Destruction of the USD Continues...

[PokerGuy]

Originally posted by: blackangst1
Well, in general, deficits have been reduced under Democratic presidents so hopefully this one can do it in 3 years.

bwahahahahahahahahahahahaha :laugh:

Yeah, it it wasn't for the fact that he's increased the deficit to easily the highest level in history in just 7 short months.

 

[dmcowen674]

Originally posted by: PokerGuy

Originally posted by: blackangst1
Well, in general, deficits have been reduced under Democratic presidents so hopefully this one can do it in 3 years.

bwahahahahahahahahahahahaha :laugh:

Yeah, it it wasn't for the fact that he's increased the deficit to easily the highest level in history in just 7 short months.

He had to because of all the destruction your hero did to the U.S.

 

[Darwin333]

Originally posted by: classy

Originally posted by: piasabird
What has O'Bammah done to fixe the housing crisis? Answer is nothing. This is a recipe for an even larger problem in the future. If you dont lear from your mistakes, you are doomed to repeat them.

$8000 tax credit has been succesful

"The National Association of REALTORS(R) estimates close to two million
first-time buyers will have taken advantage of the $8,000 tax credit this
year, stimulating an additional 350,000 home sales."

$8000 tax credit

Lets see, a big part of this mess was people buying more (on credit) than they could afford. So.... lets give people $8K that they can then leverage (with the help of relaxed FHA requirements such as 3.5% down payments) and PURCHASE MORE THAN THEY CAN AFFORD! Yup, raging success.

How about that 8% default rate on FHA loans BEFORE this program was started and now we have a ton of FHA loans where the buyer has little to no skin in the game at all. How did that work out the last time we tried it? You would think that people would be advocating that we return to some sort of sanity when it comes to home loans. You know, requiring awful things such as 20% down payments. Instead you are applauding a program that hands out loans with 3.5% down, relaxed DTI ratios and then PAYS THE DOWN PAYMENT FOR YOU!!! Nothing risky about them loans whatsoever...

Making home affordable is working , but just moving slow

CNN on Home Affordable

He has even tried to address house price decline, Treasury Announces Home Price Decline Protection Incentives.

House price decline help

He has done more to help home owners in 8 months than the GOP did in the last 8 years.

Also throw in the $1500 tax credit for home improvements. You can't clean up 8 years of trash in 8 months.

Quote from the article you posted: "Willen adds: "What's upsetting about this is that with Making Home Affordable, what you ended up with may be worse [than doing nothing]. We're giving more money to banks, and not preventing many foreclosures.""

Yeah, throwing even more free money at the banks because they refuse to realize losses (kicking the can down the road) is a great idea! As a result of the housing bubble housing prices rose beyond the point that the avg. consumer could afford. Solution: Free money to the banks to keep prices high! BRILLIANT!

In order for housing to become more affordable prices have to come down to realistic levels. The Government is pursuing policies that do exactly the opposite in order to help the BANKS.

 

[GeezerMan]

Originally posted by: Darwin333

Originally posted by: classy

Originally posted by: piasabird
What has O'Bammah done to fixe the housing crisis? Answer is nothing. This is a recipe for an even larger problem in the future. If you dont lear from your mistakes, you are doomed to repeat them.

$8000 tax credit has been succesful

"The National Association of REALTORS(R) estimates close to two million
first-time buyers will have taken advantage of the $8,000 tax credit this
year, stimulating an additional 350,000 home sales."

$8000 tax credit

Lets see, a big part of this mess was people buying more (on credit) than they could afford. So.... lets give people $8K that they can then leverage (with the help of relaxed FHA requirements such as 3.5% down payments) and PURCHASE MORE THAN THEY CAN AFFORD! Yup, raging success.

How about that 8% default rate on FHA loans BEFORE this program was started and now we have a ton of FHA loans where the buyer has little to no skin in the game at all. How did that work out the last time we tried it? You would think that people would be advocating that we return to some sort of sanity when it comes to home loans. You know, requiring awful things such as 20% down payments. Instead you are applauding a program that hands out loans with 3.5% down, relaxed DTI ratios and then PAYS THE DOWN PAYMENT FOR YOU!!! Nothing risky about them loans whatsoever...

Making home affordable is working , but just moving slow

CNN on Home Affordable

He has even tried to address house price decline, Treasury Announces Home Price Decline Protection Incentives.

House price decline help

He has done more to help home owners in 8 months than the GOP did in the last 8 years.

Also throw in the $1500 tax credit for home improvements. You can't clean up 8 years of trash in 8 months.

Quote from the article you posted: "Willen adds: "What's upsetting about this is that with Making Home Affordable, what you ended up with may be worse [than doing nothing]. We're giving more money to banks, and not preventing many foreclosures.""

Yeah, throwing even more free money at the banks because they refuse to realize losses (kicking the can down the road) is a great idea! As a result of the housing bubble housing prices rose beyond the point that the avg. consumer could afford. Solution: Free money to the banks to keep prices high! BRILLIANT!

In order for housing to become more affordable prices have to come down to realistic levels. The Government is pursuing policies that do exactly the opposite in order to help the BANKS.

I posted a link about the FHA problem a few days ago. It's an excellent read:

Link

 

[Darwin333]

Originally posted by: GeezerMan

I posted a link about the FHA problem a few days ago. It's an excellent read:

Link

Thanks, it was a good read. I didn't realize the FHAs reserves where that low. Everythings fine though, move along folks... nothing to see.