Here we go again: Obama administration pushes banks to make home loans to people with weaker credit | |
T-Cain Top Hat User ID: 32863019 United States 04/03/2013 08:07 AM Report Abusive Post Report Copyright Violation | 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? Quoting: mathetes 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] 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. |
ReVbo™ User ID: 16860056 United States 04/03/2013 08:08 AM Report Abusive Post Report Copyright Violation | 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. John 8:32 And ye shall know the truth, and the truth shall make you free. |
Anonymous Coward User ID: 34302774 United States 04/03/2013 08:11 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 4700207 United States 04/03/2013 08:12 AM Report Abusive Post Report Copyright Violation | Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit Well I know somebody cough cough myself who has weak credit. In college I got into trouble with credit cards etc etc....I had no choice but to declare bankruptcy. I was stupid young and regret it. Anyway I make a pretty nice income but never got another credit card. Thanks to the bankruptcy and just not building credit I don't think I could get a home loan. I don't need too because I inherited some property and built a home paying in cash. I know there are many in my situation who rent apartments paying what would be a mortgage. If they have weak credit but are buying a home WITHIN their budget their should not be an issue. |
Bluebird User ID: 27748381 United States 04/03/2013 08:16 AM Report Abusive Post Report Copyright Violation | 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??? One of the most important aspects of conspiracy theories is being able to discern when there isn't one. Oh yeah, like you'd understand anyway. Where are we going and why am I in this handbasket?. . .J. Handy |
ReVbo™ User ID: 16860056 United States 04/03/2013 08:19 AM Report Abusive Post Report Copyright Violation | 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??? Just trying to blow that bubble up again and buy a few votes in the process. Same ole same ole. Mornin', neighbor. John 8:32 And ye shall know the truth, and the truth shall make you free. |
Anonymous Coward User ID: 34302774 United States 04/03/2013 08:26 AM Report Abusive Post Report Copyright Violation | |
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Anonymous Coward User ID: 19004483 United States 04/03/2013 08:31 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 34302774 United States 04/03/2013 08:38 AM Report Abusive Post Report Copyright Violation | |
*Rick Grimes* User ID: 14560333 United States 04/03/2013 08:42 AM Report Abusive Post Report Copyright Violation | Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit Well I know somebody cough cough myself who has weak credit. In college I got into trouble with credit cards etc etc....I had no choice but to declare bankruptcy. I was stupid young and regret it. Anyway I make a pretty nice income but never got another credit card. Thanks to the bankruptcy and just not building credit I don't think I could get a home loan. I don't need too because I inherited some property and built a home paying in cash. I know there are many in my situation who rent apartments paying what would be a mortgage. If they have weak credit but are buying a home WITHIN their budget their should not be an issue. Quoting: Anonymous Coward 4700207 So you think it's a good idea? Even after seeing what happened last time they did this? People have bad credit for a reason.....they didn't pay bills..... To be trusted again, they should build their credit back up first. We all should've learned from 2008 |
ReVbo™ User ID: 16860056 United States 04/03/2013 08:45 AM Report Abusive Post Report Copyright Violation | Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit since there are all of these foreclosed homes, and all the new illegal aliens in the country, im sure you all can put two and two together. Quoting: Anonymous Coward 19004483 Man, that would be some kind of disaster. We tried that crap once. There was a group called Banco Popular doing all kinds of ridiculous loans for illegals. That program crashed and burned way back in 2007. John 8:32 And ye shall know the truth, and the truth shall make you free. |
Rabid Wolf User ID: 35438639 United States 04/03/2013 08:59 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 37363139 Hong Kong 04/03/2013 09:00 AM Report Abusive Post Report Copyright Violation | 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? Quoting: mathetes 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] The housing collapse in the U.S and subsequent economic tsunami wasn't caused by people not paying their mortgages all on its own.... It was caused by the banks fraudulently offering those weak mortgages as AAA credit while bundling them into derivatives, combined with the predatory lending spree that was happening in the sub-prime loan industry(which was heavily weighted with fly by nights and fraudsters who clearly took advantage of the disadvantaged). There are still plenty of honest people out there, stop taking cheap shots at the poor to score political points. It is inhumane, and reeks of subservience to the Corporate greed which has fucked the world markets up to begin with. |
Mega Nix User ID: 29081478 Denmark 04/03/2013 09:00 AM Report Abusive Post Report Copyright Violation | |
*Rick Grimes* User ID: 14560333 United States 04/03/2013 09:02 AM Report Abusive Post Report Copyright Violation | 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? Quoting: mathetes 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] The housing collapse in the U.S and subsequent economic tsunami wasn't caused by people not paying their mortgages all on its own.... It was caused by the banks fraudulently offering those weak mortgages as AAA credit while bundling them into derivatives, combined with the predatory lending spree that was happening in the sub-prime loan industry(which was heavily weighted with fly by nights and fraudsters who clearly took advantage of the disadvantaged). There are still plenty of honest people out there, stop taking cheap shots at the poor to score political points. It is inhumane, and reeks of subservience to the Corporate greed which has fucked the world markets up to begin with. No one is taking shots at the poor. I know people who have a higher yearly income than me with horrible credit. Credit isn't about how much money you make, it's about how reliable you are at paying off you debts. If you have a history of not paying, no matter how much you make, I wouldn't give you a loan. |
