Obama Jobs Plan May Be Aimed at High Risk Mortgage Borrowers

Discussion in 'Politics' started by oreo, Aug 25, 2011.

  1. oreo
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    oreo Gold Member Supporting Member

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    - Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

    Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

    I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

    TO REFRESH YOUR MEMORY:

    Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

    Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

    The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

    And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

    Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

    $donkey stimulus.jpg
     
    Last edited: Aug 25, 2011
  2. oreo
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    oreo Gold Member Supporting Member

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    I am not quite sure how lending mortgage money to high risk borrowers--puts construction workers back to work anyway. There is currently such a glutton of foreclosed homes on the market-that it is still much CHEAPER today to buy an existing home--(even 1 or 2 years old) than it is to build new.
     
    Last edited: Aug 25, 2011
  3. hellofromwarsaw
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    hellofromwarsaw BANNED

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    Same Pub BS= Over 80% of bad debts were private, would take ANYONE, no paper at ALL, thanks to no ENFORCEMENT. Same big lie.
     
  4. oreo
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    oreo Gold Member Supporting Member

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    Sure they would loan to anyone--they had 310 MILLION American co-signers.-:lol:


    You must be totally CONFUSED.

    Fannie Mae and Freddie Mac loans are issued by private banks & mortgager's--BUT the guarantee of their loans are federal government controlled. IOW--you can run down to Wells Fargo mortgage department or any PRIVATE mortgage lender and they will give you a Fannie Mae or Freddie Mac loan--aka a federal government guaranteed loan.
     
    Last edited: Aug 26, 2011
  5. JWBooth
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    JWBooth Gold Member

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    Great fucking idea.
    Fannie and Freddie gave loans to a bunch of folks who couldn't pay them back, so the fucks want to do it again as a way to undo it all.
     
  6. hellofromwarsaw
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    hellofromwarsaw BANNED

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    80% of loans from 2003-06 had NOTHING to do with Fannie-Freddie.You are misled. And too big to fail.
     
  7. oreo
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    oreo Gold Member Supporting Member

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    :lol: That's the Federal Government for ya--let's try round 2 and see if the same thing that created this disaster--works now--:lol:

    Obviously what Barack Obama doesn't GET. This is NOT going to create any JOBS. There is still too much of a glutton of foreclosed properties on the market that need to get bought up--before new construction jobs will open up.
     
  8. oreo
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    oreo Gold Member Supporting Member

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    50% of the mortgages in this country are Fannie Mae or Freddie Mac loans. You can look all over but you will never walk into a bank or lending institution that's name is Fannie Mae/Freddie Mac bank--DA--DUH!

    And you're full of shit.

    The collapse of this economy leads to the front doors of Fannie Mae/Freddie Mac.
     
  9. hellofromwarsaw
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    hellofromwarsaw BANNED

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    Not- and good night.
     
  10. shintao
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    shintao Take Down ~ Tap Out

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    While we are refreshing memories....................

    New Prosperity Initiative
    April 11, 2000
    “I propose a New Prosperity Initiative…A plan to
    help remove obstacles
    on the road to the middle class…
    Instead of helping people cope with their need, we will
    help them to move beyond it.
    With the same energy and
    activism that others have brought to expanding government,
    we must expand opportunity.”
    Governor George W. Bush:lol:
     

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