I'm getting bored with politics, but this careless fat queer Barney Frank seems itching to pull the same stunt that helped bury our economy a few years ago. I don't care if you're rich, poor or indifferent- if you can't make the payments, you shouldn't get the credit/ Live within your means people- we'll all be stronger for it.


"Now it looks like Fannie and Freddie are back to their old tricks -- with the evident support of both Barney Frank and President Obama.

Spencer Bachus, the top Republican on Frank's Financial Services Committee, tells me that both agencies have started new programs that once again make loans and guarantees to "subprime" borrowers, or people with the lowest credit ratings -- the same sort of lending practices that contributed to their collapse back in 2008."



Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/barney_new_excuse_xr9UKP7eqW0PmiFRWJrtlK#ixzz10sGqz4Te

idontlikebeingrightaboutshitlikethisbutiam



Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.

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All an effort to drum up the base before an election because they are racists. And they could give a flying crap about our country and our economy... it is all about power for the demokrats, power at all kosts.



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twitter @EyeAmU



Edited 1 time(s). Last edit at 09/28/2010 09:06PM by conVince.

I'm definitely not a Barney Frank/Obama fan, but I don't see the lending of days gone by coming back anytime soon. No more 80-10-10, 80-20 piggy back loans, neg am opt ARMs gone, and a person pretty much needs a hefty down payment unless they qualify for a FHA or VA guaranteed loan. (with PMI)

One thing I do wonder about though, now that so many people have trashed credit, will BK, foreclosure or short sales end up having the same long term negative impact on their ability to restore their ability to borrow as in the past (i.e. 10 yrs for bk, 7 for foreclosure)?

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“We don’t have any rude, unpleasant people here. We’re different!”

Subprime is back? But I thought the lead singer OD'd.

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http://bible.cc/1_corinthians/13-11.htm

Dane Bramage Wrote:
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> One thing I do wonder about though, now that so
> many people have trashed credit, will BK,
> foreclosure or short sales end up having the same
> long term negative impact on their ability to
> restore their ability to borrow as in the past
> (i.e. 10 yrs for bk, 7 for foreclosure)?

If they have trashed credit they'll have to repair it, same as anyone else with bad credit. But the bar for loans is higher and hopefully will stay that way. 15-20% down should be the norm, and the loan amount shouldn't be more than three times yearly income. If these old rules hadn't gotten "old" we wouldn't have as many walkaways, not as many people wouldn't have been underwater, and there probably wouldn't have been a credit crises to crash the housing market in the first place because there would have been very few subprime mortgages to package into CMOs.

Frank and those guys should be mocked... subprime should be as bad a word as "welfare" after what it did to the US economy. It's as if they are building an unstable brick wall that falls on them, they pick up the pieces and heal up, but then miss the building process and begin to build it again the same way.

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justsayin Wrote:
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>
> Frank and those guys should be mocked... subprime
> should be as bad a word as "welfare" after what it
> did to the US economy. It's as if they are
> building an unstable brick wall that falls on
> them, they pick up the pieces and heal up, but
> then miss the building process and begin to build
> it again the same way.

+1

While all the Dems blame Bush for the current state of the economy, fact is that the DEms vision of home ownership for all was a major factor, if not THE most over-riding reason. CRA drove a lot of this bubble, coercing banks to lend to people who should not have had mortgages.

Of course, Clinton's failure to reign in CDS also had a lot to do with the crumbling once it began