We all have heard the definition of insanity is doing the same thing over and over and expecting different results. Remember when Barney Frank and Chris Dodd were telling us it is a right in America to own a home. They promoted this fictitious claim by encouraging, and then demanding Fannie Mae and Freddie Mac relax requirements for home loans. Required down payments were reduced and then abandoned. Required credit scores were lowered and required incomes were lowered and then became stated, or the borrower could say whatever he wished. Loans that would have been stopped at the front door prior to Frank and Dodd’s persuasive efforts were now approved within days of submittal. These toxic assets were bundled and sold around the world. We all remember the day we were told the American taxpayer had to assume the liability of these toxic assets. We have all suffered for it and continue to suffer.
Now we are told by the current Marxist/Progressive administration that it is in the best interest of all Americans to lower the requirements for home loans in the United States. Once again the Marxist/Progressives are telling us, it is a right in America to own a home. We should lower credit score requirements for home loans again. This will be good for the home building industry in particular and the overall economy in general. It was only about five years ago the sky was falling due to the toxic home loans that were now going into default and we the American Public lost even more money and freedom. The Marxist/Progressives must be saying, it worked so well the other times, let us do it again. After all, our real goal is to spread the wealth and make all equal.