Wow. Just wow... The Obama administration has decided to reverse course on home mortgage policy – to make easier credit available to consumers through Fannie Mae and Freddie Mac.
The stated reason? They're afraid that tight mortgage policies (i.e., those that require mortgagees to be creditworthy) are going to stifle the nascent housing recovery. Translation: unless we let people buy homes that they can't actually afford, there won't be as many homes purchased.
The real reason? Buying votes, of course. With taxpayer dollars, of course.
Somehow the geniuses that run the country have managed to forget the housing crisis that came to a head just 8 years ago, provoking the financial crisis that we're still trying to recover from.
I'm giving them too much credit, though. It's really much simpler than that. If you're a national level politician in the U.S., you're just trying to figure out how to get people to vote for you. Making it easy for them to “buy” houses they can't afford, backed by taxpayer dollars from the “rich” minority is a great way to do that...
Sheesh... If we as a people keep electing these idiots, we deserve to get it good and hard. And we are...
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