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Posted by: jordan11 1 year, 1 month ago
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jordan111 year, 1 month ago
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The whole purpose of fannie and freddie was to bring low income families into the sphere of ownership. If fannie and freddie were making a disproportionate number of loans to some areas, and redlining others, they should have been brought to task. Ownership is a win/win situation, especially in impoverished areas. It gets rid of slum lords, it gives pride of ownership to families, & reduces stress in an already stressful environment for children. How do I know this? I lived it 40 years ago.
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Then I learned about a HUD loan for low income families. I applied, but didn't have much of a credit rating. They asked me to write a letter to explain, and I did. Based on my income, I was given a set amount I could afford for a house. I found one in a neighborhood of mixed incomes, my home being the smallest and in very bad condition. With a fixed interest rate, I moved in & began to fix up my home. For the first time, my kids could go out and play without my worrying about those who roamed our old neighborhood. My new neighbors gave advise on how to fix things, and even pitched in to help when I rebuilt the fence. I loved that funny old run down house, and it changed our lives.
That's what people want from fannie and freddie. No one told them to make loans that would rise in interest rates, or have a balloon payment stuck on. Asking fannie an freddie to do what they were created to do, has nothing to do with this crisis. For 70 years fannie mae helped low income people, and there was no crisis. Predatory lending practices that allowed people to buy houses that cost too much, and interest rates that would grow beyond their means to pay is what caused this crisis. Obama most certainly did NOT ask lenders to do that.
http://www.dollarsandsense.org/archives/2007/0507k...-
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tiedup1 year, 1 month ago
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Everything is a mess I agree, but don't you think that our tax dollars used to bail out these banks should be used to make things better and not send the big wigs at AIG and there cronies on vacations. I want my money back Mr. Bush and I want it back now. Let AIG use it's own money that they have taken in profit shareing and put it back where they stole it from
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saneman1 year, 1 month ago
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ROFLMAO! Its a good thing that none of you have been to law school and couldn't ever get into law school. The so-called lawsuit had nothing to do with forcing loan companies to give out bad loans. Try reading what really went on. The loan companies were granting loans to certain types of people but denying loans to others even though they had the same finances as the ones who WERE getting the loans. Had those loan companies denied everybody at the same financial levels then there would not have been a lawsuit. Its called discimination.
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jordan111 year, 1 month ago
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Actually, 'W', I was very grateful to my country for that chance, & learned from the experience to pass it on. Never will I complain about my tax dollars being used to help other Americans. And as I've paid more in taxes than the average person would pay in several lifetimes, I've more than paid my dues. I hope you appreciate that from me.
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jordan111 year, 1 month ago
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And again. The reason they can't be repaid is the way in which they were written, to raise interest levels above the homeowners ability to pay, and telling them they could buy more than they could afford. Do you pay attention to anything other than the voices in your head?
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jordan111 year, 1 month ago
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Based on my income, I was given a set amount I could afford for a house.>>>>
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That's right. And it's no more than was asked of fannie and freddie....to make loans available to low income people they could afford. NO ONE told them to offer loans people could not afford. No one told them to make loans with adjustable rate mortgages, that would increase payments beyond the buyers ability to pay. ALL that Obama asked was that the loans were not decided by redlining.
NO ONE said make their lives worse by getting them into financial trouble. You have to make that distinction before you can claim to have any understanding of this.
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