Obama administration pushes banks to make home loans to people with weaker credit

[Purplehazed]

22. How did the conversation get here ????

If your income is not enough to afford a mortgage then we need to find a way to raise your income! Easier said than done, I am aware, but that's what needs to happen. Mortgage rates are at an all time low. They have been coming down since the early 80's at 18%. Throwing the race card that mighty whitey gets a benefit while the others are getting gouged is crap! There are lot's of people who can't meet the requirements to get a mortgage right now.

This recession has taken a great toll with increased prices and decreased earning. Lowering the requirements for getting a mortgage = sub-prime loans and those were the same loans that were bundled and sold that led to this whole mess and that was when the economy was a whole lot better. A post from a couple of days ago asked why the Democrats secceeded with social issues yet fail at economic ones, well this is a great example. Let's look at a family who doesn't earn much, and is either late on their bills or they already owe a lot, and has never been able to save much, and let's see how we can get them to commit to paying a lender more than 30% of their income for next 30 years.

So who really benefits from all this??? As the OP states " working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default." The tax payers once again subsidize the banks for making risky loans, The person taking the loan??? If that person manages to keep the home, he will be paying mortgage insurance for the life if the loan under the rules taking effect this month.