Monday, August 26, 2013

Obama played a role in the housing crash...

The news:
"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.
...administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default.
Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.
Officials are also encouraging lenders to use more subjective judgment in determining whether to offer a loan and are seeking to make it easier for people who owe more than their properties are worth to refinance at today’s low interest rates, among other steps."

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With "the news" that Obama is back at it again, pushing for more home loans to be given out to those with bad or no credit, it's time to ask some questions.

Didn't we already go through this before? Yes we did. We called it the subprime mortgage CRISIS... the housing CRASH... the real estate bubble that BURST... the financial MELTDOWN... and the resulting  "GREAT" recession.

(Shaking my head) Why would we want to go back?

Here's another question: How twisted is it that the person who successfully parlayed ALL THAT DOOM into an election win in 2008 now calls for a return to the very same policies that put us in that "national emergency," especially since it was his fingerprints that were all over it the first time around!

Some articles and references that make the case:

Obama Pushes For Housing Bubble 2.0
Katie Pavlich: "Got bad credit? Want to buy a home? You're in luck! President Obama is ramping up the country for housing bubble 2.0 as he urges banks to loan to people with poor credit so they can purchase a home. What could go wrong? Oh just about everything. And don't worry, the government is going to promise banks everything will be just fine. Continue reading...

Katie closes it out: "President Obama's crappy economy has caused people's credit to decline and even though the economy isn't much better (and neither is their credit) he wants them to buy a home with money and credit they don't have. Fantastic. As a reminder, the housing market crashed after the government forced banks to lend to people who 1) shouldn't have been applying for a housing loan in the first place 2) had no way to pay a housing loan back 3) never intended to pay back the housing loan in the first place."

From Neil Munro... Obama "pioneering contributor" to devastating subprime lending bubble... "With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago's African-Americans”

From Jim Hoft... "Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did"

From Matthew Boyle... "Cronyism, political donations likely behind Obama, Holder failure to charge any bankers after 2008 financial meltdown"

From Matthew Vadum... ACORN's Food Stamp Mortgages -- "The activist boosters of the Community Reinvestment Act aren't wholly to blame for the meltdown on Wall Street, but they played a starring role."

From Doug Ross... "NBER: Yep, Bill Clinton, Andrew Cuomo, and Janet Reno Were Directly Responsible for the 2008 Mortgage Meltdown"

From Jerome Corsi... "Democrats pumped subprime mortgage market, triggering banking collapse."

Here's a pre-2008 election video to (fore)close things out...

[Backup video link for 'Burning Down The House: What Caused Our Economic Crisis?':]

And it gets worse. Barack Obama has recently handpicked some "housing crisis cronies" to join him.

Here are some links on his Federal Housing Finance Agency nominee, Mel Watt:

Housing nominee Mel Watt helped create the subprime crisis

Mel Watt Not Fit To Run Fed Housing Finance Agency

"Mr. Watt voted to weaken the authority of the regulatory position for which he will now be nominated,"

Here's another Obama pick, his fundraising/bundling dynamo, the billionaire Penny "I hid $80 million and got away with it" Pritzker, now running Commerce. Some links on her:

Bought and paid for... On Penny Pritzker, where's the outrage?

A symbol of the 1%... The privilege of the Pritzkers

From 2008... Obama's Sub-Prime Conflict

Any questions?!?

Related: More Obama fingerprints, this time they're all over the Gulf Oil Spill disaster...