Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Ann Corrigan who wrote (48910)	9/26/2008 9:10:50 AM
From: cirrus	Read Replies (1) of 224749

How did we get from low income mortgage assistance to teaser loans with below market rates, liar loans and foreclosures on high-end homes and Miami Beach condos? From what I see there are enough foreclosures in the high end markets to suggest that speculation fueled by cheap money is the primary cause. bubbleinfo.squarespace.com There is no evidence that LEGITIMATE reasonable attempts to assist low income borrowers is the cause the current economic crisis. I can't find the source, but I recall that only a small fraction of all foreclosures involved government programs aimed at persuading banks to end redlining and other questionable practices. You're trying to pin the blame on government attempts to broaden home ownership among the less wealthy when the real cause is the mortgage industry itself that went way beyond what government programs covered. In some areas of South Jamaica and Bedford-Stuyvesant, as many as 10 homes per block faced foreclosure last year. The reason: subprime mortgages offered by unscrupulous real estate brokers and predatory lenders, according to a new study on the epidemic of citywide foreclosures. These were nydailynews.com You wrote: Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

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