While government sanctioned propagandists and NeverTrumpers such as John McCain collude against President-elect, Donald J. Trump in what is fast becoming our second era of McCarthyism, Barack Obama, that sneaky mountain of horse manure is setting bonfires everywhere.
With just ten days to go, Obama adds a little time bomb into the housing market. It’s as if we have learned nothing about the housing bubble and subprime borrowers. In case anyone may have forgotten what this election was about and why we may have dodged a bullet, I give you this story.
What do you do when a quick rise in mortgage rates suddenly threatens to tame home buying demand from subprime borrowers who, despite the lessons from the past, are still purchasing homes, en masse, with only 3.5% down payments and just enough monthly cash flow to cover mortgage payments? Well, if you’re the Obama administration then you simply socialize the problem and force those higher mortgage costs on taxpayers. Anything less would just be a hateful attempt to deny minority and low-income citizens their “right” to home ownership[…]