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Here we go again: Obama administration pushes banks to make home loans to people with weaker credit

 
*Rick Grimes*

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04/03/2013 09:50 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Does anyone have any thoughts as to who these people with weaker credit are?

I have my thoughts.. and they are not good.
 Quoting: Angelic_Warrior


'Cans.
 Quoting: The Comedian


"Quiet, Baitin."

Last Edited by *Evan on 04/03/2013 09:50 AM
Anonymous Coward
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04/03/2013 09:50 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
You know the fucking sad part about this is...They will do it. The housing bubble will start again...folks will default...again...and the banks will get bailed out...again. All on taxpayer money.

Fuck it...why not just have ole Ben Nernanke print enough money for everyone to buy a house and send the bill to our descendents a hundred years into the future...Oh wait...we already do that...they already have debt they can never hope to pay back...

Way to go!

wall
BRIEF
Rebel with morals

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04/03/2013 09:55 AM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Does anyone have any thoughts as to who these people with weaker credit are?

I have my thoughts.. and they are not good.
 Quoting: Angelic_Warrior


Redlining was a valid and moral business practice...refusing to loan money to people in the ghetto only makes sense...it's not my fault that redlining prevented 99.9% of blacks and Mexicans from getting loans they could never pay back.
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
davvi

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04/03/2013 09:57 AM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Good grief, didn't these idiots learn anything from the last housing credit debacle?


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.

John Taylor, president of the National Community Reinvestment Coalition, a nonprofit housing organization. “It is very difficult for people of low and moderate incomes to refinance or buy homes.”

[link to www.washingtonpost.com]
 Quoting: mathetes


what is the definition of insanity? doing the same thing, the same way over and over again and expecting a different outcome...

insane...
A Jewish mother dreams that her son will grow up to be a doctor or, if retarded, a lawyer." --Jackie Mason

I never give RED karma, only GREEN for great posters. If you give me red or green please leave your name, I like to say thank you...

The complete lack of evidence is the surest sign that the conspiracy is working.

Krauthammer: "If Fences Don't Work, Why Is There One Around The White House?"
BRIEF
Rebel with morals

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04/03/2013 10:01 AM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Good grief, didn't these idiots learn anything from the last housing credit debacle?


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.

John Taylor, president of the National Community Reinvestment Coalition, a nonprofit housing organization. “It is very difficult for people of low and moderate incomes to refinance or buy homes.”

[link to www.washingtonpost.com]
 Quoting: mathetes


what is the definition of insanity? doing the same thing, the same way over and over again and expecting a different outcome...

insane...
 Quoting: davvi


But the end result is what he's after...the more the government steps in and bails out the banks or other businesses, the more our country becomes socialized, and the HNIC wins.
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
Anonymous Coward
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04/03/2013 10:04 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
John Taylor, president of the National Community Reinvestment Coalition, a nonprofit housing organization. “It is very difficult for people of low and moderate incomes to refinance or buy homes.”

 Quoting: mathetes


Maybe, the National Community Reinvestment Coalition should make a few of these loans, John. Then, maybe you'll get why the professionals don't do them anymore.
 Quoting: ReVbo™




Well there are programs to help the "immigrants"...for example it's called "neighborhood impact" here...maybe all over the nation as it is our tax money.
They TRIPle the DOWNPAYMENT that these buyers can come up with so they can get into homes. billions more of our taxes at work
Anonymous Coward
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04/03/2013 10:08 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Does anyone have any thoughts as to who these people with weaker credit are?

I have my thoughts.. and they are not good.
 Quoting: Angelic_Warrior


Redlining was a valid and moral business practice...refusing to loan money to people in the ghetto only makes sense...it's not my fault that redlining prevented 99.9% of blacks and Mexicans from getting loans they could never pay back.
 Quoting: BRIEF




These people with "weaker credit" are blacks, mexicans, all the illegals, and all the other irresponsible people who have not paid their bills or been responsible enough to show a work history. People who haven't paid their bills in the past are in a pattern and aren't likely to pay them in the future.
BRIEF
Rebel with morals

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04/03/2013 10:12 AM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Does anyone have any thoughts as to who these people with weaker credit are?

