Is it a case of history repeating itself with FHA once again making it easier for banks to give mortgages to lower credit quality borrowers?
Read more at LI here.
Wednesday, 19 August 2015
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Regarding the FHA move to encourage lending to borrowers under 640 FICO. This goddamn creeping socialism is probably the greatest threat we face. Forget about China, Russia, and international terrorism, democrats are the clear and present danger. I've worked in the Real Estate industry for over twenty years. It cannot be overstated that the subprime crisis of 2008 was the worst collapse in the history of housing in the United States. Millions of homeowners lost everything. All due to the machinations of Fannie Mae under director Franklin Raines, a Clinton appointee. And yet, the cruelty of this lesson has not been learned. I see Obama behind this move to lower credit standards once again. We are headed full tilt towards another financial crisis due to shoddy lending in the mortgage market, student loans, and even auto loans. Democrats must be stopped, period!
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