They didn't learn a damn thing!

[I B Hankering]

Couple this with the recent ignorant congressional legislation regarding banks and derivatives.

Mortgage Giants Ease Down Payments For First-Time Homebuyers

A federal directive will go into effect Saturday making it easier for some Americans to come up with a down payment to buy a house.

The vast majority of home loans are guaranteed by the government-controlled mortgage giants Fannie Mae and Freddie Mac. The regulator in charge of Fannie and Freddie will allow first-time homebuyers to put down as little as 3 percent.

The move is part of an effort by Melvin Watt, the head of the Federal Housing Finance Agency, to make home ownership once again more attainable for more Americans.

http://www.npr.org/2014/12/12/370378...tm_campaign=us

[Texas Contrarian]

Given such a panoply of government "achievements" that could reasonably be the subject of a thread titled, "They didn't learn a damn thing!," I was curious to see what was chosen this time. So I clicked to see.

Yes, indeed! A fair bit of commentary has recently been circulating in the world of finance and investments about this very thing. The general sense of the matter seems to be that since we've seen this movie before, and weren't very pleased with the ending, there would seem to be little reason to be confident that the sequel's final scene will be any less ugly.

But trying to stand between vote-buying politicians and their financial enablers is about like trying to position yourself between Al Sharpton and a television camera!

[rioseco]

Originally Posted by I B Hankering

Couple this with the recent ignorant congressional legislation regarding banks and derivatives.

.

Looks like a vote to go back to the past.

[i'va biggen]

Just in time for another crisis to blame Obama.

[Jackie S]

President Reagan declared a amnesty for illegals without securing the border......bingo. President Obama now wants to do the same thing so 15 years from now we will be faced with the same problem.

Over a decade ago, the Government decided to allow banks and mortage companies to give home loans to people who could never hope to make the payments with disastrous results.....bingo. We are doing it again.

As worn out as the old phrase may be, "if we do not learn from history, we are doomed to repeat it's mistakes still rings true.

[Yssup Rider]

Originally Posted by rioseco

.

Looks like a vote to go back to the past.

You have no fucking idea what it looks like, you ignorant fuck! There was no "vote" involved.

You ought to read the thread before you just randomly blurt out RWW talking points, SLOBBRIN LITE.

Wait a second ... That's exactly what IBIdiot did.

[SAUrbanAnimal]

If the government has to have their fingers in something, I don't have a problem with this program provided the guidelines make sense and the only thing missing is the ability to come up with the down payment. I remember my first house in 86 with 3.5 down at 8.5% it was also assumable.

[I B Hankering]

Melvin Watt is a dim-retard Odumbo appointee, so yeah, it is Odumbo's fault, and yeah, "we gonna party like it's 1999."

BTW, the wiki article on Melvin Luther "Mel" Watt suggests ol' "Mel" shouldn't have any government job paid for by American taxpayers.

[boardman]

Originally Posted by Jackie S

President Reagan declared a amnesty for illegals without securing the border.....'.

Not exactly. The law Reagan signed had provisions to secure the border. The Democratic controlled congress in the subsequent term defunded the border security provision after the damage of amnesty was done. It wasn't until 1998 that some funding was restored.

[LexusLover]

Originally Posted by i'va biggen

Just in time for another crisis to blame Obama.

Do you want to blame Bush?

[LexusLover]

Originally Posted by boardman

Not exactly. The Democratic controlled congress in the subsequent term defunded the border security provision after the damage of amnesty was done. It wasn't until 1998 that some funding was restored.

Clinton administration failed to utilizing funding available for increasing the number of border patrol agents, which required recruiting, training, and equipping. There was a House subcommittee hearing regarding in which testimony was taken and available funding was discussed, while looking at the actual numbers.

At the same time there was a lot of hoopla about the Clinton administration "putting cops" on the street, claims were thrown around, but the Federal program didn't add cops .... it provided grants to hire cops with college degrees, and the grants scaled down over a four year period....with the departments having to either get rid of the "new hires" or budget the shortfall themselves, plus continuing purchasing the "hardware" for the "alleged increase." Basically larger departments recruited degreed officers from the smaller agencies and put "desk cops" on the street.

Note: For the most part our border security is supplemented by smaller agencies.

[CuteOldGuy]

Originally Posted by i'va biggen

Just in time for another crisis to blame Obama.

But . . . The coming crisis will be the result of Obama's actions. You really are clueless, aren't you?

[LexusLover]

Originally Posted by SAUrbanAnimal

If the government has to have their fingers in something, I don't have a problem with this program provided the guidelines make sense and the only thing missing is the ability to come up with the down payment. I remember my first house in 86 with 3.5 down at 8.5% it was also assumable.

VA/FHA loans?

The reality of this type of "funny money" is buyers are borrowing their down payment and if someone has not rat holed enough for a 20% down payment with their current income they more than likely will not be able to make the payments on the loan PLUS low down payments invite people to get into a house that is over their head ... appraisers play that game ..... to jack up the value to get the loan.

It brought the S&L's down in the 70's .. lenders again in the 80's .. and not long ago this country suffered another wave .. which is still not crested.

[JD Barleycorn]

Originally Posted by i'va biggen

Just in time for another crisis to blame Obama.

Interesting that you are the first person to bring up the Mad Boy-King Obama. Are you feeling defensive? Interesting that Reid, Obama, and Boehner all want this budget to go through. Also surprising that the Tea party and the socialist liberals led by Elizabeth Warren are against it. What a funny world.

[JD Barleycorn]

Originally Posted by Jackie S

President Reagan declared a amnesty for illegals without securing the border......bingo. President Obama now wants to do the same thing so 15 years from now we will be faced with the same problem.

Over a decade ago, the Government decided to allow banks and mortage companies to give home loans to people who could never hope to make the payments with disastrous results.....bingo. We are doing it again.

As worn out as the old phrase may be, "if we do not learn from history, we are doomed to repeat it's mistakes still rings true.

To be completely accurate Ronald Reagan piggybacked on a congressional bill to give amnesty to illegals AND the congress promised to close the border. When called up on to do their part the democrats in congress suddenly got amnesia. Just like when they got Bush 41 to raise taxes (breaking his pledge) and they promised to cut spending two dollars for every dollar raised in taxes. They forgot their promise after Bush signed off.