Obama administration pushes banks to make home loans to people with weaker credit

[Genx87]

http://www.washingtonpost.com/busin...b4370c-9aef-11e2-a941-a19bce7af755_story.html

I guess he wants to expand upon this successful era Bush policy as well.

This is going to end well...

 

[Incorruptible]

Has this piece of shit not learned anything? This is the same thing bush did and look what it gave us. Banks are PRIVATE institutions and the government has no right to force them to do this. Are his supporters going to be hypocrites or will they at least have the decency to call him out?

 

[waggy]

ugh. bad fucking idea.

so in 10 years we going to have it burst again?

 

[nageov3t]

sounds great.

housing boom now for the 2014/16 elections, and a crash when it's someone else's problem to pick up.

 

[child of wonder]

Why have a credit rating at all? Let's just print infinite money so everyone can buy a house, a Ferrari, etc.

 

[Matt1970]

Taking stupid to a whole new level.

 

[waggy]

sounds great.

housing boom now for the 2014/16 elections, and a crash when it's someone else's problem to pick up.

great for the dems leading up to the elections. Bad for them after the crash.

 

[nehalem256]

So does this mean Obama is endorsing the "sound" economic policies of George W Bush?

How soon can we expect an apology from the Democrats for blaming him for the financial meltdown?

 

[Texashiker]

Why have a credit rating at all? Let's just print infinite money so everyone can buy a house, a Ferrari, etc.

Technically, the federal reserve is in fact printing "infinite money", it is just going to the banks rather then the people.

When a currency is backed by nothing more then a promise, then you can print as much of it as you want.

As for the opening post, looks like we are getting on a wave of recovery, crash, recovery, crash,,,,,.

The housing market should not be a key factor in an economic recovery. By using the housing market as a factor in job creation, the nation is not increasing its wealth.

We need factories, shipyards, steel mills,,,, that is what creates wealth in a nation.

 

[xBiffx]

Fool me once, shame on you. Fool me twice, shame on me....

Too bad I'm not fooled this time.

 

[Greenman]

The difference is, this time we will not only know the crash is coming, we'll have a pretty good idea of when.
Personally, I'll sell when my house hits $600k, and buy it back three years later for $125k.

 

[waggy]

The difference is, this time we will not only know the crash is coming, we'll have a pretty good idea of when.
Personally, I'll sell when my house hits $600k, and buy it back three years later for $125k.

hmm...:hmm:

 

[PokerGuy]

Brilliant, lets push the banks to lend money to those who can't afford to pay it back. Lets push the exact same policies that got us in the financial mess. Funny how the leftists will lap this up as a great idea to help people not get "left behind", blinded by their stupidity, unable to see that it's the same thing that caused the problems just a short time ago.

 

[umbrella39]

Taking stupid to a whole new level.

Since March, 2007...

 

[xBiffx]

Since March, 2007...

I'm afraid it goes back much, much further than that.

 

[Jaskalas]

great for the dems leading up to the elections. Bad for them after the crash.

The electorate isn't that intelligent to connect the dots years apart, all they will understand is what the Dem voting media tells them. Fox is the one exception that might pin the tail on the donkey, but those viewers already vote Republican.

In short, thanks to the media, they can do no wrong.

 

[lotus503]

Has this piece of shit not learned anything? This is the same thing bush did and look what it gave us. Banks are PRIVATE institutions and the government has no right to force them to do this. Are his supporters going to be hypocrites or will they at least have the decency to call him out?

Not that I think the policy is a good one.
But assuring and encouraging do not equal forcing.

I think insuring loans with shitty credit is stupid. I think calling that forcing is also stupid.

 

[lotus503]

So does this mean Obama is endorsing the "sound" economic policies of George W Bush?

How soon can we expect an apology from the Democrats for blaming him for the financial meltdown?

It was stupid when bush did it, it's stupid to do it now.

No apology needed.

 

[BoberFett]

Clearly this is Bush's fault.

 

[shortylickens]

The difference is, this time we will not only know the crash is coming, we'll have a pretty good idea of when.
Personally, I'll sell when my house hits $600k, and buy it back three years later for $125k.

I havent seen ANY houses drop that much anywhere.
People hold on to them for years rather than let go for a loss.

 

[fskimospy]

http://www.washingtonpost.com/busin...b4370c-9aef-11e2-a941-a19bce7af755_story.html

I guess he wants to expand upon this successful era Bush policy as well.

This is going to end well...

You realize that the CRA didn't have much of anything to do with the financial crisis, right?

With that in mind, what's the problem?

 

[fskimospy]

I find it really funny how many people in this thread are talking about how dumb people are while wrongly tying this to the financial crisis.

 

[shortylickens]

The funny thing is as much blind love as Obama gets, he will never be blamed. The media and most of the public will blame the previous and following Republican for anything that goes wrong during ANY administration. Its kinda cute until you remember a lot of folks will end up homeless one day.

 

[nehalem256]

I find it really funny how many people in this thread are talking about how dumb people are while wrongly tying this to the financial crisis.

So the financial crisis had nothing to do with banks giving out loans they should not have? :hmm:

 

[Paul98]

How about comparing what they want them to do with what they were doing before the collapse before you jump to any conclusion.