Change You Just Got A Taste Of

Obama is still pushing junk, subprime, bogus, mortgage paper.

“Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with ‘100 percent financing . . . no credit scores . . . undocumented income . . . even if you don’t report it on your tax returns.”

It took Obama, with intensive assistance of Barney Frank, Chris Dodd, Jamie Gorelick, Joe Biden, Frank Raines, and a host of comrades almost 23 years to utterly destroy the American financial industry.

Obama, from the White House, will be in a powerful position to destroy the WHOLE THING – the entire greedy capitalist “center-right” economy of the US; and for that matter its (our) culture. The “progress” should come much faster, driven directly by the President.

Change you have already got a taste of!

Obama has been very busy. But Obama’s ACORN is still pushing the subprime, bogus, junk mortgages; with the open assistance of Democrats and Journalism. Wall Street was required by law to finance affordable home ownership for Obama’s proletariat; and it still is! As the existing bad mortgages get re-negotiated for lower payments, new affordable mortgages will move into the pipeline. Greedy Wall Street must be punished for the damage, however.

This attack on capitalism and free markets is pernicious, and powerful.

Must see source: Doug Ross @ Journal The Trial of Sweet Fannie Mae

(See Also: New York Post, Stan Liebowitz
The Real Scandal)

…..
“In the 1980s, groups such as the activists at ACORN began pushing charges of “redlining” – claims that banks discriminated against minorities in mortgage lending.” In 1995, the Clinton administration loosened underwriting further, erasing “‘outdated’ criteria included the size of the mortgage payment relative to income, credit history, savings history and income verification.”

“Banks that got poor reviews were punished; some saw their merger plans frustrated; others faced direct legal challenges by the Justice Department… Flexible lending programs expanded even though they had higher default rates than loans with traditional standards. On the Web, you can still find CRA loans available via ACORN with ‘100 percent financing . . . no credit scores . . . undocumented income . . . even if you don’t report it on your tax returns.’

Ironically, an enthusiastic Fannie Mae Foundation report singled out one paragon of nondiscriminatory lending, which worked with community activists and followed “the most flexible underwriting criteria permitted.” That lender’s $1 billion commitment to low-income loans in 1992 had grown to $80 billion by 1999 and $600 billion by early 2003…..

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: