Subprime 2.0: The White House is rolling out a new low-income mortgage program that for the first time lets lenders qualify borrowers by counting income from nonborrowers living in the household. What could go wrong?
The HomeReady program is offered through Fannie Mae, which is now controlled by Obama's old Congressional Black Caucus pal Mel Watt. It replaces the bankrupted mortgage giant's notorious old subprime program, MyCommunityMortgage.
In case renaming the subprime product fails to fool anybody, the affordable-housing geniuses in the administration have re-termed "subprime," a dirty word since the mortgage bust, "alternative."
So HomeReady isn't a subprime mortgage program, you see, it's an "alternative" mortgage program.
But it might was well be called DefaultReady, because it is just as risky as the subprime junk Fannie was peddling on the eve of the crisis.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
5 comments:
So we didn't learn with Clinton (the man) and Reno the first time and now we're headed towards the next nightmare. Brilliant.
The Democrats are getting to the point of nauseating stupidity that is staggering to even contemplate.
Here we go again another way of obama collapsing America.
If you are smart, you would see this as an opportunity to make money in the RE market, but I'm not going to tell you how to do it. That you need to figure out for yourself.
So, the non borrower decides to move out of the house, leaving the Borrower holding the bag.
Wonderful!
Didn't they learn anything in 2008? Watch the movie The Big Short for some history lessons.
Post a Comment