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The Home Possible program that Stevens launched practically gives a blueprint for the housing-bubble collapse and the government’s role in it:
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Stevens Is Said to Head Obama’s Federal Housing Administration - Bloomberg.com
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Stevens from 1999 through May 2005 managed the single- family mortgage business and sales force for McLean, Virginia- based Freddie Mac, which was seized by regulators in September as a rise in delinquencies on loans the company guarantees or owns eroded capital.
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Hot Air » Blog Archive » Creator of Freddie Mac’s Home Possible goes to FHA
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“We created Home Possible Mortgages so more lenders can say ‘Yes’ to more borrowers,” said David Stevens, senior vice president of single family sourcing at Freddie Mac. “Home Possible is what our lenders tell us they need to compete in today’s market: a flexible, easy-to-use mortgage uniting Loan Prospector’s ease and efficiency with exceptionally low-downpayments and flexible credit. Perhaps no other mortgage product launched in recent memory will enable our lenders to reach and help as many additional borrowers as Home Possible.”
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So..the man who thought up this "scheme", which resulted in millions of unqualified applicants defaulting on homes they never should have owned - will now be in charge.
The democrats can be counted on time and again for rewarding failure.
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