The headline in newspapers one recent weekend read like an April Fool’s joke, but it wasn’t April 1. The Obama administration announced it wants to provide a little more juice to the now-lackluster housing market by bending the home lending rules to make it easier for banks to make loans and marginal buyers to take on a mortgage. One of the big changes: The Federal Housing Finance Agency will lower down payment requirements from an already absurdly low 5 percent to a ridiculously low 3 percent on many loans that are eligible for federal mortgage insurance assistance. Here we go again. Maybe the Obama Democrats should start running billboards across the country announcing: “Uncle Sam is back in the subprime lending game.” Is the Obama administration actively trying to create the conditions for another housing collapse? What everyone who follows the housing market knows full well is this: The major reason for the millions of home foreclosures during the meltdown was the policy of low down payments on home loans. dailysignal/2014/11/02/go-uncle-sam-back-subprime-lending-game/?utm_source=facebook&utm_medium=social
Posted on: Mon, 03 Nov 2014 17:56:36 +0000
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