NYT: Toxic Loans Around the World Weigh on Global Growth

[twa]

 

 

Venezuela today unfortunately 

[tshile]

I'll just put this here instead of making a new thread.

http://www.zerohedge.com/news/2016-04-06/here-we-go-again-obama-pushes-banks-lower-home-loan-standards

...

The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

... administration officials say they are working to get banks to lend to a wider range of borrowers by taking advantage of taxpayer-backed programs — including those offered by the Federal Housing Administration — that insure home loans against default

...

Housing officials are urging the Justice Department to provide assurances to banks, which have become increasingly cautious, that they will not face legal or financial recriminations if they make loans to riskier borrowers who meet government standards but later default.

The FHA, in coordination with the White House, is working to develop new policies to make clear to banks that they will not lose their guarantees or face other legal action if loans that conform to the program’s standards later default. Officials hope the FHA’s actions will then spur Fannie and Freddie to do the same.

...

I can stomach the bailouts. I can even stomach the lack of any real accountability. The lack of support to the actual people is even harder to deal with. But I get why things went that way. I don't like it, but I get it.

But this? Have we learned nothing? And from the Administration that should know better than anyone how bad it was and how bad it could have been?

Ugh.

[TheGreatBuzz]

When I hear "audit the fed" I always assumed it was a look at where their money was going. But I jus assumed because I didn't care enough to look into it.

I'd like someone to look into inflated government contracts though. And why when I call a hotel and get a civilian rate then ask what the government rate is and it at least 50% more, that needs to be looked at.