Obama’s parting gift to America: Subprime 2.0

Thanks Bill "I don't mean Cosby", your form of government is still alive and well.

I do not understand the mentality that everyone should own a home. There are people who either are not responsible enough nor capable enough to own their own home. It is not a casual investment and will require constant maintenance during the course of ownership. I cringe when I think of how much we have spent after the fact on upkeep and upgrades.

a reply to: bluesman462002

Politics - the gift that keeps on giving.
Or taking.

a reply to: xuenchen

Taking into consideration that bubbles never last and we already got one on the same principles as this one bursting on 2008 and the trash derivatives still floating around, this one will no last longer than the last one.

So expect America to be again in the hook from nefarious banking practices bailout again, because after all didn't we all hard working American bended backwards without much complain the last time?

Heck the banksters got our number, we will keep bending for them until our backs brake for good.

This puts money in the pockets of some chosen non-profits. Trust me. This whole "alternative" home financing is not designed to "help" anybody, but rather put $$$ into somebody's pockets.

If you read closely, you find that borrowers HAVE TO...MUST...ARE REQUIRED TO...take an online course called "Framework". This course is provided by the Housing Partnership Network and the Minnesota Homeownership Center . Oh, yeah!! Lots of dots to connect there!

Under the new guidelines, Fannie Mae pricing is favorable and simplified for lender use, and eliminates or caps standard loan level price adjustments. Borrowers will be required to complete an online education course preparing them for the home buying process and providing post-purchase support for sustainable homeownership. The education course, called Framework, will be provided by the Housing Partnership Network and the Minnesota Homeownership Center, and meets the requirements of the HUD Housing Counseling Program and the National Industry Standards for Homeownership Education and Counseling.

www.fanniemae.com...

Housing Partnership Network is a collaborative of 100 of the leading housing and community development nonprofits in the country that combine social mission with private enterprise to address the most challenging problems facing our country.

I have a feeling if you research the connections between Julian Castro's HUD, the "non-profits" involved and networking with HPN, MHC, and Framework, you will find most of the $$$$$ going into the pockets of community organizers and their cronies (and perhaps their foundations to come sometime after Jan. 2017) I will bet dollars to donuts most of the "framework" for this started in the 90's under Clinton and there are people with lots of $$$$ and potential $$$$ hoping and praying another Clinton continues the "non-profit/foundation scams".

HUD grants will be interesting to research.

I see where a lot of it is about the funding of non-profits that provide counseling services.....let me repeat that. Counseling Services.

Members of the Coalition are housing counseling non-profits vetted by the U.S. Department of Housing and Urban Development and authorized to provide pass-through funding to other non-profit providers that offer housing counseling services from the federal HUD Housing Counseling program.

Pass-through funding??

I want in on some of this action!! I wonder if I could set up a 501(c) non-profit to offer high risk low income potential home buyers COUNSELING services on how to use (and pay for) the Framework course. Of course, I would also like to be in on some of the boards of some of these other non-profits as well.

Now, who in the WH could I contact that has experience in low income housing and community organizing and 501(c)'s? Valerie Jarrett's Chicago Housing experience, BHO's community organizing and grant money application experience, maybe Julian Castro with his HUD grant money....who else? Oh! The Clintons with all their family foundation know-how.

Is anyone truly surprised that he is trying, yet again, with yet another program, to try and overwhelm the system?

Its what this president has done from the very first 6 months in office.

He has a play book, hes spelled out his ideology in his own book, and has told us over and over exactly what he wants to do.

Expect more from him as his time gets shorter.