Remember this?

[AAbsolute]

Let's hear it for all the geniuses who forced all this onto the taxpayers and now have forced the fix onto the workers.

C. Closing the Housing Gap I mis-read the first line to say, "Expand homeownership to undeserved markets"

 

[woodworker]

Let's hear it for all the geniuses who forced all this onto the taxpayers and now have forced the fix onto the workers.

C. Closing the Housing Gap

..... I think I see a sailboat in my future!

 

[AAbsolute]

..... I think I see a sailboat in my future!

With boots like yours I figured you knew you can't build a brick wall by banging your head against it. Or maybe you were trying to knock it down.

Off subject, this week we had to remove a driveway apron that was a relic from early WaterSound Beach. The concrete was real white and had scallop shells in the admix. Instead of breaking it up we cut it into 800 lb. tiles for another sidewalk. It was a first for us and it worked better than I thought it would.

Recycle, recycle, recycle

 

[beachmouse]

Let's hear it for all the geniuses who forced all this onto the taxpayers and now have forced the fix onto the workers.

C. Closing the Housing Gap

Reading through the article, the government programs listed here had very little to do with the housing mess. There is some discussion of encouraging lending in compliance with CRA laws, but it's a relatively small amount compared to the bigger mess, and banks in the 90s were acceptably compliant without getting into the subprime and liar loan business and a lot of the subprime mess can from non-bank lending that was never covered under CRA law anyways.

The Homeownership Zones mentioned have contained some very effective efforts such as the ongoing conversion of Chicago's Cabrini Green from drug and gang infested no man's land to a much safer mixed income development. (It only took how many years for people to agree that stacking poor people on top of each other is asking for trouble)

 

[AAbsolute]

Reading through the article, the government programs listed here had very little to do with the housing mess. There is some discussion of encouraging lending in compliance with CRA laws, but it's a relatively small amount compared to the bigger mess, and banks in the 90s were acceptably compliant without getting into the subprime and liar loan business and a lot of the subprime mess can from non-bank lending that was never covered under CRA law anyways.

The Homeownership Zones mentioned have contained some very effective efforts such as the ongoing conversion of Chicago's Cabrini Green from drug and gang infested no man's land to a much safer mixed income development. (It only took how many years for people to agree that stacking poor people on top of each other is asking for trouble)

I missed the social re-distribution aspect of the article. It went right over my head.

I saw "who have traditionally tended to rely on FHA mortgage insurance, can enjoy the benefit of FHA single-family mortgage insurance, including downpayments of less than 5 percent, and more flexible underwriting criteria."

I should be more open minded.

 

[scooterbug44]

If the entire country was defaulting at the rate of the urban poor that keep being blamed for the mess, we'd be golden - as they did better than the norm.

Oddly enough, they were not big players in the 2nd home ownership, real estate speculating, overpriced developments, and condo markets. :roll:

 

[rancid]

I missed the social re-distribution aspect of the article. It went right over my head.

I saw "who have traditionally tended to rely on FHA mortgage insurance, can enjoy the benefit of FHA single-family mortgage insurance, including downpayments of less than 5 percent, and more flexible underwriting criteria."

I should be more open minded.

This is the same sentiment I get from my Republican friends. Lets blame the (take your pick)-- greedy homeowners, Fannie and Freddie, Clinton and Democratic Congress, immigrants, the poor.

See the following article which clearly explains how a small percentage of foreclosures have been multiplied into a worldwide financial meltdown. If you don't feel like reading the article, let me summarize. The risky selling and reselling of debt by Wall Street and investment bankers caused an exponential increase in the problem.
One Bad Bond - TIME

 

[AAbsolute]

This is the same sentiment I get from my Republican friends. Lets blame the (take your pick)-- greedy homeowners, Fannie and Freddie, Clinton and Democratic Congress, immigrants, the poor.

See the following article which clearly explains how a small percentage of foreclosures have been multiplied into a worldwide financial meltdown. If you don't feel like reading the article, let me summarize. The risky selling and reselling of debt by Wall Street and investment bankers caused an exponential increase in the problem.
One Bad Bond - TIME

When you say worldwide financial meltdown are you just using buzz words du jour?

 

[Matt J]

When you say worldwide financial meltdown are you just using buzz words du jour?

No he/she is not. Most of the repackaged mortgages were sold to overseas markets that have now suffered due to the plunge in value of A+ securities.

 

[AAbsolute]

No he/she is not. Most of the repackaged mortgages were sold to overseas markets that have now suffered due to the plunge in value of A+ securities.

So our so-to-speak greed is a good thing for our worldwide competitiveness. I remember when Japan was buying up our properties and debt at a discount. They have never been the same since.