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Those that ignore history are doomed to repeat it


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#1 g5jamz

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Posted 03 April 2013 - 09:19 AM

and ignorant...

http://www.washingto...ry.html?hpid=z1

The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.
President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.


In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default


Really Obama?

Defaultless loans?

#2 Niner National

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Posted 03 April 2013 - 10:00 AM

:sigh:

I'm young, I bought a house without issue. Even got a 100% loan with no PMI because my credit score was so good and my salary was high enough.

The only young people being left behind are those that probably shouldn't own a house right now anyway.

#3 BBQ&Beer

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Posted 03 April 2013 - 10:26 AM

Depends on what they mean by "weaker".

Having said that, I think this would require more oversight than its worth. I checked what kind of loan I could get just before the crash, & the guy tells me that with VA, my credit, & $50K a year, he would throw $450K my way. Bat poo crazy.



#4 thatlookseasy

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Posted 03 April 2013 - 10:28 AM

Now if only we could bundle a bunch of these loans together into derivatives then convince the credit agencies to give them a AAA rating, we could sell these things all over the place and eliminate the risk

#5 dos poptarts

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Posted 03 April 2013 - 10:58 AM

NINJA loans making a stealthy comback:

"all that is required to qualify for a mortgage loan is qualifying for a life insurance policy, a down payment that usually amounts to 10% of the purchase price and verification that the borrower has the financial ability to pay the monthly payments."

http://finance.yahoo.com/news/fastfunds-financial-corporation-acquires-exclusive-130000087.html

Subprime loans for autos.

As the economy has slowly improved, lenders are increasingly comfortable writing auto loans for those with subprime or weak credit ratings. In the fourth quarter, there was a 30.9 percent increase in the number of new vehicles sold to those with deep subprime credit scores under 550. Loans to those with subprime credit scores between 550 and 619 jumped 11.5 percent.
...
Still, 43.2 percent of new car loans in the fourth quarter were written for those with subprime credit scores, according to Experian. That is the highest percentage of new car loans going to subprime buyers since late 2007.

http://www.cnbc.com/id/100522157?par=yahoo

All that was old is new again....

#6 Harris Aballah

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Posted 03 April 2013 - 11:22 AM

It'll take a few years to fall apart again, and guess whose gonna take the blame?

#7 thefuzz

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Posted 03 April 2013 - 12:51 PM

Simply Stunning.

Sometimes I can't believe what I am hearing when people talk about our federal government.

#8 Gazi

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Posted 03 April 2013 - 12:54 PM

As long as we don't have to bail them out I don't really care.

#9 thefuzz

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Posted 03 April 2013 - 12:57 PM

As long as we don't have to bail them out I don't really care.



You won't get to make that call, and of course we would be bailing them out. Have you learned nothing about this country in the last 7 years?

I say this is all fine and good, as long as the banks hold the paper that they loan, and like you said, no bailouts possible.

#10 g5jamz

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Posted 03 April 2013 - 01:01 PM

LOL...if we don't bail them out...it would lead to the next depression. Remember those words during the end of the Bush administration with the TARP and other bailouts?

#11 Niner National

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Posted 03 April 2013 - 01:46 PM

Depends on what they mean by "weaker".

Having said that, I think this would require more oversight than its worth. I checked what kind of loan I could get just before the crash, & the guy tells me that with VA, my credit, & $50K a year, he would throw $450K my way. Bat poo crazy.

LOL. Unreal.

I didn't even ask how much I COULD get because I knew how much I could easily afford and I didn't want to go beyond that.

#12 BBQ&Beer

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Posted 03 April 2013 - 02:24 PM

LOL. Unreal.

I didn't even ask how much I COULD get because I knew how much I could easily afford and I didn't want to go beyond that.


Exactly. Sad thing is when I balked he tried to talk me into it. Sadder still is that there were probably a fair number of young guys recently out of the military that fell for it.