I have my thoughts.. and they are not good.
 Quoting: Angelic_Warrior


Redlining was a valid and moral business practice...refusing to loan money to people in the ghetto only makes sense...it's not my fault that redlining prevented 99.9% of blacks and Mexicans from getting loans they could never pay back.
 Quoting: BRIEF




These people with "weaker credit" are blacks, mexicans, all the illegals, and all the other irresponsible people who have not paid their bills or been responsible enough to show a work history. People who haven't paid their bills in the past are in a pattern and aren't likely to pay them in the future.
 Quoting: Anonymous Coward 37365801


Exactly, which is why the Liberals made it illegal because they see it as being racist, but the conservatives that own the banks only see it as the facts...Liberals hate facts, feelings are more important to them.
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
Anonymous Coward
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United States
04/03/2013 10:14 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Good grief, didn't these idiots learn anything from the last housing credit debacle?


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.

John Taylor, president of the National Community Reinvestment Coalition, a nonprofit housing organization. “It is very difficult for people of low and moderate incomes to refinance or buy homes.”

[link to www.washingtonpost.com]
 Quoting: mathetes


:Sigh...:
Anonymous Coward
User ID: 19794735
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04/03/2013 10:16 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
This is the same failure under Clinton that Barney Frank and Chris Dodd pulled.
 Quoting: Anonymous Coward 34302774


People will just end blaming the "banksters" and Bush.
Anonymous Coward
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United States
04/03/2013 10:20 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
You know the fucking sad part about this is...They will do it. The housing bubble will start again...folks will default...again...and the banks will get bailed out...again. All on taxpayer money.

Fuck it...why not just have ole Ben Nernanke print enough money for everyone to buy a house and send the bill to our descendents a hundred years into the future...Oh wait...we already do that...they already have debt they can never hope to pay back...

Way to go!

wall
 Quoting: Anonymous Coward 6266696


Some sheep can't understand this and many know but just don't care.
chuckles
User ID: 2417276
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04/03/2013 10:41 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
I feel like I've fallen into some sort of bizarro world where down is up, bad is good, etc.

whatever
Anonymous Coward
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United States
04/03/2013 10:49 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Good grief, didn't these idiots learn anything from the last housing credit debacle?


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.

John Taylor, president of the National Community Reinvestment Coalition, a nonprofit housing organization. “It is very difficult for people of low and moderate incomes to refinance or buy homes.”

[link to www.washingtonpost.com]
 Quoting: mathetes


Banks are starving to ramp up home loans again. The only major business they're getting now is re-financing which hurts depositors. I'm working on 5 now. I'll save 21k per year just in interest. The longer this goes, the more our economy is hurt and banks won't loan new money. Under the new lending over-corrections, 70% of Americans don't qualify for 1st money, A bank loans.
 Quoting: T-Cain


Your understanding of the "economy" illustrates why we have these meltdowns.

The "economy" is false. The money lent for houses is INFLATION because the banks don't have the money to led.

It's all inflationary BS that cannot EVER be repaid. because the money supply would have to be further inflated to create the money to pay back those loans.

You real estate people are a main part of the problem.

Wake the FUCK up and stop making Earth a prison with your greed.
Anonymous Coward
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04/03/2013 10:57 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
I believe this is intentional. Fed buys loans - homebuyers default. Guess who owns hard assets bought with worthless paper. Sweet deal for privately owned Fed and guess who gets stuck with the bill. You guessed it. Taxpayers who guarantee the loans. Thievery plain and simple.

Fed is buying hard assets with toilet paper - and we get a crap sandwich.
shark
Anonymous Coward
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04/03/2013 11:03 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Good grief, didn't these idiots learn anything from the last housing credit debacle?


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.

John Taylor, president of the National Community Reinvestment Coalition, a nonprofit housing organization. “It is very difficult for people of low and moderate incomes to refinance or buy homes.”

[link to www.washingtonpost.com]
 Quoting: mathetes


what is the definition of insanity? doing the same thing, the same way over and over again and expecting a different outcome...

insane...
 Quoting: davvi


hello? the system is a debt based system.

ponzi gonna ponzi
Anonymous Coward
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Canada
04/03/2013 11:05 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
I sold my house at the peak last time and bought low.
Can't wait to do it again.
Anonymous Coward
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United States
04/03/2013 11:16 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
This is the same failure under Clinton that Barney Frank and Chris Dodd pulled.
 Quoting: Anonymous Coward 34302774


AND sinator bambam. Look it up actually tho he may have been a community organizer at that time. But still this is hillarious
jack of all trades

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04/03/2013 11:18 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
This is the same failure under Clinton that Barney Frank and Chris Dodd pulled.
 Quoting: Anonymous Coward 34302774


Failure?

