Obama administration pushing home loans for people with bad credit

The definition of crazy is doing the same thing over and over while getting the same result. During the early 2000's, the government - and Wall Street - urged banks and mortgage companies to lower their standards and give creative loans to people with bad or marginal credit. The result? An epic meltdown that we are strill trying to recover from today. In the last few years, Wall Street has once again begun to gamble recklessly in the mortgage security market. And now we find out that the administration is pushing home loans for those same marginal consumers. Washington Post: The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place. President Obama's economic advisers and outside experts say the nation's much-celebrated housing rebound...(Read Full Post)

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