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Obama administration pushes banks to make home loans to people with weaker credit
- Thread starter troubador
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old news they are talking about the HARP program which is mostly geared towards those that are upside down.
Welcome To The H.A.R.P. Program Website!
Welcome To The H.A.R.P. Program Website!
No surprise there, sadly.
Obama has been "Mr. Stimulus." Let's continue the same stupidity.
Obama + Bernanke + Krugman policies
that's not what the program is about though. it's an extension of the 2009 HAMP program to help homeowners that are underwater in the mortgage as a result of the housing market crash. this is one of the time when the government had a hand in causing the problem so they have implicit responsibility to use policy to help correct it.
ultimately one has to remember that when a person "buys" a home from a bank the bank doesn't pay out any "money" ever as it creates it out of thin air, it only issues debt in exchange for the obligation of debt by the lendee.
yes lets crash the market again so they can elect jeb bush
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Obama administration pushes banks to make home loans to people with weaker cred
lam is an Obama supporter whom voted for him twice. Obama can do no wrong. he's so blinded by ideology he supports anything Obama does.
lam is an Obama supporter whom voted for him twice. Obama can do no wrong. he's so blinded by ideology he supports anything Obama does.
dogsoldier
Elite Member
Ok, someone explain this to me. Why is the fact that a bunch of dummies went out, signed their names on the paper that sold them a house that they could not afford, or because of a drop in the market became less than the purchase price became my/our problem. Who ever said life was fair? Who ever said you have a guarantee that everything would be honky dory for you? I know of people that bought houses during the upswing that they really could not afford with the intention of flipping out of the mortgage when the price was right. The bubble popped, now they are crying they are underwater and oh poor, poor pitiful me I am a victim. Too bad. The some of best advice I ever got, and I am glad I listened was "buy a house a little under your ability". That is what we did and the housing market fluctuations are meaningless to me.
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I bought a house in the early 2000s. The price of house in my area jumped by 60%. A lot of my neighbors got home loans. I just happily paid my monthly dues and did not get any home loans.
Fast-forward several years and property values had dropped back to down to a mere 30% increase in price. They were trying to sell at the 55% price, but no one would buy for that. They had their houses on the market for over a year. I decided to sell (too many Mexicans had moved into the area). I sold for 25% more than I bought it for in less than a week.
My neighbors were pissed. It's not my problem that I made prudent fiscal decisions and they didn't. I know that many people don't like the idea, but, ultimately, each person is responsible for their own actions.
Also, I fucking hate the entitlement mentality.
they nation burning and he's saying all welll lets lend the mexicans and poor people moar..
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they nation burning and he's saying all welll lets lend the mexicans and poor people moar..
The governor of California said that it's (state) constitutional to without tax-payer funded scholarships from illegals. What the fuck is wrong with these people?
Don't know but brown is the new Black...
because it was a set up. the FED & US financial sector knew exactly what the end result of the housing market bubble was going to be when they lobbied for the deregulation to accomplish it.
Japan went through the same exact cycle of artificially inflated assets and stocks from the mid 80's to early 90's, the result of financial deregulation. financial deregulation ALWAYS causes a recession, it's world economic history.
but regardless of whose is to blame this is where we are at. US homeowners are still over-extended, with far too much household debt and overall debt as a percentage of GDP. the 50 year average from post WWII to 1980 was about 50% of US GDP. then after financial deregulation, wage stagnation, etc. it rose to 100% of GDP in 2008, when the market crashed.
in economics what is unsustainable will not be sustained. until that debt is brought down substantially the US economy is going to be in the shitter. the low wage consumption based economy that was built in the US is not sustainable as it stands.
if you go to page 12 of the fed report below you can see the breakdown of that debt.
http://www.newyorkfed.org/research/national_economy/householdcredit/DistrictReport_Q32012.pdf
I meant page 3.
Waiting for Lams its Reagan/Bush's the Illumanti fault..In 3...2..1... go for lam....
