Oh no. Oh HELL NO! - housing

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Are the people running *Resident Biden this stupid? The banks will not care, they will get bailed out. It's the investors, the homebuyers, and later the homeowners who are going to get screwed over. AGAIN. We did this already in 2006 and it fscked up housing prices through 2012. We are only now just recovering. From Politico:

Biden’s new dilemma: How to slash housing costs for low-income borrowers
President Joe Biden’s move to fire the top U.S. mortgage regulator is triggering calls from fellow Democrats to use the agency to expand access to loans for lower-income people, who have struggled to buy homes since the financial crisis.

That’s setting up a clash with Republicans over how far the government should go in shaping an industry that makes up one-fifth of the U.S. economy.

A long-awaited Supreme Court decision last month gave Biden the ability to remove the Trump-era leader of the Federal Housing Finance Agency, and he wasted no time. The president installed as interim director an agency veteran who says she’ll make affordable housing and combating discrimination a top priority, but who has underwhelmed those on the left, who say she is a mere caretaker.

Progressives are concerned that Biden will be too timid in changing course at the powerful agency overseeing Fannie Mae and Freddie Mac, the two companies that stand behind half of the $11 trillion U.S. mortgage market. Top Democrats are calling on Biden to quickly name a permanent leader — a position that Senate Banking Chair Sherrod Brown's spokesperson said is “vital to the administration’s goals of building an equitable economy and must be filled quickly.”

Of course Brown wants this.  He is salivating at the prospect. The Obama administration bailed out the banks in 2008 (Remember, Brown is the Senate Banking Chair - he just wants to take care of his friends.  The ones that get him all the sweet hookers and blow). Brown is operating under the impression that this will happen again.

Again, we have seen this all before twelve years ago and a lot of the same players are lining up to run the scam again.

Don't you want to guarantee affordable housing to the poor? If they can not afford it? No.
This is leading up to a very large bubble and will burst. Not if. When.

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This page contains a single entry by DaveH published on July 6, 2021 6:47 PM.

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