Dems want to bring back the subprime housing crisis with loans to the ‘poor’

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Biden wants to slash housing costs for low-income borrowers, and progressives want it done – now. The problem is it will recreate the housing bubble and devastating bank crash.

Only now we don’t have money to bolster failing banks.

We ended up with the problem by bullying banks into giving “poor” people loans they couldn’t pay so they could buy houses they couldn’t afford.

Millions lost their homes and had terrible ratings for years because of the crisis.

Democrats blamed George Bush and the banks for ‘predatory lending,’ but the problem was bad lending practices resulting from policies pushed by Democrats.

Democrats want to do it all again.

Politico reports “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 is exactly what they did before but now we are deeper in debt. Progressives like to control everything and would love to nationalize the housing market.

They know they will clash with Republicans.

Here’s more from Politico:

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.”

The hard-Left progressives demand Biden get it done. His handlers are undoubtedly part of the progressive groups demanding it.


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Happy Fun Ball Taunter
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Happy Fun Ball Taunter
2 years ago

They know they can’t repay it.
Locally the last few open spaces are getting filled and homes are built quick.
The growth pretty much hasn’t stopped in 30 years in what was once rural route farmland that is now Stripmahal, subdivision, industrial park, hospital.
Even over the winter the building was ongoing and some were due to the lumber costs which is finally coming down.
Are the faculty lounge true believers able to controlled demolition wipeout and economy and then hit reset with zero pain?
We’ll have to see.

GuvGeek
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GuvGeek
2 years ago

It’s much worse than people think! Democrats want to keep people on “Federal” Unemployment Welfare as long as they can while also not allowing Property owners to collect rent. This results in small individual Property owners going into bankruptcy. The big corporate rental and property companies can then buy these bankruptcy properties at cut rate prices. They can then offset loses from these properties against gains in Red States where the States are actually functional.

We are already seeing a housing shortage due to unskilled Labor just hanging out on Federal Welfare. With the shortage we will see a 2000 to 2008 bubble created by the scare housing and derivative backed loans. When the bubble burst the People will then be forced to finance the rich recovery. This is by design. It was by design 20 years ago, but with Democrats in charge Bubble creation will be on Steroids and when it burst it will be Thermonuclear in Nature; potentially crashing the Dollar. Democrats have convinced themselves that the laws of economics no longer apply and the Government can just print money at will because the Tax Payers will have to make good on the debt, i.e. Republicans. Reality, America’s Poor will be 3rd World poor and we will have a lot more poor. Democrats have no plans for the future and are just going to rape, plunder, and Pillage all they can because they really think they will be able to hide in their gated communities. They haven’t figured out yet that Gated Communities will be the first targets after the collapse.