All according to plan my friend.

You cant possibly still think the recession was an accident?
 Quoting: Anonymous Coward 554016


Yes. They just think they can keep pulling crap over on the American people and never have to pay any penalties, and they're probably right, until they are judged by the Almighty, and then they will wish that they had never been born.
SteamrolledGobias

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04/03/2013 11:20 AM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
This is the same failure under Clinton that Barney Frank and Chris Dodd pulled.
 Quoting: Anonymous Coward 34302774


People will just end blaming the "banksters" and Bush.
 Quoting: Anonymous Coward 19794735


to an extent it is the bank's fault. They shouldn't have been trading mortgage backed derivatives like they were going out of style... gambling with people's debts. it is ridiculous.
Anonymous Coward
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04/03/2013 11:36 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
This is the same failure under Clinton that Barney Frank and Chris Dodd pulled.
 Quoting: Anonymous Coward 34302774


It is.

I couldn't believe my ears when I heard this on the news this morning.

WTH???
 Quoting: Bluebird


I dont understand this world any longer.
 Quoting: Anonymous Coward 34302774


GOD DAMN !! you sure are stupid !!

if i buy a house and don't pay,
the bank just takes it back,
THE BANK LOOSES NOTHING,
and NO BUBBLE IS CREATED.

it is the RESALE OF MORTGAGES AS DERIVITAVES,
that inflated the BUBBLE.

ALL THIS WAS ILLEGAL BEFORE 'DEREGULATION'.
BRIEF
Rebel with morals

User ID: 381742
United States
04/03/2013 11:37 AM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
This is the same failure under Clinton that Barney Frank and Chris Dodd pulled.
 Quoting: Anonymous Coward 34302774


People will just end blaming the "banksters" and Bush.
 Quoting: Anonymous Coward 19794735


to an extent it is the bank's fault. They shouldn't have been trading mortgage backed derivatives like they were going out of style... gambling with people's debts. it is ridiculous.
 Quoting: SteamrolledGobias


The law of unintended consequences comes into play here...if you force a bank to make risky loans, they are going to find legal ways to increase their profit and reduce risk...government needs to stay out of business, period.
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
Anonymous Coward
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New Zealand
04/03/2013 11:39 AM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
The ending is spoken of in the bible and money failing is a key aspect of it.
.
SteamrolledGobias

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United States
04/03/2013 11:58 AM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
This is the same failure under Clinton that Barney Frank and Chris Dodd pulled.
 Quoting: Anonymous Coward 34302774


People will just end blaming the "banksters" and Bush.
 Quoting: Anonymous Coward 19794735


to an extent it is the bank's fault. They shouldn't have been trading mortgage backed derivatives like they were going out of style... gambling with people's debts. it is ridiculous.
 Quoting: SteamrolledGobias


The law of unintended consequences comes into play here...if you force a bank to make risky loans, they are going to find legal ways to increase their profit and reduce risk...government needs to stay out of business, period.
 Quoting: BRIEF


agreed 100%.

hopefully the damage which has already been done will be enough to finally indict some criminals within the government. These federal employees have been overstepping their jurisdiction for way too long.
BRIEF
Rebel with morals

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04/03/2013 12:02 PM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
...


People will just end blaming the "banksters" and Bush.
 Quoting: Anonymous Coward 19794735


to an extent it is the bank's fault. They shouldn't have been trading mortgage backed derivatives like they were going out of style... gambling with people's debts. it is ridiculous.
 Quoting: SteamrolledGobias


The law of unintended consequences comes into play here...if you force a bank to make risky loans, they are going to find legal ways to increase their profit and reduce risk...government needs to stay out of business, period.
 Quoting: BRIEF


agreed 100%.

hopefully the damage which has already been done will be enough to finally indict some criminals within the government. These federal employees have been overstepping their jurisdiction for way too long.
 Quoting: SteamrolledGobias


They could start by taking Barney Fags dildo away from him and chase the Clinton's out of Washington with it...
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
Anonymous Coward
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United States
04/03/2013 12:07 PM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Are they talking about the younger people that just graduated college and 80k+ in debt?

Are we talking about the same young people that has a 80k debt and no "good" job to pay off said loan?

So again, this asshole is setting these people up for failure. 80k in student loans, no job, but can take out a home loan....

