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Obama Loans Push to Weaker Credit People
It worked so well the last time.
http://www.businessinsider.com/obama-home-loans-credit-white-house-2013-4
The Obama administration is readying a push to get banks to make more home loans available to individuals with weaker credit, The Washington Post's Zach Goldfarb reports.
It's a push that walks a tightrope, since it is expected to help boost the continuing economic recovery
immediately but risks opening up the shaky lending that led to the
housing crash. Obama's plan would provide for more lending to
individuals such as young people buying their first homes, as well as
people whose credit has been damaged by the recession.
dministration 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.
Obama hinted at a push during his State of the Union address in January.
"Even with mortgage rates
near a 50-year low, too many families with solid credit who want to buy
a home are being rejected," Obama said. "Too many families who have
never missed a payment and want to refinance are being told no. That?s
holding our entire economy back, and we need to fix it."
Re: Obama Loans Push to Weaker Credit People
As a lender in my pre-SAHM life, this makes me shudder.
First, the banks got reemed (some rightfully so) for making "weak" loans in the first place. Now banks are facing steep guidelines and restrictions on lending practices as means to repair pr
It encourages people to buy more house than they can afford, which is a recipe for bigger problems down the road for both the lender and borrower.
This reminds me of the time I made a poll on this board or MM about mortgages and found out that ot
HA!! This cracks me up every time.
Totally. Apparently some people cannot learn from history. Even re