Failed Policies of the Community
Reinvestment Act Reenacted by Biden
Al Ritter
The (CRA) Community Reinvestment Act of 1977 that led to the
housing market crash appears to have a reincarnation of sorts. We all remember
when banks were forced to make bad loans to purchasers that should never have
been allowed to buy homes above their needs or ability to repay those loans.
The original bill was signed into law by failed President
Jimmy Carter in 1977 and forced mortgage lenders to accept loans from purchasers
totally ignoring their credit history or allowing them to ask if they even had
jobs. This in turn started a sellers’ market for overly inflated home values
which subsequently caused the housing market to crash with millions of homes
being overvalued.
President G. H. W. Bush attempted to put a lid on the failed
policy, but like his predecessor failed to get his second term.
Bill Clinton was the new President and attempted to cement
the failed policy in his administration which also amounted to a total failure.
In the past…..“Dreamers did not qualify because of FHA’s
interpretation of a 2003 measure from its Handbook: “Non-citizens without legal
residence in the country are not eligible for FHA-insured mortgages.”
Not only can
they get an FHA loan to buy a house……but millions of illegals in this country
who have over stayed their Visas can and will get the $1400 stimulus checks!
Now the Biden administration wants to secure FHA loans for
“Illegal Aliens.”
The FHA has changed policy under the Biden Administration…….NOW, THE
AGENCY SAYS ON ITS NEW FORMS THAT THEY “DID NOT EXPECT A SITUATION IN WHICH A
PERSON MIGHT NOT HAVE ENTERED THE U.S. LEGALLY, BUT WOULD STILL BE CONSIDERED
LAWFULLY PRESENT.”
https://nationalinsiders.com/biden-gives-illegals-new-homes-guess-where/
3 comments:
Are they that stupid that they have not learned from their mistakes of the past!
Shaking my Head!
What a disaster
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