Saturday, February 4, 2012

Barack Obama Lashes Out at Banks For Risky Mortgages in Weekly Address …Forgets to Mention His Lawsuit Forced Banks to Ease Lending Practices

"In his early activist days, Barack Obama the community organizer sued banks to ease lending practices. ....... Today Barack Obama lashed out at lenders who sold home loans to families who couldn’t afford them in his Weekly Address." [Gateway Pundit]

And they haven't learned yet. Yours truly, clipper, bought the condo in which we now live back in 2006 for just over $500,000. Today, because of having discovered that Chinese Drywall (out-gases fumes reported to be corrosive) was used in construction, the property is now valued by the County Appraiser at ZERO dollars.

Last week I received a phone call from the bank holding our current (obviously underwater) mortgage, offering me a re-finance deal! It seems a "new government program" allows them to re-fi our home with NO APPRAISAL required, minimum closing costs, and very low rates!!!! Here we go again ....... loans on properties beyond that which the property is valued !! I declined the offer. [clipper]

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