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February 9, 2015
Title: Liar Loans are Back
Topic: Liar Loans Are Back
Discussed by Hans Bader
with Competitive Enterprise Institute www.cei.org
Part 1 of 2
Obama did not learn anything
from the 2008 financial crisis. His administration is doubling down on the
mortgage industry, giving a loan to anyone who wants one, no matter their
ability to pay the loan or not. But but but! Wasn’t it Bush’s fault?
Hans Bader, with the Competitive Enterprise Institute, says that the Clinton
administration actually started the whole mess when they began Fanny Mae and
Fanny Mac. Many of these loans are referred to “Liar Loans” because the
applicant just flat-out lies to the lender and the facts are never checked.
Hans explains that many Republicans in Congress tried to fix the mess that
Clinton created, but they were blocked at every turn buy the Democrats, who were
in control starting in 2006. George Soros played a big part in the whole
debacle, as well.
Texas was one of the last states to pass a law allowing people to borrow money
against their equity. Terry and just a handful of other Republican activists
opposed this law. Listen in as he explains why and as Hans gives more details
about the housing crash – things you probably don’t even know!
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Title: Part 2 of 2 - Liar Loans are Back
Topic: Liar Loans Are Back
Discussed by Hans Bader
with Competitive Enterprise Institute www.cei.org
Hans Bader continues to discuss
the pending doom of the housing market. He explains that Obama is using the FHA
to cross-subsidize loans. Why? It didn’t work with Clinton. Bush and the
Republicans tried to fix it, but the Dems stopped them.
“There are other countries that do not have government-sponsored mortgage giants
and their home owner rates are higher than ours. If we can get them out of the
market place, eventually the over-all rates will increase,” Hans Bader says. “It
just doesn’t make sense for the government to use these subsidies, when the
taxpayers are the ones who pay for it,” he continues.
Obama is pressuring banks to approve loans for minorities in low-income areas,
saying banks are racist! This causes a ripple effect: the banks give loans to
irresponsible minorities who pay no money down for a house they cannot afford,
these minorities stop paying their house payment, they lose their home, honest,
hard-working middle-to-upper-middle class home owners then get their loan rate
jacked up to pay for someone else’s loan. Not only is this just not fair, it’s
criminal!
Can Congress do anything to stop this never-ending cycle? Will Obama allow
Congress to defund these government subsidy banks? Or will he just veto any
attempt to actually fix the problem?
For more from the Competitive Enterprise Institute, click [here].
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