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ObamaMortgage
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 2016-04-06 10:29 AM |
Pro  9391     Omaha, NE |  Subject: ObamaMortgageObama administration pushes banks to make home loans to people with weaker credit It worked out so well the last time we tried it, so why not. |
| 2016-04-06 10:37 AM in reply to: tuwood |
Pro 6838  Tejas | Subject: RE: ObamaMortgage Almost like planting a time bomb that will go off just in time for the next election cycle. I can hear it now, " We can't afford four more years of Trump/Cruz/Bush failed economic policy." Sound familiar? It also plays against the GOP in the general election. "Trump/Cruz/Bush just don't want poor minorities to get a hand up because they are racist." It will work again too. |
| 2016-04-06 11:40 AM in reply to: mdg2003 |
| New user 900 , | Subject: RE: ObamaMortgage If it wasn't so sad it would be funny. |
| 2016-04-06 1:27 PM in reply to: mdg2003 |
Champion 7821 Brooklyn, NY | Subject: RE: ObamaMortgage I think it's a stretch to say that he's doing it with the intention of it going sideways just in time for the next election cycle. Even if you despise Obama, that's giving him credit for having, like, a super-villain level of nefariousness. I think this is one of those examples where one should presume incompetence, rather than malice. And yes, on the face of it, I think this sounds like a horrible idea. |
| 2016-04-06 1:47 PM in reply to: jmk-brooklyn |
Pro 9391 Omaha, NE | Subject: RE: ObamaMortgage Originally posted by jmk-brooklyn I think it's a stretch to say that he's doing it with the intention of it going sideways just in time for the next election cycle. Even if you despise Obama, that's giving him credit for having, like, a super-villain level of nefariousness. I think this is one of those examples where one should presume incompetence, rather than malice. And yes, on the face of it, I think this sounds like a horrible idea. I tend to agree with you. |
| 2016-04-06 9:00 PM in reply to: 0 |
Extreme Veteran 3025 Maryland | Subject: RE: ObamaMortgage this does sound like a bad idea... however it wasn't actually the bad mortgages that caused the economy to crash. They bundled shite mortgages together, got ratings agencies to rate them well, and then made massive bets, and bets on the bets, and bets on the bets that they wouldn't fail. owning my house is cheaper for me than renting where I live, just to throw some food for thought out there. Edited by dmiller5 2016-04-06 9:01 PM |
| 2016-04-07 10:02 AM in reply to: dmiller5 |
Champion 6993 Chicago, Illinois | Subject: RE: ObamaMortgage dmiller you for got the part where they create some mortgages to fail sold them and then made bet that they would fail. Book Bailout pretty interesting book on the subject. |
| 2016-04-07 11:48 AM in reply to: jmk-brooklyn |
Pro 6838 Tejas | Subject: RE: ObamaMortgage Originally posted by jmk-brooklyn I think it's a stretch to say that he's doing it with the intention of it going sideways just in time for the next election cycle. Even if you despise Obama, that's giving him credit for having, like, a super-villain level of nefariousness. I think this is one of those examples where one should presume incompetence, rather than malice. And yes, on the face of it, I think this sounds like a horrible idea. I dunno. I think both political parties are more interested in retaining power than actually running a solvent, healthy government. Again, I give the democrats credit for actually having a plan in place to do so. The repubs are just bumblefking along HOPING to regain control. I call obama a lot of things. Incompetent is definitely not one of them. Malice doesn't come in to play IMO. I think the democrats honestly believe that the end game justifies whatever they need to do to get there. After all, they can always print another pot of money to bail the country out again right? |
| 2016-04-08 1:12 PM in reply to: tuwood |
| Chicago, IL | Subject: RE: ObamaMortgage Originally posted by tuwood Obama administration pushes banks to make home loans to people with weaker credit It worked out so well the last time we tried it, so why not. That article is over three years old. Additionally, Mr Goldfarb, suggests that credit scores are "out of 800", which is demonstrably incorrect (it's out of 850). Seems like a poorly written opinion piece by a partisan non-journalist. What's your intention with this post? |
| 2016-04-08 1:19 PM in reply to: Brit Abroad |
Master 2802 Minnetonka, Minnesota Bronze member | Subject: RE: ObamaMortgage ^ Good catch on the date! I assume Tony didn't see the byline date or he wouldn't have posted as it is pretty irrelevant in 2016. |
| 2016-04-08 1:22 PM in reply to: ejshowers |
Pro 9391 Omaha, NE | Subject: RE: ObamaMortgage Originally posted by ejshowers ^ Good catch on the date! I assume Tony didn't see the byline date or he wouldn't have posted as it is pretty irrelevant in 2016. Yeah, big time. I can't remember where I saw it but it was just posted in the last few days on some conservative site so I assumed it was current. oops. I blame Obama. |
| 2016-04-08 1:31 PM in reply to: 0 |
