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Prior to this debacle, that mark would last seven years. Those who defaulted were given clean slates after two.People who walked away from mortgages did see that reflected in their credit reports.
If the borrower doesn't repay and the guarantor is forced to, that is a default. The bank is paid, granted but the borrower, by virtue of their failure to pay, does default.If you're talking about Biden's stupid forgiveness plan, that's not a borrower default.
That's not what caused the collapse in 2007. Greenspan even said as much.I don't really care, but I do hope they don't get into totally irresponsible lending, like what happened last time these preferences were applied and spark another collapse effecting banking sector at large and the economy of the country.
The bar has been lowered for whites, so why not?Lowering the bar is always a bad idea. When it comes to banking, lowering the bar is a national disaster waiting to happen, just like it did in 2008.
Lowering requirements for blacks and Hispanics is not only racist, it is risky lending. Defaults will increase. And it will lower housing properties all over.I'm not borrowing nor lending, nor owing anybody. I gave my comment. Post #2 pretty well sums it up. Has it got you worked up? Been turned down for a loan, have you?
Prior to this debacle, that mark would last seven years. Those who defaulted were given clean slates after two.
If the borrower doesn't repay and the guarantor is forced to, that is a default. The bank is paid, granted but the borrower, by virtue of their failure to pay, does default.
Debt-to-income ratios, credit scores, and the like are the same regardless of race. No bar has been lowered for whites.The bar has been lowered for whites, so why not?
I blame lack of regulation and the free swapping of bank assets of dubious assigned value, on the merry go round until the music stopped and nobody pay for their seat, questionable loans was only part of it, but I am an amateur. I am just glad we are past it, if we are actually past it.That's not what caused the collapse in 2007. Greenspan even said as much.
No it wasn't.Unbelievable!! This was the major contributing factor to the banking crisis of 2006-2008.Giving preferential treatment to under-qualified buyers under the guise of "Racial Equality". You either meet the minimum requirements or you don't.
Interest rates are up. They're just setting them up for repossession a few years down the road.In favor of Blacks and Hispanics. Wonder if it's legal.
Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide
Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.
Bank of America: New zero down payment mortgages for first-time buyers
Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.www.nbcnews.com
I didn't. It is my tax dollars that are being illegally used to support a very small segment of the population that is defaulting on a legal agreement. This will end in the courts. The loans were made by banks. The only thing the fed did was guarantee payment--which will be made from the tax coffers. The money just didn't appear out of nowhere.Biden volunteered.
I didn't. It is my tax dollars that are being illegally used to support a very small segment of the population that is defaulting on a legal agreement. This will end in the courts. The loans were made by banks. The only thing the fed did was guarantee payment--which will be made from the tax coffers. The money just didn't appear out of nowhere.
The bar has been lowered for whites for years.Debt-to-income ratios, credit scores, and the like are the same regardless of race. No bar has been lowered for whites.
www.marketwatch.com
That's pretty much what Greenspan said. The loans were made to increase the income of people invested and selling mortgage backed securities.I blame lack of regulation and the free swapping of bank assets of dubious assigned value, on the merry go round until the music stopped and nobody pay for their seat, questionable loans was only part of it, but I am an amateur. I am just glad we are past it, if we are actually past it.
The student borrowed it. The government is just repaying it instead of the borrower. The government just guaranteed repayment. They do the same with VA, FHA, FreddyMac and FannieMae home loans. The banks sell the forclosed homes for whatever the market will bear and the taxpayers pick up the remainder left on the original loan. My son in law has one of these student loans and he makes his payments to the bank, but if this "loan forgiveness" goes through, he'll be debt free after the gift of the government (you and I) paying off his loan. BTW, he is adamantly opposed to this give away.You're right. The government borrowed it.
www.badcredit.org
To you everything is lowered so blacks can do something but you can't see the problem in your thinking.Debt-to-income ratios, credit scores, and the like are the same regardless of race. No bar has been lowered for whites.
Huh? You’re so blinded by calling everything racist. My point is that the required debt:income ratio and credit scores are the SAME regardless of race. Nothing is lowered for blacks…..or at least it WASN’T until BoA said it will lower downpayment requirements for blacks.To you everything is lowered so blacks can do something but you can't see the problem in your thinking.
No Lisa, everything blacks do is not lower than whites. The denials have come even when blacks had equal or higher credit scores.Blacks have lower credit scores, which accounts for more denials. In fact, whites with incomes below $25,000 have better credit scores than blacks earning more than $65,000!
thegrio.com
Except you'll be paying taxes to eliminate college debt for deadbeats.I'm not borrowing nor lending, nor owing anybody.