Anonymous Coward User ID: 34765812 United Kingdom 04/03/2013 09:08 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 26860321 United States 04/03/2013 09:10 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 23554071 United States 04/03/2013 09:11 AM Report Abusive Post Report Copyright Violation | 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? Quoting: mathetes 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] Obama and Bernanke are trying to distract the public from dwelling on the poor economy by inflating housing sales numbers, thus showing Wall Street dorks that the economy is honky dory. And the public will eat it all up. |
Anonymous Coward User ID: 23554071 United States 04/03/2013 09:16 AM Report Abusive Post Report Copyright Violation | Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit since there are all of these foreclosed homes, and all the new illegal aliens in the country, im sure you all can put two and two together. Quoting: Anonymous Coward 19004483 Man, that would be some kind of disaster. We tried that crap once. There was a group called Banco Popular doing all kinds of ridiculous loans for illegals. That program crashed and burned way back in 2007. Right...and don't forget lizard lips Mozilla and what he did as founder of Countrywide. |
Anonymous Coward User ID: 28870983 United States 04/03/2013 09:17 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 8792320 United States 04/03/2013 09:18 AM Report Abusive Post Report Copyright Violation | 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??? Ahummm, the easiest time to secure a loan with no credit was during the Bush Jr. years. |
Anonymous Coward User ID: 17383096 United States 04/03/2013 09:20 AM Report Abusive Post Report Copyright Violation | 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??? Ahummm, the easiest time to secure a loan with no credit was during the Bush Jr. years. Both parties are guilty but look at Frank and Dodds who played a massive role in that mess. |
Angelic_Warrior User ID: 23290196 United States 04/03/2013 09:25 AM Report Abusive Post Report Copyright Violation | 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. But the natural man receiveth not the things of the Spirit of God: for they are foolishness unto him: neither can he know them, because they are spiritually discerned. I Corinthians 2:14 God doesn't choose favorites.. They choose HIM It is not the greatness of my faith that moves mountains but my faith in the greatness of God |
Anonymous Coward User ID: 11899033 Netherlands 04/03/2013 09:25 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 34302774 United States 04/03/2013 09:32 AM Report Abusive Post Report Copyright Violation | 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??? Ahummm, the easiest time to secure a loan with no credit was during the Bush Jr. years. Both parties are guilty but look at Frank and Dodds who played a massive role in that mess. Uhmm no, this was a Democrat thingy! |
Crazy Harriet User ID: 37147672 Japan 04/03/2013 09:33 AM Report Abusive Post Report Copyright Violation | 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? Quoting: mathetes 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] THey know EVERYTHING about the last debacle. They had a scissors action on - Obama lectured (and was photographed doing so) ACORN on how to pressure the banks legally. They claimed that areas with lots of poor people who happened to not qualify for loans were mostly black so it was discrimination. the Current AG, then working for Janet Reno in the Chicago AG's office, threatened the banks that they could lose their licenses. And some other lackeys changed the rules to force banks to recognize welfare payments as "income" and also jammed in the 0-down-payment loans to force banks to loan within the so-called "red line districts". That's why there are so many small banks with bad loans, which the fed is buying up these past few years since the collapse of their insurance. They are repeating it now. Didn't Fannie mae stock just rise over 100% this year? Nothing like a good con to keep the democrats in the money. FOr awhile they'll play pass-the-house, then when it crashes again they'll blame the republicans. "I would rather take a political risk in pursuit of peace, than risk peace in pursuit of politics." - Donald Trump |
Black Diamond User ID: 36464436 United States 04/03/2013 09:35 AM Report Abusive Post Report Copyright Violation | Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit The banks TELL the government what to do. You are seeing a bad cop, good cop gig. If the banks make bad loans the "govt"=you, bail them out. The entire system is a scam,including the political party musical chairs game. |
Crazy Harriet User ID: 37147672 Japan 04/03/2013 09:36 AM Report Abusive Post Report Copyright Violation | Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit This guarantees that there will be some form of the Republican party going forward, as they need some flat-footed idiots to blame for their schemes going sour during the 10-second-sound bites that now pass for news reports. "I would rather take a political risk in pursuit of peace, than risk peace in pursuit of politics." - Donald Trump |
Anonymous Coward User ID: 219210 United States 04/03/2013 09:42 AM Report Abusive Post Report Copyright Violation | Re: Here we go again: Obama administration pushes banks to make home loans to people with weaker credit Yup, he was instumental in the first go round, so why not make it two for two, get more people loans they can't afford so that his Banker buddies can foreclose on them & the Fed can swoop in & buy them up. Sounds like a win-win.....if you're one of his Banker buddies, that is. |