Capt.Storm Posted June 15, 2016 Share Posted June 15, 2016 I'm not kidding..you would not believe all that he is up to and has been up to. Maybe good maybe bad? The Obama Mortgage Who Qualifies for This Program? More FHA Loan Information: FHA Loan Tips FHA Loan Questions FHA Down Payments FHA Appraisals FHA Inspectors FHA Foreclosures FHA Jumbo Loans FHA Prequalify The Obama Mortgage Hope for Homeowners There has been a lot of press on what many people call the Obama Mortgage. But what IS an Obama Mortgage and who is eligible? In early 2009, the Obama administration announced a program called Making Home Affordable. This program is expected to help nine million homeowners keep their homes and avoid foreclosure through refinancing and modified loans designed to lower monthly mortgage payments. http://www.fha.com/obama_mortgage Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 Then there is this.. Team Obama is setting us up for another housing-market collapse 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.” http://nypost.com/2016/04/09/team-obama-is-setting-us-up-for-another-housing-market-collapse/ Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted June 15, 2016 Share Posted June 15, 2016 So it's pretty much like an ARMs loan Giving money to people who can't afford the house they're buying Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 and Barrys says it's insanity to keep doing the same thing over and over and expecting diff results. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 (edited) 26 minutes ago, SVT Renegade XRS said: So it's pretty much like an ARMs loan Giving money to people who can't afford the house they're buying More like Freddie mae and mac loans. FHA stuff. Edited June 15, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 (edited) It just gets better and better. http://nypost.com/2016/03/12/obama-is-setting-us-up-for-another-housing-crash/ : In the interest of ‘fairness,’ Obama is lowering credit standards for mortgages — recreating the conditions that brought down the economy in 2008. Edited June 15, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 (edited) 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. https://www.washingtonpost.com/business/economy/obama-administration-pushes-banks-to-make-home-loans-to-people-with-weaker-credit/2013/04/02/a8b4370c-9aef-11e2-a941-a19bce7af755_story.html Edited June 15, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
SVT MXZ XRS Posted June 15, 2016 Share Posted June 15, 2016 People who were dumb enough to take an ARMs got themselves into trouble. My mom retired from Charter1/First Federal. She told me no matter what, DO NOT do and ARMs loan on a house. You'll only be setting yourself up for trouble Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 Just try and tell me this isn't a raciest statement by a dem. “If you were going to tell people in low-income and moderate-income communities and communities of color there was a housing recovery, they would look at you as if you had two heads,” said 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.” Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 If you're interested John Taylor is in the vid...talks just like SR. http://www.ncrc.org/media-a-resources-mainmenu-118/-ncrc-videos-mainmenu-78/616-john-taylor-cnbcs-kudlow-report-sept-8-2010 Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted June 15, 2016 Share Posted June 15, 2016 5 minutes ago, Capt.Storm said: Just try and tell me this isn't a raciest statement by a dem. “If you were going to tell people in low-income and moderate-income communities and communities of color there was a housing recovery, they would look at you as if you had two heads,” said 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.” There's a shocker. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 Just now, Sleepr2 said: There's a shocker. Reality is not acceptable in a libs world..absolutely not. 1 Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 (edited) 28 minutes ago, Capt.Storm said: “If you were going to tell people in low-income and moderate-income communities and communities of color there was a housing recovery, they would look at you as if you had two heads,” said John Taylor This statement piss's me right the hell off. You either qualify or you don't,color has nothing to do with it ..but I'm sure sr will be here to teach me about discrimination.. don't even go there. They are pandering for votes..nothing more . Most of it really has not hit the big time news yet...because you know who controls the news..but just wait till the real runoff begins and i bet the dems will tell how they are going to help the poor ..stimulate the econemy and bring world peace....unless they second guess in the interim..like come to their senses ..which i doubt will happen Edited June 15, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 15, 2016 Share Posted June 15, 2016 I said in 08 the gov should have takin over the mortgage market for those in trouble. Fuck the banks. It would have worked out better. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 5 minutes ago, Mainecat said: I said in 08 the gov should have takin over the mortgage market for those in trouble. Fuck the banks. It would have worked out better. You gotta be kidding me the gov (Billy) started the whole fawking mess. 1 Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 15, 2016 Author Share Posted June 15, 2016 What part of this don't you understand MC? 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. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 16, 2016 Share Posted June 16, 2016 I understand it very well. I was talking about the mortgage crash. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Author Share Posted June 16, 2016 1 minute ago, Mainecat said: I understand it very well. I was talking about the mortgage crash. WTF you think I'm talking about. Do you even have a clue? I had a lot of respect for you for knowing and understanding the issues but omg on this one. Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted June 16, 2016 Share Posted June 16, 2016 3 minutes ago, Capt.Storm said: WTF you think I'm talking about. Do you even have a clue? I had a lot of respect for you for knowing and understanding the issues but omg on this one. Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Author Share Posted June 16, 2016 Just send in sr will ya? Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Author Share Posted June 16, 2016 (edited) 2 minutes ago, Sleepr2 said: Well compared to some of the other left wingers ..i should have put that disclaimer in there..my bad..lol. Really though I like Vince the best. Edited June 16, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Author Share Posted June 16, 2016 (edited) 1 hour ago, SVT Renegade XRS said: People who were dumb enough to take an ARMs got themselves into trouble. My mom retired from Charter1/First Federal. She told me no matter what, DO NOT do and ARMs loan on a house. You'll only be setting yourself up for trouble And she's right..at least prolly most of the time. If interest rates go up..so does your loan ...but also the other way around. You pays your money and roll the dice..but don''t do that with your mortgage is my advice. Edited June 16, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
Capt.Storm Posted June 16, 2016 Author Share Posted June 16, 2016 (edited) You pays your money and roll the dice..but don't do that with your mortgage is my advice. Damn ..I'm a poet who didn't know it! opps! I did it again! Maybe I could be a political rapper even? Edited June 16, 2016 by Capt.Storm Quote Link to comment Share on other sites More sharing options...
Momorider Posted June 16, 2016 Share Posted June 16, 2016 40 minutes ago, Mainecat said: I said in 08 the gov should have takin over the mortgage market for those in trouble. Fuck the banks. It would have worked out better. Nationalize everything, free shit for everyone Quote Link to comment Share on other sites More sharing options...
Sal Rosenberg Posted June 16, 2016 Share Posted June 16, 2016 4 minutes ago, Momorider said: Nationalize everything, free shit for everyone SUCK MY ASS, MONGO !!!! Quote Link to comment Share on other sites More sharing options...
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