Government unveils new mortgage help
Published: October 19, 2009
WASHINGTON — The Obama administration is unveiling a new program to provide support to state and local housing agencies to provide help to thousands of home buyers and renters.
The administration said the new program would help to support low mortgage rates and expand resources for low and middle income borrowers who want to buy or rent a home.
The program will feature two parts — a new bond purchase program to support new lending by housing finance agencies and a temporary credit and liquidity program to improve access by housing agencies to credit sources for their existing bonds.
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expand resources for low and middle income borrowers who want to buy or rent a home.
They must be joking. Obama might be a smart man (well, smart but no common sense), but he doesn’t seem to know his history. This is how the current fiasco started! Of course I’m sure he knows how it started, but is just trying to keep his brain-dead supporters in the fold by doling out free money and easy credit. “Don’t worry, those nasty rich people will pay for it!“
Here’s the history for those uninformed: This whole fiasco started with Jimmy Carter and was expanded by Bill Clinton (and a special thanks goes to Chris Dodd and Barney Frank as well). Read up on the Community Reinvestment Act for more info.
They should find a way to make it easier for 1st time home buyers to purchase condos. FHA loans all but prohibit condo purchases, which is often an ideal home for first time buyers.
Let me see if I’ve got this right.
The government wants to help like it did in the 2000-2006 period, when it arm-twisted banks into lending to unqualified buyers in order to keep the economy rocking while we were waging war in Iraq?
Hmmm ... “those who don’t learn from history are doomed to repeat it.“
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