Since the first try at bankrupting America’s banking system failed, why not try again.
This time the Fed is not backing potential deadbeat homeowners, but instead deadbeat illegals.
Sure, they will say these people are “immigrants,” and in need of home ownership. But I know better.
Home ownership is not a right; it’s earned.
Having a roof over one’s head is as far as the American taxpayer should have to or even WANT to go. Hell, I don’t like how I’m living, but I don’t expect the Romneys to make it better for me. I will either do it myself, or maintain my current standards.
However, we are learning Investors Business Daily,
The White House is rolling out a new low-income mortgage program that for the first time lets lenders qualify borrowers by counting income from nonborrowers living in the household. What could go wrong?
In case renaming the subprime product fails to fool anybody, the affordable-housing geniuses in the administration have re-termed “subprime,” a dirty word since the mortgage bust, “alternative.”
So HomeReady isn’t a subprime mortgage program, you see, it’s an “alternative” mortgage program.
But it might was well be called DefaultReady, because it is just as risky as the subprime junk Fannie was peddling on the eve of the crisis.
At least before the crisis, your income had to be your own. But now, as a renter, you can get a conventional home loan backed by Fannie by claiming other people’s income. That’s right: You can use your apartment roommate’s paycheck to augment your qualifying income. Or your abuela.
You can even claim the earnings of people who are not occupants, such as your parents, under this program.
Just another Federally-sanctioned scam, and the taxpayers will be left holding the bag.