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That's not the point,. The point is the HUD secretary should know what an REO is and then correct her is she's mistaken. She gave the briefest definition. Carson didn't ask her what happens if people make their account current. Ben Carson doesn't know a deed in lieu from Babaloo and that's the problem because he's the head of HUD/FHA
Actually what matters is they were both wrong, and they collectively are making decisions for the country without guidance from people with a deeper understanding of the topic, which was real estate in this instance. It happens across the board in other areas besides RE though. They should get a bunch of smart people in the industry together and let them brainstorm together. In this case those smart people would be lenders, Realtors, and appraisers.
Congratulations, a moronic politician managed to trip up a renowned brain surgeon. He still has a higher I.Q. than any ten Congresspeeps combined.
He may not be a "housing expert", but he has walked the walk. He grew up in miserable public housing in Detroit and knows the experience of poverty better than anyone who was questioning him. Mock him all you want. He's the one who deserves my admiration, not those lousy politicians.
Quote:
"It would be hilarious if it weren’t so tragic that people are losing their homes with FHA loans," wrote a Twitter user.
Yes but the foreclosures happened during the Obama era. Right now, record employment rates are fueling increases in home ownership.
The only negative is that mortgage deduction was cut for high income homeowners but that doesn't stop high income people from buying homes; it just deprives the local state government of millions of dollars in unearned tax income.
Congratulations, a moronic politician managed to trip up a renowned brain surgeon. He still has a higher I.Q. than any ten Congresspeeps combined.
He may not be a "housing expert", but he has walked the walk. He grew up in miserable public housing in Detroit and knows the experience of poverty better than anyone who was questioning him. Mock him all you want. He's the one who deserves my admiration, not those lousy politicians.
Yes but the foreclosures happened during the Obama era. Right now, record employment rates are fueling increases in home ownership.
The only negative is that mortgage deduction was cut for high income homeowners but that doesn't stop high income people from buying homes; it just deprives the local state government of millions of dollars in unearned tax income.
The "Obama era" comment is a bit off the mark in cogency. He inherited a huge recession bomb, and early in his administration foreclosures peaked. Later in his second term, the trend line was clear, that they were reducing as the economy was recovering.
The "Obama era" comment is a bit off the mark in cogency. He inherited a huge recession bomb, and early in his administration foreclosures peaked. Later in his second term, the trend line was clear, that they were reducing as the economy was recovering.
Yes, the housing crash happened during Bush Jr's last year in office, and Obama was left to clean up the mess and he did a great job and Trump is riding his coattails and taking credit. What Trump did was make the rich richer by giving them tax cuts at the expense of the budget deficit. Today he wants more government welfare in the form of $18 billion to help the farmers that he hurt with this tariffs.
Yes, the housing crash happened during Bush Jr's last year in office, and Obama was left to clean up the mess and he did a great job and Trump is riding his coattails and taking credit. What Trump did was make the rich richer by giving them tax cuts at the expense of the budget deficit. Today he wants more government welfare in the form of $18 billion to help the farmers that he hurt with this tariffs.
The Bush Administration tried for years to cut back on reckless lending, but the Democrats refused. Look up Barney Frank and the crusade to put every poor family in their own home. A noble cause, maybe, but fiscally foolish.
Except for the mortgage repeal, the Trump tax cuts have greatly benefited the middle class. Everyone's paying less taxes. Business have less overhead because of the reduced corporate income tax. The economy's humming and employment is at record levels. Business confidence jumped through the roof once it was clear Trump would win. Doesn't really matter what socialists think. The capitalists understand that this is a Trump economy, not an Obama economy.
The tariffs are to restore fairness after decades of China ripping us off and putting millions of American factory workers out of work. And it's starting to work.
The Bush Administration tried for years to cut back on reckless lending, but the Democrats refused. Look up Barney Frank and the crusade to put every poor family in their own home. A noble cause, maybe, but fiscally foolish.
Except for the mortgage repeal, the Trump tax cuts have greatly benefited the middle class. Everyone's paying less taxes. Business have less overhead because of the reduced corporate income tax. The economy's humming and employment is at record levels. Business confidence jumped through the roof once it was clear Trump would win. Doesn't really matter what socialists think. The capitalists understand that this is a Trump economy, not an Obama economy.
The tariffs are to restore fairness after decades of China ripping us off and putting millions of American factory workers out of work. And it's starting to work.
But we digress....
The legitimate lending parameters were minimal components of the crash.
The bundling of weak loans with good paper and selling/buying of concealed bad paper and the realization that fraud was perpetuated in the bundles were what dang near brought us all down.
I don't care about the politics of the last 20 years as much as noting that there is credit and blame aplenty, for all to share.
Based on the video clip in the link, her brief explanation of an REO isn’t correct. It isn’t REO until after the property is foreclosed and actually becomes bank-owned property. She said, “That’s what happens when a property goes to foreclosure.” No, Congresswoman, that’s not what happens.
But, yeah, let’s make jokes about a brain surgeon not knowing an acronym.
That "neurosurgeon" is Secretary of Housing and Urban Development. Plus, he's held that cabinet post for over two years. A normal person would pick up on things like that in two years.
Carson is typical of many Trump appointees. They are arrogant. Many do not think the positions they have been given even ought to exist. HUD primarily exists because of problems of urban renewal in cities. I doubt Trump and his party care much about cities because its not where they got their votes and they won't get them there in 2020.
Carson ought to be in a job he is qualified for. I would suggest the Surgeon General position is an example of that. However, he clearly does lack the ability to serve competently as Secretary of Housing and Urban Development.
But, hey instead of calling it what it is....let's deflect. Let's try to blame a Congresswoman testing his knowledge.
He's not qualified and has no interest in learning even the most basic of terms, Just like the rest of the current cabinet positions they are all wrong and the worst that can be chosen for their appointments. He should want to be familiar with basic terms, instead he makes himself look like a fool.
This is a flat out lie. You should be ashamed of yourself. You clearly haven't paid attention to all of the appointments. Chuck Rettig, the IRS Commissioner, is a Attorney with a lifetime of experience defending clients against the IRS. He has an impeccable resume. Steve Mnuchin, the Treasury Secretary, is a career investment banker. I know that you aren't thrilled with Dr. Carson, but to make a blanket statement is wrong.
That's not the point,. The point is the HUD secretary should know what an REO is and then correct her is she's mistaken. She gave the briefest definition. Carson didn't ask her what happens if people make their account current. Ben Carson doesn't know a deed in lieu from Babaloo and that's the problem because he's the head of HUD/FHA
So what? There are over a 1000 people in the Dept of HUD who do know what it is. He is a MANAGER. He is paid to set policy, not get in the weeds with real estate transactions.
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