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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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<blockquote data-quote="Richard L" data-source="post: 963084" data-attributes="member: 52972"><p>Hugh,</p><p></p><p></p><p></p><p></p><p></p><p>Now we finally agree :banana:</p><p></p><p></p><p></p><p>Bank's Redlining certain areas was the only issue being investigated in the article. All of the speculation about Sub Prime loans was injected into the article by the author using bracketed/bolded text. In the author's opinion, the Obama Administration was pushing for new Sub Prime loans but that opinion is not supported by anything stated in the article except the author's opinion.</p><p></p><p></p><p></p><p>Unlike TJR, I don't think Sub Prime loans were that benefical and certainly the way they were implemented was reckless. There was no control, no due-diligence, and few if any limitations. Banks were cranking them out as fast as they could because they would simply sell off these toxic loans and get their profit up front, and did not care if they defaulted on the loan. Who is going to buy-into these Sub Prime loans? It certainly does not appear that the Banks want to get into the sub prime loan business again if they are going to be stuck with these loans.</p><p></p><p></p><p></p><p>Perhaps some form of Sub Prime loans may come up again, but I can almost guarantee that they will not be called "Sub Prime"...That phrase alone is toxic. If they do, I hope that they will be limited, and that the lenders will do all the neccessary scrutiny of the applications to verify that everything correct and truthful....and the loans are not based on arbitray redlines</p><p></p><p></p><p></p><p>All we can do is wait and see, but I think any attempt to resurrect Sub Prime loans would be suicidal for any political candidate.</p><p></p><p></p><p></p><p>...Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 963084, member: 52972"] Hugh, Now we finally agree :banana: Bank's Redlining certain areas was the only issue being investigated in the article. All of the speculation about Sub Prime loans was injected into the article by the author using bracketed/bolded text. In the author's opinion, the Obama Administration was pushing for new Sub Prime loans but that opinion is not supported by anything stated in the article except the author's opinion. Unlike TJR, I don't think Sub Prime loans were that benefical and certainly the way they were implemented was reckless. There was no control, no due-diligence, and few if any limitations. Banks were cranking them out as fast as they could because they would simply sell off these toxic loans and get their profit up front, and did not care if they defaulted on the loan. Who is going to buy-into these Sub Prime loans? It certainly does not appear that the Banks want to get into the sub prime loan business again if they are going to be stuck with these loans. Perhaps some form of Sub Prime loans may come up again, but I can almost guarantee that they will not be called "Sub Prime"...That phrase alone is toxic. If they do, I hope that they will be limited, and that the lenders will do all the neccessary scrutiny of the applications to verify that everything correct and truthful....and the loans are not based on arbitray redlines All we can do is wait and see, but I think any attempt to resurrect Sub Prime loans would be suicidal for any political candidate. ...Rich [/QUOTE]
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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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