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I know there was a program but it was difficult to access, and still screwed over the home owners, and provided little relief. There were a lot of people who TRIED to access the funds and were turned down. You had to jump through a LOT of hoops and people who are already facing eviction don't have the resources to hire someone to help them through the application process.
This is true of a lot of US government programs. There is more emphasis on prevent fraud, than there is on helping citizens, and applicants are frequently treated like "charity cases" for even applying for relief. All of the cries of "personal responsibility", and "I have to pay my mortgage, why are these foolish people getting breaks".
In my experience as a bank managers, most people don't understand mortgage lending at all, and they trust their banker to know what they can afford and qualify for. The subprime mortgage market said that ANYBODY could qualify for a mortgage and they enticed a lot of people who really didn't qualify, into buying homes, because they made tens of thousands of dollars brokering these mortgages.
I've seen subprime mortgages of $50,000 with $8000 paid off the top to the brokers, for application fees, inspections, and brokerage. The home owner gets $42,000 in his pocket right off the top, but is expected to repay $50,000. The incentive for brokers to promote this kind of lending is overwhelming.
Obama build the greatest economy the nation has ever seen, and Republicans shit on him for it, calling it the weakest recovery ever, until Trump took office and called it the Greatest Economy in American history, without changing a thing.
The fed under trump pumped trillions in the market.
OMG! That's awful!
How much did the Fed pump under Biden?
When the OBO produced a report that said that Trumps tax cuts would cause a recession within 10 years of their passage, and that the recession would very deep and difficult to get out of,
Trump printed 500% increase in money supply, bought bonds from banks so banks could buy stocks driving up markets. But demand for goods & services were low and money stayed in banks, because everyone was cowering at home until vaccine got them out working & consuming again driving up demand & prices. Eventually all prices will go up 500% once all that cash Trump printed gets loaned out.
Trump also fired Janet Yellen for raising interest rates and replaced her with Jerome Powell. So now we will be stuck with 10 years of stagflation.
But Republicans wouldn't do THAT. Republicans voted to bail out the big banks and Wall Street brokerage houses, but they refused to help out home owners - personal responsibility.
Trump printed 500% increase in money supply, bought bonds from banks so banks could buy stocks driving up markets.
Biden has been "President" for 18 months, why hasn't he unprinted all that Trump money yet?
What's he waiting for, double digit inflation? DURR.
I hope you have some painkillers, November is gonna hurt!
Not because Biden insisted on it, the Fed had to finally stop. Too bad it all got away from them before they did though.
The Fed raising rates is a start to addressing this.
Not because Biden insisted on it,
I don't recall him telling the Fed to stop.
Presidents don't do that. Educate yourself.
The Fed raising rates is a start to addressing this.
Although Trump did beg the Fed to ADD to QE and to reduce interest rates EVEN MORE.Presidents don't do that. Educate yourself.
You'll show us nothing but what the media told your lying hide!
Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown
The Federal Reserve intervened in financial markets for the second day in a row.www.cnbc.com
Buying securities. Like crazy folks.
For you folks that know what this means.
I'll show you more federal spending before Biden even took office.
I guess the guy blaming Trump was wrong.......maybe you should let him know?
You disagree that it's gonna get ugly before the Biden mess gets better?
Hiking rates during a recession......you would want to be a Dem congressman?
Although Trump did beg the Fed to ADD to QE and to reduce interest rates EVEN MORE.
Causing Keynes himself to turn over in his fucking grave.
But they don't know that. Or understand it. Or both.
I wouldn't want to be called into account for what any of them have done.
Hiking rates is the correct thing to do. Money was never suppose to be "free" but people sure loved their "free" money.
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What exactly were you disagreeing with in my post?
Trump stockmarket. Inflation. The fed under trump pumped trillions in the market.
I know there was a program but it was difficult to access, and still screwed over the home owners, and provided little relief. There were a lot of people who TRIED to access the funds and were turned down. You had to jump through a LOT of hoops and people who are already facing eviction don't...
It's irrelevant who I would or wouldn't want to be. I care less about that. Hiking rates has to be done.
