HERE WE GO AGAIN: Obama Wants Banks To Give Mortgages To People With BAD CREDIT
Remember that financial meltdown we had in 2008? Despite everything Democrats say, they caused it, largely because they pressured banks to give home loans to people who couldn’t afford them, all in the name of fairness.
Now they want to do it again.
The New York Post reported:
Team Obama is setting us up for another housing-market collapse
The Obama administration is doing its best to give the nation another mortgage meltdown.
As Paul Sperry recently noted in The Post, Team Obama has pushed mortgage lenders to offer home loans to folks with shaky credit, setting up conditions for another housing-market collapse.
Wasn’t the last one bad enough?
Credit scores of approved borrowers, for example, have been trending down, even as their debt levels have grown.
The Federal Housing Administration and government-sponsored “independent” lenders Fannie Mae and Freddie Mac have been demanding lower credit standards — just as the feds did starting under President Bill Clinton, in pursuit of the same “affordable housing” goal.
Some borrowers need only put 3 percent down to get a Fannie Mae loan — even if the downpayment is a gift. Fannie also has started up a new subprime lending program.
The Office of the Comptroller of the Currency recently warned that mortgage underwriting standards have slipped and now reflect “broad trends similar to those experienced from 2005 through 2007, before the most recent financial crisis.”
When the economy and housing prices turn south again, a lot of these loans will go bad, just as they did last time.
Keep this in mind the next time Hillary or Bernie blame Republicans for the 2008 financial crisis.
The Democrats did it before and now they want to do it again.