it's subprime that got us in the mess, most directly
the practice of putting people in homes they really can't afford
adjustable interest rates kept artificially low at the start
big balloon payments several years in
there were several ways for folks to get around pre-qual's, income requirements
there was definitely AN AGENDA, fannie and fred put literally millions of such loans out there
it's really not in the interest of lenders, you know, to put the bulk of their capital in the hands of folks who can't pay it back
the agenda, ie, was POLITICAL
the whole thing was dependent on the ability to refinance before the adjustable, before the balloon came due
but this refi required continued appreciation in home values
it was the appreciated equity these deadbeat (excuse me, please) borrowers were counting on using as their down's, their leverage for better terms
when appreciation stopped, indeed, actually reversed...
i would expect all of the above is common knowledge for the with-it members of this fine forum
carter famously passed the community reinvestment act
clinton famously removed glass steagall restrictions
dodd and frank famously testified that fannie and fred were fine
bush famously bragged that home ownership, especially among minorities, was thru the roof
now, everyone wants to take it all back
except there's one organization that's actually PROUD of its subprimey fingerprints
ACORN
on the community organizer's OWN web page they're STILL talking about helping you get into a home or stay in yours using all the tools at their activist disposal
except they've TAKEN IT DOWN---LOL!
the web page isn't there anymore!
http://www.acorn.org/index.php?id=12186&L=1/index.php?id=
i still remember the phone number, i posted it so many times in previous posts
1-866-67-acorn
LOL!
call!
maybe you can get yourself a nice upside down mortgage
OBAMA RECONSTRUCTED FANNIE AND FRED IN DECEMBER WITH NO LIMIT ON THE TAXPAYERS' BACKING:
U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says - Bloomberg.com
just this week another hurtful headline: HOME FORECLOSURES WERE 300G FOR THE 11TH STRAIGHT MONTH, WITH NO END IN SIGHT
U.S. foreclosures top 300,000 again - ContraCostaTimes.com
we are not close to the bottom of the housing market, realtytrac always says the same thing---more coming, pace to accelerate
well, at least dodd and frank and bush and clinton all have the sense to run away from it all now
but not ACORN
the red t-shirts are PROUD
they're PROGRESSIVE
they REPRESENT
you gotta admire their candor, at least
obama got his start with acorn, acorn and obama are like a seed and a tall, skinny tree