Master 2946 Centennial, CO | Subject: RE: ObamaMortgage Obama did just suggest making it easier the last few days. I'll see if I can find a link. http://www.redstate.com/brandon_morse/2016/04/05/obama-wants-give-risky-lending-policies-another-go/ http://www.iwf.org/blog/2799782/Obama-White-House-Pushing-Risky-Home-Lending
Edited by velocomp 2016-04-08 1:35 PM |
| 2016-04-08 2:20 PM in reply to: velocomp |
Master 2802 Minnetonka, Minnesota Bronze member | Subject: RE: ObamaMortgage Originally posted by velocomp Obama did just suggest making it easier the last few days. I'll see if I can find a link. http://www.redstate.com/brandon_morse/2016/04/05/obama-wants-give-risky-lending-policies-another-go/ http://www.iwf.org/blog/2799782/Obama-White-House-Pushing-Risky-Home-Lending
Did you even look at those links??? They all simply cut and paste, refer to, or even directly copy the same 2013 article that Tony posted above, without, of course, mentioning that the info they are referring to is 3 years old. Now why would 3 separate blogs all regurgitate a tired old article from 2013 within 2 days of each other? Sad take on the right wing blogosphere and how they take orders from above on what to say and how they try to sway their readers with misinformation. But that is a whole other topic and thread... |
| 2016-04-08 2:38 PM in reply to: ejshowers |
Pro 15655 | Subject: RE: ObamaMortgage Originally posted by ejshowers Originally posted by velocomp Did you even look at those links??? They all simply cut and paste, refer to, or even directly copy the same 2013 article that Tony posted above, without, of course, mentioning that the info they are referring to is 3 years old. Now why would 3 separate blogs all regurgitate a tired old article from 2013 within 2 days of each other? Sad take on the right wing blogosphere and how they take orders from above on what to say and how they try to sway their readers with misinformation. But that is a whole other topic and thread... Obama did just suggest making it easier the last few days. I'll see if I can find a link. http://www.redstate.com/brandon_morse/2016/04/05/obama-wants-give-risky-lending-policies-another-go/ http://www.iwf.org/blog/2799782/Obama-White-House-Pushing-Risky-Home-Lending
From.........................God??? |
| 2016-04-08 2:42 PM in reply to: Left Brain |
Pro 9391 Omaha, NE | Subject: RE: ObamaMortgage Originally posted by Left Brain Originally posted by ejshowers Originally posted by velocomp Did you even look at those links??? They all simply cut and paste, refer to, or even directly copy the same 2013 article that Tony posted above, without, of course, mentioning that the info they are referring to is 3 years old. Now why would 3 separate blogs all regurgitate a tired old article from 2013 within 2 days of each other? Sad take on the right wing blogosphere and how they take orders from above on what to say and how they try to sway their readers with misinformation. But that is a whole other topic and thread... Obama did just suggest making it easier the last few days. I'll see if I can find a link. http://www.redstate.com/brandon_morse/2016/04/05/obama-wants-give-risky-lending-policies-another-go/ http://www.iwf.org/blog/2799782/Obama-White-House-Pushing-Risky-Home-Lending
From.........................God??? He told me to start this thread... ;-) |
| 2016-04-08 2:45 PM in reply to: dmiller5 |
| 1300 | Subject: RE: ObamaMortgage Originally posted by dmiller5 this does sound like a bad idea... however it wasn't actually the bad mortgages that caused the economy to crash. They bundled shite mortgages together, got ratings agencies to rate them well, and then made massive bets, and bets on the bets, and bets on the bets that they wouldn't fail. owning my house is cheaper for me than renting where I live, just to throw some food for thought out there. It was a bit of both. There's a great NYT's article I need to find the link to from the 99 to early 2000's. The author basically called the housing bubble then saying Barney Frank and the others screaming for sub prime loans to be made are leading us down a dangerous road. You're right the packaging of sub prime loans and the poor management decisions of the ratings companies was the gasoline on the fire. However the fire would not have been lit in the first place if it wasn't for the loans and the practices of the originators. I've been on both sides of this. Bought my first home with a no doc loan and work in finance so I had a front row seat during the meltdown. |
| 2016-04-08 2:53 PM in reply to: Left Brain |
Master 2802 Minnetonka, Minnesota Bronze member | Subject: RE: ObamaMortgage Originally posted by Left Brain Originally posted by ejshowers Originally posted by velocomp Did you even look at those links??? They all simply cut and paste, refer to, or even directly copy the same 2013 article that Tony posted above, without, of course, mentioning that the info they are referring to is 3 years old. Now why would 3 separate blogs all regurgitate a tired old article from 2013 within 2 days of each other? Sad take on the right wing blogosphere and how they take orders from above on what to say and how they try to sway their readers with misinformation. But that is a whole other topic and thread... Obama did just suggest making it easier the last few days. I'll see if I can find a link. http://www.redstate.com/brandon_morse/2016/04/05/obama-wants-give-risky-lending-policies-another-go/ http://www.iwf.org/blog/2799782/Obama-White-House-Pushing-Risky-Home-Lending
