Another Dilemma for Biden

[Thinker101]

President Joe Biden’s move to fire the top U.S. mortgage regulator is triggering calls from fellow Democrats to use the agency to expand access to loans for lower-income people, who have struggled to buy homes since the financial crisis.

Among their ideas: Giving Fannie and Freddie free rein to purchase mortgages with lower credit scores, allowing private lenders to make more of those loans; cutting fees; and expanding investment that supports the construction of multifamily rental properties.

Biden’s new dilemma: How to slash housing costs for low-income borrowers

 

[Dont Taz Me Bro]

Didn't we try this once already?

 

[Oddball]

That worked so well in the early 2000s....Why not give it another whirl?

 

[Shelzin]

Didn't we try this once already?

Yes.. Yes we did. You know... There are left leaning people that know this is wrong. God... it's hard to go against the grain though.

Well.. It is for some people.

 

[shockedcanadian]

President Joe Biden’s move to fire the top U.S. mortgage regulator is triggering calls from fellow Democrats to use the agency to expand access to loans for lower-income people, who have struggled to buy homes since the financial crisis.

Among their ideas: Giving Fannie and Freddie free rein to purchase mortgages with lower credit scores, allowing private lenders to make more of those loans; cutting fees; and expanding investment that supports the construction of multifamily rental properties.


View attachment 509294

Biden’s new dilemma: How to slash housing costs for low-income borrowers

I remember working at IBM when I first spoke to an American Business Partner about the "NINJA" mortgage. This was as I was looking to buy a condo in Toronto, which , it turns out, would have been the deal of my lifetime as I was going to buy on the Lakeshore in the First Phase, by completion 6 months later, I would have tripled in value the already inflated costs.

Regardless. He explained to me that NINJA mortages stood for, "no income, no job, no assets, no problem!". He wisely predicted that there would be an economic crash at some point, though I doubt he knew just how deep. I thought he was just a Town Crier, but he was right.

 

[Thinker101]

President Joe Biden’s move to fire the top U.S. mortgage regulator is triggering calls from fellow Democrats to use the agency to expand access to loans for lower-income people, who have struggled to buy homes since the financial crisis.

Among their ideas: Giving Fannie and Freddie free rein to purchase mortgages with lower credit scores, allowing private lenders to make more of those loans; cutting fees; and expanding investment that supports the construction of multifamily rental properties.


View attachment 509294

Biden’s new dilemma: How to slash housing costs for low-income borrowers

I remember working at IBM when I first spoke to an American Business Partner about the "NINJA" mortgage. This was as I was looking to buy a condo in Toronto, which , it turns out, would have been the deal of my lifetime as I was going to buy on the Lakeshore in the First Phase, by completion 6 months later, I would have tripled in value the already inflated costs.

Regardless. He explained to me that NINJA mortages stood for, "no income, no job, no assets, no problem!". He wisely predicted that there would be an economic crash at some point, though I doubt he knew just how deep. I thought he was just a Town Crier, but he was right.

Don't recall it begin referred to as "NINJA" loans, but do recall a bunch of those "NINJA" borrowers wanting to sell their homes for a sizeable loss back in the day.

 

[MarathonMike]

OMFG NOOOOOOO!!!!! Can Democrats be THIS STUPID??????

 

[MisterBeale]

 

[Claudette]

Thinker101
If I remember correctly Fannie and Freddie were at the head of the recession of 2008? They were loaning money to people with no job, no money and no credit. All so they could own a house that they couldn't afford to own.

Most of them walked away leaving we tax payers to pay for Fannie and Freddie's stupidity.

 

[Thinker101]

Thinker101
If I remember correctly Fannie and Freddie were at the head of the recession of 2008? They were loaning money to people with no job, no money and no credit. All so they could own a house that they couldn't afford to own.

Most of them walked away leaving we tax payers to pay for Fannie and Freddie's stupidity.

Yep, that's how I call it too.

 

[JLW]

Didn't we try this once already?

I agree it would be a stupid idea to go back to 2005. However, based on the OP‘s link, the President is the one putting the brakes on any changes. President Biden is acting with caution. As he should.