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-- five years since the housing collapse -- 2008 the onset of the financial crisis like remember thinking.
No way -- -- -- -- take five years for this thing to recover -- now way.
Well it's been a long tough journey for a lot of Americans a painful five years the Federal Reserve estimates Americans lost.
It's incredible seven trillion dollars.
Seven trillion dollars and collapse of the housing industry and home equity because of the sub prime mortgage meltdown the taxpayer -- of bailing out.
Mortgage giants Fannie Mae Freddie Mac it stands right now at a 137.
Big numbers still got to go to 200 -- likely regulators -- in the bill will climb to 200 billion.
And and what -- -- done to prevent another housing crisis of this magnitude.
Really not very much we've talked about reforming both Fannie Mae and Freddie -- Converting them to private companies all sorts of discussions.
But nothing's happened.
And now the Obama administration has come along with a really bright idea just when you think this -- it can't surprise you here they come.
To bring back the same policies that led to the sub prime mortgage crisis in the first place.
The Washington Post reporting the Obama administration pushing banks -- about more home loans to people -- Weaker credit.
Did not one of them pay attention to what happened do they not study history do they not understand anything.
Their reasoning in this instance the housing rebound his left too many people behind this sounds a little bit just a little bit.
Like while president what it sounds a little like President Bush.
-- I want everybody to have the money to buy a house but they don't.
It's hard to disagree with the settlement.
But the fact is we've seen what happens when people think in terms of sentiment rather than solution.
The market is improving but here's another view on housing right now 28%.
Of all homeowners in this country are still.
Or -- more than their homes or work.
The mortgage delinquency rate on all it is seven point 4%.
Seven point 4%.
Now that's better than what we've been over 10%.
Two years ago.
But it's still not good obviously in more than one point eight million.
One point eight million.
Properties in this country received foreclosure filings just last year one point worry million properties remain in some stage of foreclosure.
And President Obama folks.
I don't know what to say about.
The Obama administration is the most hapless administration since that of Jimmy Carter.
But to loosen lending standards would invite a repeat of what was -- seven trillion dollar disaster by the way that was just for the housing market.
Just five years ago.
It's one thing to be hapless but hapless and they're responsible.
We simply cannot afford.
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