- Jan 28, 2005
- 2,146
- 26
- 91
Mind blowing stats. I hope these are wrong
Link
President Obama Speaks - And Lies (Again)
President Obama stood in New York at "high noon" and talked about how we must have "change", and that we have "helped homeowners avoid foreclosures", how "we must put in place reforms" and that "we have helped come back from the brink" and "an irresponsible period of crisis."
In fact, in his speech he said:
So I want to urge you to demonstrate that you take this obligation to heart. To put greater effort into helping families who need their mortgages modified under my administration's homeownership plan. To help small business owners who desperately need loans and who are bearing the brunt of the decline in available credit. To help communities that would benefit from the financing you could provide, or the community development institutions you could support. To come up with creative approaches to improve financial education and to bring banking to those who live and work entirely outside the banking system. And, of course, to embrace serious financial reform, not fight it.
Really Mr. President?
Perhaps you would like to explain this - the outcome of the FHA under your Administration thus far?
Bluntly: You're lying when it comes to having these institutions make only sustainable, safe and sound loans, along with helping Americans keep their homes.
(The spreadsheet can be found here: http://spreadsheets.google.com...ZkpuZk9vTldBV1E&hl=en)
The worse news? The portfolio has doubled over the last two years, with 2.6 million loans added (of a total of 5.18 million.)
So what's the story on recent loans? We don't have an accurate number on that, but this much is clear: The claim that FHA only has a single-digit default and delinquency rate, and is helping Americans own and keep their homes is a BALD-FACED LIE.
Sustainable mortgages eh? "Helping homeowners" eh?
Not a snowball's chance in Hell according not to your lies but the mathematical FACTS as represented in ACTUAL default rates.
ONE IN FIVE FHA mortgages is either late or in foreclosure?
ONE IN FIVE?!
I'm tired of the lying and so is everyone else.
We The People demand THE TRUTH.
THE TRUTH is that:
FHA has been and still is putting Americans into loans they cannot afford, as is proved by the default and foreclosure statistics.
The housing and banking industry HAS NOT reformed its ways, specifically, pushing loans on people they cannot afford, and the FHA is blatantly conspiring with these clowns in APPROVING loans that statistically have a one in five shot at failure.
The claim that these mortgage programs are "helping Americans" is a damned lie. No program that winds up with one in five borrowers unable to pay - a rate double that of credit-card defaults - can be said to be "sustainable", "safe", or 'helping homeowners."
We must clear the bad, un-serviceable debt from the system. Papering it over or worse, transferring it to The Federal Government where you think people won't find it won't work.
The only solution to the housing crisis is that prices for homes must come down to where they are actually affordable on a long-term, sustainable basis. This means that we must demand 20% down payments, 28% front end and 36% back end ratios, without exception.
I have said this must happen for more than two years and now the results on "the alternative" pushed by the Federal Government, including Fannie, Freddie and the FHA are in: their promulgated "alternative" does not work, cannot work, and is leading to ruinously-bad default rates, leaving homeowners just as screwed as they were before - if not more so.
FHA and VA are today writing loans with 3.5% down (and in fact 0% down if you use the $8,000 "home buyers credit") and ignoring safe and sound front and back end ratio limits in a desperate attempt to prevent that which must happen to restore a sound housing industry: A decline in prices to sustainable levels.
THE EFFORT TO PAPER OVER THE TRUTH WITH MORE AND MORE LIES HAS FAILED.
I understand that the housing and lending "industry", particularly the latter, are desperate to prevent a contraction to sustainable pricing as house prices returning to sustainable levels will wipe out a huge number of banks - including some of our nation's largest institutions.
But whether they (or you) like it or not this has to happen and the longer we "resist" the inevitable decline all the way to sustainable pricing and closing the insolvent institutions you and The Fed are propping up through blatant accounting fictions the worse the outcome will be for America and our economy.
Thanks to Krista for digging up the facts. We cannot allow, as citizens, the outrageous lies of our government, delivered by a grinning teleprompter-reading handmaiden to those who have and continue to loot the public and its' Treasury, to stand unchallenged.
