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Tuesday, January 12, 2016

Fannie Mae Rolls Out Easy Mortgage, Catering To High-Risk Immigrants

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.

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5 comments:

Anonymous said...

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.

Anonymous said...

Here we go again another way of obama collapsing America.

Anonymous said...

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.

Anonymous said...

So, the non borrower decides to move out of the house, leaving the Borrower holding the bag.

Wonderful!

Anonymous said...

Didn't they learn anything in 2008? Watch the movie The Big Short for some history lessons.