Warren and Trump in war of words over housing crisis.
Sen. Elizabeth Warren (D-MA) excoriated Trump for the remarks, saying they’re reflective of “a small insecure money grubber who doesn’t care who gets hurt so long as he makes money off it” and “cares about no one but himself.”
Trump tweet after Warren accused Trump on of profiting off of the 2008 housing market crash.
“@elizabethforma Goofy Elizabeth Warren, sometimes known as Pocahontas, bought foreclosed housing and made a quick killing. Total hypocrite!
8:17 AM – 25 May 2016″
Hillary Clinton, front runner for the Democratic nomination for president, has been echoing Warren’s criticisms of Trump both on social media and while campaigning.
“In the 20-year history of the Community Investment Act, 85 percent-plus the money loaned out under it to poor inner city neighborhoods has been loaned in the five years since I’ve been President. ”
President Bill Clinton
January 21, 1998
Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank, 1994 suit against redlining.
Most significant of all, ACORN was the driving force behind a 1995 regulatory revision pushed through by the Clinton Administration that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac borne financial crisis we now confront. Barack Obama was the attorney representing ACORN in this effort. With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans more aggressively.
“Over the last decade, Treasury studies have shown that CRA helped to spur $1 trillion in home mortgage, small business, and community development lending to low- and moderate-income communities,” the pro-CRA Brookings Institute wrote in 2004.
Fannie Mae’s HomeReady Could Crash Housing
Movie sequels are rarely as good as the original films on which they’re based. The same dictum, it appears, holds for finance.
The 2008 housing market collapse was bad enough, but it appears now that we’re on the verge of experiencing it all again. And the financial sequel, working from a similar script as its original version, could prove to be just as devastating to the American taxpayer.
The Federal National Mortgage Association (commonly referred to as Fannie Mae) plans a mortgage loan reboot, which could produce the same insane and predictable results as when the mortgage agency loaned so much money to people who had neither the income, nor credit history, to qualify for a traditional loan.
The Obama administration proposes the HomeReady program, a new mortgage program largely targeting high-risk immigrants, which, writes Investors.com, “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.
No worries, though, because Democrats realized the phrase “subprime loan” makes people nervous, so they worked a little Orwellian magic and renamed them “alternative loans.” – That’ll fix everything!
Will Brazil’s Olympics be the shittiest ever?
Athletes will be forced to swim and boat through human excrement and run the risk of falling ill with serious diseases at this year’s Olympics in Rio, an investigation has found.
A year ago a probe of the Brazilian city’s Olympic and Paralympic sites by the Associated Press (AP) revealed water containing dangerously high levels of viruses and bacteria from human sewage.
As always they still have their Koch Industries one percent spoof “Libertoon Party“.
That for now is the only cork on a string pop gun they have to shoot at Donald Trump.
The Libertarian Party’s presidential nominee Gary Johnson describes Donald Trump’s as “racist”,
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