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This Won't Turn Out Well

Mike

Well-known member
Now let's hear the stupid m**$%@r f&*$#@'s that blamed Bush defend the King!!!



The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.
 

Steve

Well-known member
Sandhusker said:
What again is the definition of insanity?

while I agree,.. because liberals once hooked on a program, can't wean themselves off of it..

but,... what is better from a business standpoint.. a glut of empty foreclosed houses.. or people who want a house and are sacrificing to get it.. even if the loan is a little shaky..

while risky,.. fighting fire with fire can work.. you just need to know when to put away the torches and matches.. (something few in DC understand)
 

Mike

Well-known member
smalltime said:
I agree Steve.Limited risk can work.

Limited risk at who's expense? When the program fails, you think it will be Buckwheat personally that picks up the tab to bail the banks out?

Nope.................
 

Broke Cowboy

Well-known member
But, but, but ..... I thought we were told Bush did this and the sky fell in.

Trying to remember who it was - someone from that area down around the Milk River or just south of it I think.

Didn't he say it was all Bush's fault?

Then why would Hussein go down the same path?

Votes?

Ruination?

BC
 
A

Anonymous

Guest
According to all the banking experts testifying to Congress-- if the lending institutions are required to keep skin in the game- and not just bundle up and sell off all the loans (and stand to lose if things turn to shite)- so they actually do a little homework before just rubber stamping the loan) these loans can again be made to work...

Especially now with so many devalued houses sitting empty and losing money for everyone... One of the other criteria is to cut the value amounts they will loan (I think I remember some States/areas were over $600,000)-- and make folks buy into lower priced homes they may have a chance of paying for...
But much of that comes with the banks having to keep skin in the game- and standing a chance of losing money if they don't do background checks and make sensible loans...
 

Steve

Well-known member
Mike said:
smalltime said:
I agree Steve.Limited risk can work.

Limited risk at who's expense? When the program fails, you think it will be Buckwheat personally that picks up the tab to bail the banks out?

Nope.................

for many of the foreclosed homes we are already on the hook..

and it is costing US more every day they sit empty..

not sure how long it takes in your area to go from default, foreclosure to resale.. but the one just down the street has been sitting for at least 5 years now.. and losing value..


if it is resold.. and someone is paying payments we would at least clear the old loan.. and the new owner would spend money fixing it up...
 

TexasBred

Well-known member
Oldtimer said:
According to all the banking experts testifying to Congress-- if the lending institutions are required to keep skin in the game- and not just bundle up and sell off all the loans (and stand to lose if things turn to shite)- so they actually do a little homework before just rubber stamping the loan) these loans can again be made to work....

OT you're actually advocating that a mortgage be based and an actual market value rather than an inflated value, that the lender require a substantial and verifiable down payment and that the borrower actually qualify for the loan. That in itself destroys Obama's entire program. He does not want financial institutions to lend to qualified borrowers but only to those who are truly unqualified but perhaps not quite so unqualified as all those that led to the previous fiasco in the housing market. BTW banks always have something substantial to lose whether the loan as bundled and sold into the secondary market or not so they do have "skin" in the game.
 

Whitewing

Well-known member
Oldtimer said:
According to all the banking experts testifying to Congress-- if the lending institutions are required to keep skin in the game- and not just bundle up and sell off all the loans (and stand to lose if things turn to shite)- so they actually do a little homework before just rubber stamping the loan) these loans can again be made to work...

Especially now with so many devalued houses sitting empty and losing money for everyone... One of the other criteria is to cut the value amounts they will loan (I think I remember some States/areas were over $600,000)-- and make folks buy into lower priced homes they may have a chance of paying for...
But much of that comes with the banks having to keep skin in the game- and standing a chance of losing money if they don't do background checks and make sensible loans...

Perhaps the gubmint could do like it did back in the mid 80's when oil hit $6/barrel? I recall north of Houston there were huge tracts of upscale apartments built during the boom that were suddenly unleaseable. Gubmint came in, bought the places out and turned them into drug, gang, and crime-invested slums almost overnight. It was quite the sight. True government leadership at work.
 

Sandhusker

Well-known member
Oldtimer said:
According to all the banking experts testifying to Congress-- if the lending institutions are required to keep skin in the game- and not just bundle up and sell off all the loans (and stand to lose if things turn to shite)- so they actually do a little homework before just rubber stamping the loan) these loans can again be made to work...

Especially now with so many devalued houses sitting empty and losing money for everyone... One of the other criteria is to cut the value amounts they will loan (I think I remember some States/areas were over $600,000)-- and make folks buy into lower priced homes they may have a chance of paying for...
But much of that comes with the banks having to keep skin in the game- and standing a chance of losing money if they don't do background checks and make sensible loans...

From my banking days, I learned that people with crappy credit scores have those scores for a reason - they don't know how to handle money and/or prioritize paying their bills. I also noticed that these traits generally don't ever change. Make no mistake, Obama is showing his profound economic ignorance again.
 

Whitewing

Well-known member
Sandhusker said:
Oldtimer said:
According to all the banking experts testifying to Congress-- if the lending institutions are required to keep skin in the game- and not just bundle up and sell off all the loans (and stand to lose if things turn to shite)- so they actually do a little homework before just rubber stamping the loan) these loans can again be made to work...

Especially now with so many devalued houses sitting empty and losing money for everyone... One of the other criteria is to cut the value amounts they will loan (I think I remember some States/areas were over $600,000)-- and make folks buy into lower priced homes they may have a chance of paying for...
But much of that comes with the banks having to keep skin in the game- and standing a chance of losing money if they don't do background checks and make sensible loans...

From my banking days, I learned that people with crappy credit scores have those scores for a reason - they don't know how to handle money and/or prioritize paying their bills. I also noticed that these traits generally don't ever change. Make no mistake, Obama is showing his profound economic ignorance again.

Who could have predicted that community organizing and a short career as a politician adept at voting present would not better prepare one for the highest office in the land? :roll:
 

Traveler

Well-known member
It'll turn into another vicious circle regarding minorities being declined, with charges of racism, with probes looking into charges of racism, hearings, race baiters, settlements........sos.
 

littlejoe

Well-known member
Whitewing said:
Oldtimer said:
According to all the banking experts testifying to Congress-- if the lending institutions are required to keep skin in the game- and not just bundle up and sell off all the loans (and stand to lose if things turn to shite)- so they actually do a little homework before just rubber stamping the loan) these loans can again be made to work...

Especially now with so many devalued houses sitting empty and losing money for everyone... One of the other criteria is to cut the value amounts they will loan (I think I remember some States/areas were over $600,000)-- and make folks buy into lower priced homes they may have a chance of paying for...
But much of that comes with the banks having to keep skin in the game- and standing a chance of losing money if they don't do background checks and make sensible loans...

Perhaps the gubmint could do like it did back in the mid 80's when oil hit $6/barrel? I recall north of Houston there were huge tracts of upscale apartments built during the boom that were suddenly unleaseable. Gubmint came in, bought the places out and turned them into drug, gang, and crime-invested slums almost overnight. It was quite the sight. True government leadership at work.

Ah...the good ol' days! Working outa midland, odessa==open a bank acct and they'd give ya' a toaster==or a drilling rig, take yer pick...
 
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