the alphabet soup of the credit meltdown the CDOs, default swaps and other derivitaves that made less than a trillion dollars of foreclosed loans into an economic weapon of mass destruction that would cost the American economy alone $14 trillion in lost wealth.
Whatever happened to the days of coming up with a down payment
of at least 20% and having good credit?....
Whatever happened to the days of coming up with a down payment
of at least 20% and having good credit?....
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.