From.........................God??? Someone is doing some coordinating, or did those bloggers somehow decide on their own to write about a 3 year old newspaper article within 2 days of each other? Not God, but maybe The Conservative Action Project, The Heritage Foundation, The Family Research Council, Ed Meese, Michelle Malkin... |
| 2016-04-08 2:54 PM in reply to: Goggles Pizzano |
Pro 9391 Omaha, NE | Subject: RE: ObamaMortgage Originally posted by Goggles Pizzano Originally posted by dmiller5 this does sound like a bad idea... however it wasn't actually the bad mortgages that caused the economy to crash. They bundled shite mortgages together, got ratings agencies to rate them well, and then made massive bets, and bets on the bets, and bets on the bets that they wouldn't fail. owning my house is cheaper for me than renting where I live, just to throw some food for thought out there. It was a bit of both. There's a great NYT's article I need to find the link to from the 99 to early 2000's. The author basically called the housing bubble then saying Barney Frank and the others screaming for sub prime loans to be made are leading us down a dangerous road. You're right the packaging of sub prime loans and the poor management decisions of the ratings companies was the gasoline on the fire. However the fire would not have been lit in the first place if it wasn't for the loans and the practices of the originators. I've been on both sides of this. Bought my first home with a no doc loan and work in finance so I had a front row seat during the meltdown. We built our house 14 years ago and weren't the most financially responsible people on the planet (ok, maybe closer to the least). We did a 100% 80/20 ARM with a 5 year balloon at almost 45% debt to income ratio. Talk about house poor. |
| 2016-04-11 12:20 PM in reply to: tuwood |
Champion 6993 Chicago, Illinois | Subject: RE: ObamaMortgage Originally posted by tuwood We built our house 14 years ago and weren't the most financially responsible people on the planet (ok, maybe closer to the least). We did a 100% 80/20 ARM with a 5 year balloon at almost 45% debt to income ratio. Talk about house poor. a friend of mine who combine family income is over 200k also lost her house to am arm. They took out a mortgage to add a big addition to the house which was stupid in my opinion because now there house is twice the size as all the other houses on the neighborhood and only has a 1 car garage because that is all they have room for. They got an arm and did not know how they were going to keep it up with the other expenses. I think ultimately her daughter dropped out of college because it was either her school or the house. They are both smart people but you never know what you are going to get into. That being said I might be buying my first place if everything comes together. Its a small condo but it will be cheaper than renting a similar place, and we can't move for 10 years or so anyways to be close to grandma who watches the kid during the day. No arms for me, no way. |
| 2016-04-11 1:45 PM in reply to: tuwood |
| 1300 | Subject: RE: ObamaMortgage Originally posted by tuwood We built our house 14 years ago and weren't the most financially responsible people on the planet (ok, maybe closer to the least). We did a 100% 80/20 ARM with a 5 year balloon at almost 45% debt to income ratio. Talk about house poor. Yea that stuff is scary. Some of the lending practices were really "questionable"! I refi'd our current home 3 x's. Twice to lower rate and last time to cut rate and duration. The first time was maybe 3 years after purchase. Conversation went like this: You have built up some equity in the home, why don't you take some out while we do this? Me; No thanks, don't need it. Why not, you don't want to fix anything in your home, put an addition on or something? Me: No thanks, I am single and don't need the room or want the extra debt. Why not take it and buy yourself a nice car. Look at me, my wife and I have a new BMW and a Hummer. Bought both out of my house. Me: That's great for you, I am not interested for a number of reasons. One other refi went like that also. The guy from the conversation above I am pretty sure lost his house and got divorced at some point. |
| 2016-04-11 3:12 PM in reply to: Goggles Pizzano |
