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So you think a foreclosure that is happening now started under Obama?
That is just plain dumb! oh but I guess reality doesn't support your desire that repugs do something good for the economy.
The repugs that went liquid are the ones buying these for pennies on the dollar... That's the reality of your Red Dollars... They caused the problem and then profit from it.
Were you aware under Obama the laws were changed so banks would work with home owners to mitigate the loans and reduce foreclosures? That's a change that didn't happen under the Repugs.
So you think a foreclosure that is happening now started under Obama?
No, but what he did do was to make sure that the banks that made the bad loans were made whole at the expense of homeowners. But let's also remember, he fully supported the policies that lead to many who never should have got a loan, get a loan.
Banks cash in on mortgage insurance, government takes over the bad loan and pays the banks to be servicers on the foreclosure and the taxpayers are left holding the bag. Yippee. I'm sure they'll turn em all into section 8 houses soon enough to lower property values even further. The destruction of the US steams ahead. All aboard!!!
Banks cash in on mortgage insurance, government takes over the bad loan and pays the banks to be servicers on the foreclosure and the taxpayers are left holding the bag. Yippee. I'm sure they'll turn em all into section 8 houses soon enough to lower property values even further. The destruction of the US steams ahead. All aboard!!!
Yep. The banks are supposed to be responsible for these houses that insurance companies are refusing to make good on because the loan documents were fraudulent. Rather than making banks live up to their legal obligations we are placing these bad loans on the backs of taxpayers.
Now if the banks were actually held responsible they would do more to work with people to keep them in these houses. They have absolutely nothing to lose though.
Yep. The banks are supposed to be responsible for these houses that insurance companies are refusing to make good on because the loan documents were fraudulent. Rather than making banks live up to their legal obligations we are placing these bad loans on the backs of taxpayers.
Now if the banks were actually held responsible they would do more to work with people to keep them in these houses. They have absolutely nothing to lose though.
They already "got paid". Kicker is the homeowners are the ones who pay the mortgage insurance that they are claiming. It's a damn scam to end all scams thats for sure. Oh guaranteed if they were on the hook for eating those bad mortgages they would be firing off modifications left and right. Nope joe taxpayer is eating it and most of em don't even realize it.
It started before then. But Obama was a lawyer for the groups arguing that bad loans were a good idea.
Yep he was in on suing citi bank for "redlining" which in reality was sound business practice to not hand loans out to folks who basically couldn't afford to pay the damn mortgage. Who would think that would become a lawsuit? Only in today's insane world could that happen. Now the swooners come on here claiming he had nothing to do with it. He was right in the middle of it with all his acorn community organizing shakedown artists.
So you think a foreclosure that is happening now started under Obama?
That is just plain dumb! oh but I guess reality doesn't support your desire that repugs do something good for the economy.
The repugs that went liquid are the ones buying these for pennies on the dollar... That's the reality of your Red Dollars... They caused the problem and then profit from it.
Were you aware under Obama the laws were changed so banks would work with home owners to mitigate the loans and reduce foreclosures? That's a change that didn't happen under the Repugs.
Refinance programs help very, very few people and I think you know that. The crisis was set in stone under Clinton (1994) and Frank/Dodd denied that there were impending problems with the insane loans that Clinton and Bush encouraged people who could not afford to take them. This is not just a "red" issue and plenty of blue investors have reaped the bounty as well. Many of the foreclosures happen within one to two years so I don't understand how you can claim a foreclosure today started in 08...that is just plain dumb.
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