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Dec 19, 2010
Measure to help bring stability to home values and accelerate sale of vacant properties

"In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties....."  
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Posted: Dec 19, 2010 9:17am
May 24, 2010

"It's harder these days to get a mortgage Even with FHA backing own money is required Payments may not exceed 33% And at least a 620 credit rating must generally be provided Analysts are generally speaking in agreement with Washington's claim that much of he blame for America's foreclosure crisis should be fairly and" ...

Imported from external blog 

 

My view; According to interviews with financial industry insiders, it is harder to get loans these days, even for people with good credit. Why?

In the opinion of this financial insider,  lenders still think homes are risky loans, even for good credit risk customers. These large banks like B of A and Wells Fargo are getting taxpayer money at a cost to them of .25%, in practically unlimited quantities. They then turn around and buy US Bonds/Treasuries that pay 3-4%, and pocket the difference. There is zero risk in Treasury bonds.. 

But then the money that these banks invest in US bonds is serving to finance all of the things that the US government has to borrow money for, and cannot afford to pay for, like the war in Iraq, Afghanistan, and the hundreds of military bases overseas, not to mention social welfare payments to companies like Exxon, which paid zero taxes last year, while making 60 Billion in profits. Meanwhile, what I have seen is that US citizens cannot borrow money to buy homes, because banks will turn them down for all kinds of silly reasons, that have nothing to do with the borrower or basic qualifying. 

My question is this; This 'free' money is borrowed from the Federal Reserve, right?  The Federal Reserve does not hand out money for free, as they are not a charity, right? The Federal Reserve is a private for profit organization, right? This means that we, you and I are being charged for this money being given away for free to the banks. They charge US taxpayers interest, which is at this point I believe somewhere in the range of 4%. Doesn't this mean that the US taxpayer is being soaked? ... Remember the story of robbing Peter to pay Paul? This is just one opinion of course.. What are your thoughts on this matter? 

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Posted: May 24, 2010 3:59pm

 

 
 
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Good H.
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