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Adding $50K to an already overwhelming loan does not sound like a good idea to me.
I agree. Housing still has/needs 5% to go before it hits historical trend lines (it may go under that but that is a correction, which will be followed by an upward correction later on).
Home ownership rates are also too high for our current economy/demographic issues IMO.
No, there was a sharp Depression in 1920.
Of course not taught in K-12. Only the Great Depression with the savior FDR (socialist policies are great) is taught to kids these days. Depression of 1920
Hmmm, I wouldnt term that a depression though. Unemployment and GDP decreases don't follow what the definition is. Still, if some people term it as is, so be it.
It was a normal post war recession, seen after every major war as government spending decreases. Not sure how that factors into the discussion earlier related to general welfare since that recession is semi-blamed on the Federal Reserve making the "wrong call" towards the monetary policy...but hey, they were new at it! I would say the government was looking out for the general welfare, but was just wrong. You can say the same thing about Obama, and I might agree, but doesn't make it legally wrong or unconstitutional.
Oh, and your anti-education bash is uneeded and uncalled for. Besides, this was caused by Wilson who from what I've gathered was more of a progressive then FDR was, so I don't follow your reasoning.
Not directly mind you..but $3 billion is being allocated to states for homeowners.
To qualify..be out of work, be a homeowner and be at least 3 months behind on your mortgage (definition of a bad risk borrower ?)
Also, they have to have a reasonable likelihood of resuming their mortgage payments in the next two years.
The collapsing of the economy is a little more complex than "government interfering in the housing market." In reality, it was a combination of things and a lot of people are to blame. I know that government is an easy scapegoat but how about lenders and predatory lending practices or borrowers that take a loan for an amount they couldn't afford? Some would (and do) argue that the lack of regulation was also a factor in the collapse.
Lack of regulation? LOLs. We have more regulations than at any point in history. Regulation adds costs to mortgages.
Predatory lending is a made up term. It is also a lie. There is no such thing as predatory lending.
True, those people shouldn't have borrowed that much money. Even more reason not to bail them out.
The collapsing of the economy really wasn't all that complicated. Housing prices were inflated. Mostly by government.
Lack of regulation? LOLs. We have more regulations than at any point in history. Regulation adds costs to mortgages.
Predatory lending is a made up term. It is also a lie. There is no such thing as predatory lending.
True, those people shouldn't have borrowed that much money. Even more reason not to bail them out.
The collapsing of the economy really wasn't all that complicated. Housing prices were inflated. Mostly by government.
Let the Buyer beware turned into predatory lending because people were given handouts in the form of mortgage loans that both parties knew would never be paid back.
Let the Buyer beware turned into predatory lending because people were given handouts in the form of mortgage loans that both parties knew would never be paid back.
But it wasn't the choice of banks to lend money to those people. Or not that much money anyway. The feds forced them to do it.
People say predatory lending like the banks seeked out people they knew couldn't pay them back.
The first time I heard the term was Obama in some campaign speech. He should have been laughed of the stage right then. And libs say Palin is dumb? LOLs.
But it wasn't the choice of banks to lend money to those people. Or not that much money anyway. The feds forced them to do it.
People say predatory lending like the banks seeked out people they knew couldn't pay them back.
The first time I heard the term was Obama in some campaign speech. He should have been laughed of the stage right then. And libs say Palin is dumb? LOLs.
How does the Fed FORCE a bank to loan money ?
How did the Fed force Countrywide to make the loans they did ?
How does the Fed FORCE a bank to loan money ?
How did the Fed force Countrywide to make the loans they did ?
They didn't. Countrywide was driven purely by greed. They found a way to lend to people that otherwise couldn't afford it.
And whoever doubts that predatory lending exists isn't touch with reality. Is it so hard to believe that one company would do anything in its power to make money hand over first even if it weren't the most ethical thing to do? Ever heard of payday advance companies? Those guys charge ridiculous interest rates and for the most part, they got away with it. How about credit card companies that jack up your rate from 10% to 30% because an unrelated creditor received a payment five days late even though you had perfect credit with them?
Not directly mind you..but $3 billion is being allocated to states for homeowners.
To qualify..be out of work, be a homeowner and be at least 3 months behind on your mortgage (definition of a bad risk borrower ?)
Also, they have to have a reasonable likelihood of resuming their mortgage payments in the next two years.
At this point, I think the only thing that is going to turn this country around is the coming collapse. We're so far into the Socialist mode now, it's going to be like the Soviet Union here.
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