Remember when the Clintons, yes, both of them, were the biggest pushers of the sub-prime debacle with their insipid and wrong-headed sermons that owning a building called a “house” is somehow a basic human right.
Barney Frank, Chris Dodd, Maxine Waters, and many more behind the scenes players and Banksters, *enabled* and allowed the first crisis to happen. By opposing sound financial advice, they assured us of a collapse. I wouldn’t be surprised in the least if they benefited financially from the chaos they purposely created.
Now Obama wants to do it again. Is there no end to this madness?
From The New York Post:
The Obama administration is doing its best to give the nation another mortgage meltdown.
As Paul Sperry recently noted in The Post, Team Obama has pushed mortgage lenders to offer home loans to folks with shaky credit, setting up conditions for another housing-market collapse.
Wasn’t the last one bad enough?
Credit scores of approved borrowers, for example, have been trending down, even as their debt levels have grown.
The Federal Housing Administration and government-sponsored “independent” lenders Fannie Mae and Freddie Mac have been demanding lower credit standards — just as the feds did starting under President Bill Clinton, in pursuit of the same “affordable housing” goal.
Some borrowers need only put 3 percent down to get a Fannie Mae loan — even if the downpayment is a gift. Fannie also has started up a new subprime lending program.
The Office of the Comptroller of the Currency recently warned that mortgage underwriting standards have slipped and now reflect “broad trends similar to those experienced from 2005 through 2007, before the most recent financial crisis.”
When the economy and housing prices turn south again, a lot of these loans will go bad, just as they did last time.
Watch how he tries to sell this to the American people here:
Democrats are too wrapped up in their ideology of political correctness to see that revisiting policies that were a complete disaster is not a wise idea.
Equality is not about giving everyone the same. I work for a living and get paid; that is why I can afford to make my mortgage payments. If I lost my job or made less, I would have to change things, not expect a handout from the government so I could keep up with the Jones’s.
What do you think of Obama’s latest idea? Hopefully, the time will run out before he puts pen to paper. What are your opinions on this? Share your views below and let us know what you think.