Home › Forums › Other › Obama administration pushes banks to make home loans to people with weaker credit
- This topic has 8 replies, 9 voices, and was last updated 10 years, 1 month ago by HLS.
April 3, 2013 at 10:40 PM #20609April 4, 2013 at 1:39 AM #760990JazzmanParticipant
But isn’t part of the problem that the private sector just can’t compete with the government’s favorable terms?April 4, 2013 at 7:45 AM #760997SD RealtorParticipant
The govt favorable terms?
More of the same hypocrisy. The banks are the reason for the crisis…. yet here is the administration ever so gently asking the banks to ease up underwriting guidelines.
It does not get much more comical then this.April 4, 2013 at 9:51 AM #761013kev374Participant
Hmm… didn’t we just go through all of this? Well, I guess HISTORY DOES REPEAT ITSELF!!!April 4, 2013 at 8:16 PM #761026spdrunParticipant
I’d support it with one condition: instant lethal injection followed by foreclosure on your estate if you default 🙂April 6, 2013 at 1:13 PM #761062CA renterParticipant
President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.
In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default.
Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.
Once again, those “housing officials” (puppets of the lobbyists for those in the real estate, mortgage, and related industries) will make sure that all the profits are privatized…while the taxpayers will be on the hook for all the losses.April 21, 2013 at 2:10 AM #761470AnonymousGuest
This is not our problem.April 26, 2013 at 11:31 PM #761683thebazmanParticipant
So just to clarify, these people have the income necessary to pay the mortgage and associated fees each month, but not the credit score to qualify? Hopefully, loan officers will not be pushing interest-only loans to people again, even if they don’t currently earn enough money to pay the conventional principal and interest payment each month.April 27, 2013 at 12:42 AM #761686HLSParticipant
It is not easier to qualify with an interest only payment and are not available to those with bad credit.
Talk of a housing recovery is foolishness.
Programs like FHA do not make housing affordable.
They just allow people with crappy credit to buy houses at inflated prices and throw away more money on mortgage insurance.
They also punish responsible people with good credit who have saved up for a down payment.
This is a very sick and twisted concept manipulated by the govt to make
people slaves to a mortgage in many parts of the country that most people accept/expect as normal & the ‘American Dream’ as outlined by the govt.
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