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Obama Mortgage Care


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1 hour 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.

The govt. repealed Glass Steagall for their own benefit and the benefit of Wall Street and then turned around and bailed them out. Do you really think they care about the people with mortgage trouble? :lol:The latest act of vulturism I see lately is reverse mortgages.

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1 minute ago, snoughnut said:

The govt. repealed Glass Steagall for their own benefit and the benefit of Wall Street and then turned around and bailed them out. Do you really think they care about the people with mortgage trouble? :lol:The latest act of vulturism I see lately is reverse mortgages.

And all that was with a dem gov!

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A reverse mortgage can be beneficial to a few out there though but it still even rips those few off some.

they might better just sell their house and move into a apartment really.

Edited by Capt.Storm
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25 minutes ago, Capt.Storm said:

And all that was with a dem gov!

It was a bill sponsored by 3 republican senators, that every republican senator voted for and only 1 dem senator for and 207 house republicans voted for and 5 against while155 dems voted for and 51 against and Clinton signed the bill.

So what party was more in favor of the bill?

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2 minutes ago, 1jkw said:

It was a bill sponsored by 3 republican senators, that every republican senator voted for and only 1 dem senator for and 207 house republicans voted for and 5 against while155 dems voted for and 51 against and Clinton signed the bill.

So what party was more in favor of the bill?

Yeah I know..they are all crooks.

 

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13 hours 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.

Again this program was for homeowners who were up to date on their payments.

I was speaking to the millions who were not due to lost jobs, etc and high rates. I suggested the gov take over these and extend them at a lower rate.

Pay attention 2008 was not that long ago unless you were born in 05

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13 hours 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.”

Gotta play that race card.

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1 hour ago, Mainecat said:

Again this program was for homeowners who were up to date on their payments.

I was speaking to the millions who were not due to lost jobs, etc and high rates. I suggested the gov take over these and extend them at a lower rate.

Pay attention 2008 was not that long ago unless you were born in 05

you're  missing the big picture.

Billy and the feds pushed fannie mae and mac to loosen up lending qualifications.

What this does is that it promotes building of new homes for the ones selling to the ones buying their old homes.

That would be a good thing except the ones with new found loans could not really pay for their homes once they realized that had to pay for utility's..upkeep,taxes and other costly pesky things.,

Really that's it in a nut shell..

Now Barry wants to do the same thing all over again.

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Even that idiot Barney Frank eventually got it.

http://www.theatlantic.com/business/archive/2010/02/barney-frank-the-poor-should-rent-not-own/35041/

In its final installment of the Big Think's "Went Went Wrong" Series on the financial crisis, they interviewed Financial Services Committee Chairman Barney Frank (D-MA). Much of the interview was predictable: Frank mostly explained what anyone closely following the financial regulation push in Congress already knew. But there was one fascinating gem in discussing where Fannie and Freddie went wrong. Frank views ushering the poor to own homes as a mistake and believes they should rent instead.

Frank was responding to the question about how Fannie and Freddie could be structured to avoid moral hazard and a too cozy relationship with the regulators. After stating that we should separate the liquidity creation function from the subsidy objective (which we already knew he supported), he said:  "I think the answer is you separate out the function of providing the equity in general for the mortgage market and doing some subsidy and in my judgment, the subsidy again, as I said before, should be focused on affordable rental housing, not in pushing low income people into owning homes that they can't afford."

 

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