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New Mortgage Rules
Another Empty Obama Promise

Investor´s Business Daily, by Editorial

Original Article

Posted By:pineledger, 1/14/2014 7:36:40 AM

Misregulation: The president´s new consumer credit czar is doing a victory lap in the media over new mortgage rules, which go into effect this week. He claims they´ll stop another crisis. What a screaming joke. Consumer Financial Protection Bureau Director Richard Cordray chirped during an interview on the "Daily Show With Jon Stewart" that the new rules are a "big change from the status quo" and will take mortgage banking back to the days of prudent lending. (Snip) Despite all the hype of tightening underwriting, CFPB´s celebrated new mortgage rules in fact require no minimum down payment or credit score

Comments:
No skin in the game? Hey, just walk away.

      


Post Reply  

Reply 1 - Posted by: enuf8, 1/14/2014 8:31:38 AM     (No. 9691263)

The ´community organizer´ advocated for this same policy back in his prior life in Chi-town and check history for the results.

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Reply 2 - Posted by: Teleologicus, 1/14/2014 9:13:59 AM     (No. 9691311)

More redistribution of wealth upward.

Yes, upward - not downward. The real estate and financial sector profits in the short term from making bad loans. They anticipate a government bailout when the music stops and the worthless mortgages have been packaged, repackaged and sold and tossed around like hot potatoes, speculators and investors reaping a bonanza at every step along the way, up to and including the inevitable foreclosures.

The rich get rich, and the poor get poorer as the taxpayer picks up the tab. The socialists and the capitalists are in bed together on this and sticking it to the rest of us.

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Reply 3 - Posted by: FL_Absentee_Voter, 1/14/2014 9:14:32 AM     (No. 9691312)

So did the banks reign themselves in after 2008? I´ve been trying to refinance a 6-3/8% mortgage and these guys are firm: 20% equity or no deal - and my credit score is superior.

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Reply 4 - Posted by: Redneck In NY, 1/14/2014 10:06:42 AM     (No. 9691392)

Great, more pop up ads of twerking black women screaming that Obama´s new rules will save me $$$$ on my mortgage.

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Reply 5 - Posted by: Salt5792, 1/14/2014 10:42:08 AM     (No. 9691462)

Democrat mortgage rules: banks must continue to make loans to people with no assets or income. That way, everybody is equal.

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