Link
President Obama Speaks - And Lies (Again)
President Obama stood in New York at "high noon" and talked about how we must have "change", and that we have "helped homeowners avoid foreclosures", how "we must put in place reforms" and that "we have helped come back from the brink" and "an irresponsible period of crisis."
In fact, in his speech he said:
So I want to urge you to demonstrate that you take this obligation to heart. To put greater effort into helping families who need their mortgages modified under my administration's homeownership plan. To help small business owners who desperately need loans and who are bearing the brunt of the decline in available credit. To help communities that would benefit from the financing you could provide, or the community development institutions you could support. To come up with creative approaches to improve financial education and to bring banking to those who live and work entirely outside the banking system. And, of course, to embrace serious financial reform, not fight it.
Really Mr. President?
Perhaps you would like to explain this - the outcome of the FHA under your Administration thus far?
Bluntly: You're lying when it comes to having these institutions make only sustainable, safe and sound loans, along with helping Americans keep their homes.
(The spreadsheet can be found here: http://spreadsheets.google.com...ZkpuZk9vTldBV1E&hl=en)
The worse news? The portfolio has doubled over the last two years, with 2.6 million loans added (of a total of 5.18 million.)
So what's the story on recent loans? We don't have an accurate number on that, but this much is clear: The claim that FHA only has a single-digit default and delinquency rate, and is helping Americans own and keep their homes is a BALD-FACED LIE.
Sustainable mortgages eh? "Helping homeowners" eh?
Not a snowball's chance in Hell according not to your lies but the mathematical FACTS as represented in ACTUAL default rates.
ONE IN FIVE FHA mortgages is either late or in foreclosure?
ONE IN FIVE?!
I'm tired of the lying and so is everyone else.
We The People demand THE TRUTH.
THE TRUTH is that:
FHA has been and still is putting Americans into loans they cannot afford, as is proved by the default and foreclosure statistics.
The housing and banking industry HAS NOT reformed its ways, specifically, pushing loans on people they cannot afford, and the FHA is blatantly conspiring with these clowns in APPROVING loans that statistically have a one in five shot at failure.
The claim that these mortgage programs are "helping Americans" is a damned lie. No program that winds up with one in five borrowers unable to pay - a rate double that of credit-card defaults - can be said to be "sustainable", "safe", or 'helping homeowners."
We must clear the bad, un-serviceable debt from the system. Papering it over or worse, transferring it to The Federal Government where you think people won't find it won't work.
The only solution to the housing crisis is that prices for homes must come down to where they are actually affordable on a long-term, sustainable basis. This means that we must demand 20% down payments, 28% front end and 36% back end ratios, without exception.
I have said this must happen for more than two years and now the results on "the alternative" pushed by the Federal Government, including Fannie, Freddie and the FHA are in: their promulgated "alternative" does not work, cannot work, and is leading to ruinously-bad default rates, leaving homeowners just as screwed as they were before - if not more so.
FHA and VA are today writing loans with 3.5% down (and in fact 0% down if you use the $8,000 "home buyers credit") and ignoring safe and sound front and back end ratio limits in a desperate attempt to prevent that which must happen to restore a sound housing industry: A decline in prices to sustainable levels.
THE EFFORT TO PAPER OVER THE TRUTH WITH MORE AND MORE LIES HAS FAILED.
I understand that the housing and lending "industry", particularly the latter, are desperate to prevent a contraction to sustainable pricing as house prices returning to sustainable levels will wipe out a huge number of banks - including some of our nation's largest institutions.
But whether they (or you) like it or not this has to happen and the longer we "resist" the inevitable decline all the way to sustainable pricing and closing the insolvent institutions you and The Fed are propping up through blatant accounting fictions the worse the outcome will be for America and our economy.
Thanks to Krista for digging up the facts. We cannot allow, as citizens, the outrageous lies of our government, delivered by a grinning teleprompter-reading handmaiden to those who have and continue to loot the public and its' Treasury, to stand unchallenged.
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