RunRyder RC
 1 page 394 views POST REPLY
HomeOff Topics News & Politics › Here we go again with more bad housing loans
10-22-2014 10:46 PM  4 years agoPost 1


texas - USA

My Posts: All  Forum  Topic

Rebirth Of The Toxic Twins

Subprime Redux: Mel Watt's easy credit crusade is now off and running. Fannie Mae and Freddie Mac's chief regulator has officially lowered lending standards for the entire mortgage industry. Here we go again.
In January, we warned that Watt's swearing-in as head of the Federal Housing Finance Agency would mark the start of the next housing bubble. We pointed out that the Congressional Black Caucus' former head has a soft spot for those who can't afford homes and that as a Democrat lawmaker he pressed Freddie to lend even to "welfare recipients" in his district.

"Expect him to reboot the era of easy credit," we warned. "Watch him use his control of Freddie and Fannie to return to the recklessly lax policies that caused the mortgage crisis."

Now comes news that he and the nationalized mortgage giants have drawn up new rules aimed at loosening underwriting standards to make home loans more affordable and easier to get for low-income borrowers with poor credit.

No longer will Fannie and Freddie require down payments of at least 5% for conventional loans. Now it will buy mortgages with a minimum down payment of 3%, mimicking what took place before the mortgage crisis and matching the subprime standard set by the Federal Housing Administration.

See how that works? This explains a lot about how Detroit went bust.

90% of life is "showing up"

 1 page 394 views POST REPLY
HomeOff Topics News & Politics › Here we go again with more bad housing loans
 Print TOPIC  Make Suggestion 

 2  Topic Subscribe

Tuesday, November 20 - 1:43 pm - Copyright © 2000-2018 RunRyder   EMAILEnable Cookies

The RC discussion world needs to consolidate. RR is now one choice for that. Its software is cutting edge. It hosts on-topic advertising. Help RR increase traffic buy making suggestions, posting in RR's new areas (sites) and by spreading the word.

The RunRyder Difference

• Category system to allow Rep/Vendor postings.
• Classifieds with sold (hidden) category.
• Classifieds with separate view new.
• Answer PMs offsite via email reply.
• Member gallery photos with advanced scripting.
• Gallery photo viewer integrated into postings.
• Highly refined search with advanced back end.
• Hosts its own high end fast response servers.
• Hosts thousands of HD event coverage videos.
• Rewrote entire code base with latest technology.
• No off-topic (annoying) click bait advertising.
Login Here
 New Subscriptions 
 Buddies Online