This sounds familiar....just can't figure out where I have seen something like this fail before.
Anonymous Coward
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United States
04/03/2013 12:11 PM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Coming from someone with 10 years in the mortgage industry there have been very few comments in this thread that are anywhere close to accurate....although some were close. Up to 2006, pretty much anyone could buy a house. So lack of credit was part of the problem....but a VERY VERY small part. The main problem was the Subprime ARMS (adjustable rates and Negative Amoritization --paying less interest than accried) mortgages that had people with poor to moderate to even great credit paying their bills on time UNTIL the loan adjusted and the payment doubled or tripled. I don't care what your credit is....that's a tough bill to pay. Many people wanted these loans because they though equity would increase like it had been and they could refi later into a safer loan. Some were pushed into these loans (which the market wanted BADLY because they paid more for those securities that yielded a higher rate....so management pushed them) fewer people would've defaulted.
Problem is Frank-Dodd was a slingshot the opposite direction, credit score requirements increased exponentially. Now people who paid their bills, but just couldn't meet these new strict requirements couldn't get a loan. Common sense underwriting, couple with some minor easing of the credit requirements is needed. I see good folks who pay on time, but simply don't have a 680 credit score get turned down day after day after day.
Just this past year they finally allowed folks with good work history to finance into low interest safe loans even if they were upside down....this is a good thing.
Everyone's an armchair quarterback....
BRIEF
Rebel with morals

User ID: 381742
United States
04/03/2013 12:26 PM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Coming from someone with 10 years in the mortgage industry there have been very few comments in this thread that are anywhere close to accurate....although some were close. Up to 2006, pretty much anyone could buy a house. So lack of credit was part of the problem....but a VERY VERY small part. The main problem was the Subprime ARMS (adjustable rates and Negative Amoritization --paying less interest than accried) mortgages that had people with poor to moderate to even great credit paying their bills on time UNTIL the loan adjusted and the payment doubled or tripled. I don't care what your credit is....that's a tough bill to pay. Many people wanted these loans because they though equity would increase like it had been and they could refi later into a safer loan. Some were pushed into these loans (which the market wanted BADLY because they paid more for those securities that yielded a higher rate....so management pushed them) fewer people would've defaulted.
Problem is Frank-Dodd was a slingshot the opposite direction, credit score requirements increased exponentially. Now people who paid their bills, but just couldn't meet these new strict requirements couldn't get a loan. Common sense underwriting, couple with some minor easing of the credit requirements is needed. I see good folks who pay on time, but simply don't have a 680 credit score get turned down day after day after day.
Just this past year they finally allowed folks with good work history to finance into low interest safe loans even if they were upside down....this is a good thing.
Everyone's an armchair quarterback....
 Quoting: Anonymous Coward 18590691


Yeah, that's the gambling addicts side of it...the same people that get a credit card and start transferring balances and think they are making money while earning cash back and sky miles...all idiots!
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
Anonymous Coward
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04/03/2013 12:45 PM
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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Right BRIEF, but that was one SMALL piece of the puzzle....NOT THE CAUSE. Those were the minority. Loans built by TPTB that were intentionally meant to fail. Ticking time bombs....given to both the responsible and irresponsible.
BRIEF
Rebel with morals

User ID: 381742
United States
04/03/2013 12:49 PM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Right BRIEF, but that was one SMALL piece of the puzzle....NOT THE CAUSE. Those were the minority. Loans built by TPTB that were intentionally meant to fail. Ticking time bombs....given to both the responsible and irresponsible.
 Quoting: Anonymous Coward 18590691


I don't deny it was engineered to fail, it's just telling how stupid people are, but they think they are smart and going to beat the game...it all proves that you can't borrow your way to success, if you want to build wealth, you must stop digging and begin to save and build without debt.
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
goldielucks

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04/03/2013 01:08 PM

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Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit
Well havent you been listening to Obammy, "there is no spending problem"!!!

Hell, we got money we ain't even printed yet!
 Quoting: Anonymous Coward 26860321


LOL there's $100 million more lined in the printers for 0blabla's "BRAIN initiative" right now... Thread: President Barack Obama exits the East Room following his BRAIN initiative unveiling

Here's what they'll find with 100 mill of our tax $$$...


"Democracy is nothing more than mob rule, where 51% of the people may take away the rights of the other 49%." ~ Thomas Jefferson

Mrs. Powel of Philadelphia asked Benjamin Franklin, “Well, Doctor, what have we got—a Republic or a Monarchy?”
With no hesitation, Franklin replied, “A republic, if you can keep it.”

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