Champion 7821 Brooklyn, NY | Subject: RE: ObamaMortgage Originally posted by Goggles Pizzano Originally posted by tuwood We built our house 14 years ago and weren't the most financially responsible people on the planet (ok, maybe closer to the least). We did a 100% 80/20 ARM with a 5 year balloon at almost 45% debt to income ratio. Talk about house poor. Yea that stuff is scary. Some of the lending practices were really "questionable"! I refi'd our current home 3 x's. Twice to lower rate and last time to cut rate and duration. The first time was maybe 3 years after purchase. Conversation went like this: You have built up some equity in the home, why don't you take some out while we do this? Me; No thanks, don't need it. Why not, you don't want to fix anything in your home, put an addition on or something? Me: No thanks, I am single and don't need the room or want the extra debt. Why not take it and buy yourself a nice car. Look at me, my wife and I have a new BMW and a Hummer. Bought both out of my house. Me: That's great for you, I am not interested for a number of reasons. One other refi went like that also. The guy from the conversation above I am pretty sure lost his house and got divorced at some point. I wonder if his wife got the BMW or the Hummer. |
| 2016-04-11 3:22 PM in reply to: 0 |
Pro 15655 | Subject: RE: ObamaMortgage Originally posted by jmk-brooklyn Originally posted by Goggles Pizzano I wonder if his wife got the BMW or the Hummer. Originally posted by tuwood We built our house 14 years ago and weren't the most financially responsible people on the planet (ok, maybe closer to the least). We did a 100% 80/20 ARM with a 5 year balloon at almost 45% debt to income ratio. Talk about house poor. Yea that stuff is scary. Some of the lending practices were really "questionable"! I refi'd our current home 3 x's. Twice to lower rate and last time to cut rate and duration. The first time was maybe 3 years after purchase. Conversation went like this: You have built up some equity in the home, why don't you take some out while we do this? Me; No thanks, don't need it. Why not, you don't want to fix anything in your home, put an addition on or something? Me: No thanks, I am single and don't need the room or want the extra debt. Why not take it and buy yourself a nice car. Look at me, my wife and I have a new BMW and a Hummer. Bought both out of my house. Me: That's great for you, I am not interested for a number of reasons. One other refi went like that also. The guy from the conversation above I am pretty sure lost his house and got divorced at some point. I know which one HE'S not getting anymore. Edited by Left Brain 2016-04-11 3:22 PM |
| 2016-04-11 3:37 PM in reply to: Left Brain |
Master 2802 Minnetonka, Minnesota Bronze member | Subject: RE: ObamaMortgage Originally posted by Left Brain Originally posted by jmk-brooklyn Originally posted by Goggles Pizzano I wonder if his wife got the BMW or the Hummer. Originally posted by tuwood We built our house 14 years ago and weren't the most financially responsible people on the planet (ok, maybe closer to the least). We did a 100% 80/20 ARM with a 5 year balloon at almost 45% debt to income ratio. Talk about house poor. Yea that stuff is scary. Some of the lending practices were really "questionable"! I refi'd our current home 3 x's. Twice to lower rate and last time to cut rate and duration. The first time was maybe 3 years after purchase. Conversation went like this: You have built up some equity in the home, why don't you take some out while we do this? Me; No thanks, don't need it. Why not, you don't want to fix anything in your home, put an addition on or something? Me: No thanks, I am single and don't need the room or want the extra debt. Why not take it and buy yourself a nice car. Look at me, my wife and I have a new BMW and a Hummer. Bought both out of my house. Me: That's great for you, I am not interested for a number of reasons. One other refi went like that also. The guy from the conversation above I am pretty sure lost his house and got divorced at some point. I know which one HE'S not getting anymore. Duh, they were MARRIED after all... |
| 2016-04-11 3:41 PM in reply to: ejshowers |
Pro 15655 | Subject: RE: ObamaMortgage Originally posted by ejshowers Originally posted by Left Brain Duh, they were MARRIED after all... Originally posted by jmk-brooklyn Originally posted by Goggles Pizzano I wonder if his wife got the BMW or the Hummer. Originally posted by tuwood We built our house 14 years ago and weren't the most financially responsible people on the planet (ok, maybe closer to the least). We did a 100% 80/20 ARM with a 5 year balloon at almost 45% debt to income ratio. Talk about house poor. Yea that stuff is scary. Some of the lending practices were really "questionable"! I refi'd our current home 3 x's. Twice to lower rate and last time to cut rate and duration. The first time was maybe 3 years after purchase. Conversation went like this: You have built up some equity in the home, why don't you take some out while we do this? Me; No thanks, don't need it. Why not, you don't want to fix anything in your home, put an addition on or something? Me: No thanks, I am single and don't need the room or want the extra debt. Why not take it and buy yourself a nice car. Look at me, my wife and I have a new BMW and a Hummer. Bought both out of my house. Me: That's great for you, I am not interested for a number of reasons. One other refi went like that also. The guy from the conversation above I am pretty sure lost his house and got divorced at some point. I know which one HE'S not getting anymore. Dammit boy! |
| 2016-04-11 10:06 PM in reply to: Left Brain |
| 1300 | Subject: RE: ObamaMortgage Yep, about the maturity level I expected !! ?? |
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