With advice like this, what direction can a candidate possibly take us in? Secondly guess who the candidate is?
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March 29, 2007, New York Times: “[The Center for Responsible Lending] estimated that in 2005, a majority of home loans to African-Americans and 40 percent of home loans to Hispanics were subprime loans. The existence and spread of subprime lending helps explain the drastic growth of homeownership for these same groups. Since 1995, for example, the number of African-American households has risen by about 20 percent, but the number of African-American homeowners has risen almost twice that rate, by about 35 percent. For Hispanics, the number of households is up about 45 percent and the number of homeowning households is up by almost 70 percent.”And do not forget that the vast majority of even subprime borrowers have been making their payments. Indeed, fewer than 15 percent of borrowers in this most risky group have even been delinquent on a payment, much less defaulted. When contemplating ways to prevent excessive mortgages for the 13 percent of subprime borrowers whose loans go sour, regulators must be careful that they do not wreck the ability of the other 87 percent to obtain mortgages.”
- September 23, 2007, Slate: “If you want to make money off the housing bubble, you’ll have to do it the old-fashioned way: Buy a place with a no-money-down mortgage and then flip it.”
- September 23, 2007, New York Times: “[P]eople who refuse to sell their houses for less than they paid for them are violating a cardinal rule of the market: stuff is worth what it’s worth. It doesn’t matter what you paid for it…”(B)y being hung up about whether your condominium will sell for what you paid for it, you aren’t just driving yourself crazy trying to get a buyer. You may be threatening the very performance of the economy and driving up the unemployment rate — provided that many others behave in a similar way.”
Jack Tapper over at ABC tells us that the following quotes are from Austan Goolsbee, an economic adviser to none other than Barack Obama.
So when you lose your home , you can thank Obama in more ways than one. The first one being that he is the errand boy of those who got rich off of the subprime mess, and secondly for choosing the very folks whose advice got us to this point as economic advisers…
Posted by AD76
