GG Posted January 29, 2015 Share Posted January 29, 2015 I'm sure Pocahontas' pet project will be all over this future catastrophe. The Obama administration’s troubling flirtation with another mortgage meltdown took an unsettling turn on Tuesday with Federal Housing Finance Agency Director Mel Watt ’s testimony before the House Financial Services Committee. Mr. Watt told the committee that, having received “feedback from stakeholders,” he expects to release by the end of March new guidance on the “guarantee fee” charged byFannie Mae and Freddie Mac to cover the credit risk on loans the federal mortgage agencies guarantee. Here we go again. In the Obama administration, new guidance on housing policy invariably means lowering standards to get mortgages into the hands of people who may not be able to afford them. Wrap your heads around this statement "If you carefully look at other considerations and take them into account in deciding whether to extend that credit, or in Fannie and Freddie's case, whether to back that credit, you can ensure that a 3 percent loan is just as safe as a 10 percent down payment loan." Yes, I know, it will be Wall Street's fault when it comes crashing again. Link to comment Share on other sites More sharing options...
Tiberius Posted January 29, 2015 Share Posted January 29, 2015 (edited) Yes, I know, it will be Wall Street's fault when it comes crashing again. Well, at least the rating agencies will be on notice that they can't lie to investors about this anymore http://laht.com/article.asp?ArticleId=2371608&CategoryId=12396 Love how the "Liberal media" is all over this...not. WASHINGTON – The U.S. Justice Department and Standard & Poor’s credit rating agency are on the verge of reaching a $1.37 billion settlement deal over claims that the latter knowingly inflated its rating of risky mortgage investments that helped spark the 2008 financial crisis, The Wall Street Journal reported Wednesday. Although the agreement remains to be finalized, the fine to be paid by S&P would include $637 million that would go to the Justice Department and $100 million to the state of California, while another dozen or so states also would receive compensation, the newspaper said citing sources familiar with the negotiations. The figure would be somewhat smaller than the U.S. administration’s original demand, with the Justice Department at first asking that it alone receive $1 billion. In 2013, the U.S. government filed a civil lawsuit against S&P claiming it knowingly deceived investors about the credit ratings of mortgage securities in the years prior to the bursting of the financial bubble in 2008. The settlement is designed to resolve civil charges claiming that S&P failed to warn investors about the imminent collapse of the housing market in 2006 because doing so might harm its ratings business. Edited January 29, 2015 by gatorman Link to comment Share on other sites More sharing options...
keepthefaith Posted January 29, 2015 Share Posted January 29, 2015 Why stop at little or no down payment? Next year's SOTU address shall call for free homes for the "middle class" paid through a tax on upper income earner's mortgage payments. Link to comment Share on other sites More sharing options...
IDBillzFan Posted January 29, 2015 Share Posted January 29, 2015 Why stop at little or no down payment? Next year's SOTU address shall call for free homes for the "middle class" paid through a tax on upper income earner's mortgage payments. Or it would probably have one of Barry's clever incentive programs. The US will give you a house, and if you can live in it for three years while maintaining power bills that are less than 180 days late, you get your house free and clear and pay no property tax if you mow the grass once in that time period. It's the right thing to do. And he's not going to stand around and wait for a do-nothing Congress to take up this important right. Link to comment Share on other sites More sharing options...
Koko78 Posted January 30, 2015 Share Posted January 30, 2015 Or it would probably have one of Barry's clever incentive programs. The US will give you a house, and if you can live in it for three years while maintaining power bills that are less than 180 days late, you get your house free and clear and pay no property tax if you mow the grass once in that time period. It's the right thing to do. And he's not going to stand around and wait for a do-nothing Congress to take up this important right. This is all to be paid for by a luxury tax on millionaire's and billionaire's private jets. Let me be clear: Focus group testing says that it's the right thing to do to make fatcat millionaires and billionaires pay their fair share. Link to comment Share on other sites More sharing options...
birdog1960 Posted January 30, 2015 Author Share Posted January 30, 2015 (edited) Well, at least the rating agencies will be on notice that they can't lie to investors about this anymore http://laht.com/article.asp?ArticleId=2371608&CategoryId=12396 Love how the "Liberal media" is all over this...not. it's actually on fox news website but you'd be hard pressed to find it on the main page unless you already knew and were looking: http://www.foxnews.com Edited January 30, 2015 by birdog1960 Link to comment Share on other sites More sharing options...
GG Posted January 30, 2015 Share Posted January 30, 2015 it's actually on fox news website but you'd be hard pressed to find it on the main page unless you already knew and were looking: http://www.foxnews.com Maybe because it's largely a non-story, and the US Govt also doesn't want it out there in glaring headlights? Link to comment Share on other sites More sharing options...
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