A Quote by Mark Zandi
The Obama administration deserves credit for quickly ending the housing free fall. In particular, Obama empowered the Federal Housing Administration to ensure that households could find mortgages at low interest rates even during the worst phase of the financial panic.
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One third of the $15 trillion of mortgages in existence in 2008 are owned, or securitized by Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing and the Veterans Administration. Wall Street buyers of repackaged loans didn't mind buying risky paper because they assumed that they would be guaranteed by the federal government: read bailout from the taxpayers. Today's housing mess can be laid directly at the feet of Congress and the White House.
I'm entirely free of any suspicions or complaints about the Obama administration. I think the Obama administration is very friendly to Israel. I know a lot of the people in the administration, and they are committed to Israel.
The [Barack Obama] administration is sharing its knowledge, its expertise with the incoming administration. And this, to us, is a sign of encouragement, to continue the good cooperation that we have built between the United States of America and the Federal Republic of Germany that is in our mutual interest.
Housing has always been a key to Great Resets. During the Great Depression and New Deal, the federal government created a new system of housing finance to usher in the era of suburbanization. We need an even more radical shift in housing today. Housing has consumed too much of our economic resources and distorted the economy. It has trapped people who are underwater on their mortgages or can't sell their homes. And in doing so has left the labor market unable to flexibly adjust to new economic realities.
Businesses and households react to lower rates by investing and spending more. Lower rates also support the prices of housing and financial assets such as stocks and bonds.
If inflation is brought down, interest rates will fall. Once rates fall, we have the opportunity to maybe achieve the goal of 'housing for all' faster; take roads, infrastructure to India's interiors.
Obama seemed poised to realign American politics after his stunning 2008 victory. But the economy remains worse than even the administration's worst-case scenarios, and the long legislative battles over health care reform, financial services reform and the national debt and deficit have taken their toll. Obama no longer looks invincible.
I had begun to worry about the housing market back in 2003, when lenders first resurrected interest-only mortgages, loosening their credit standards to generate a greater volume of loans. Throughout 2004, I had watched as these mortgages were offered to more and more subprime borrowers - those with the weakest credit.
I do believe that the Barack Obama administration has reached a new low by using the instruments of the state against its political adversaries. Obama does not see people who disagree with him as well-meaning opponents but rather as enemies. That's not something that Jimmy Carter or Bill Clinton did as President. Probably Obama's direct descendant in this line is Richard Nixon. And Obama seems to have carried Nixonian tactics to a new low. So, we've turned a corner in American politics that doesn't bode well for our future.
Should the Catholic Church find itself discriminated against by the Obama administration on key delivery of services because of the bias and the bigotry of the administration?
Public housing projects as well as private landlords are free to deny housing to people with criminal records. In fact, you don't even have to be convicted. You can be denied housing - or your family evicted - just based on an arrest.
The one thing that I don't think the Obama administration gets anywhere near enough credit for is the high level of administrators. They meet all the time so they can synergize the federal investments. That's the way any corporation would do it.
Make the financial industry pay for its mistakes. That's the idea behind the best of the Obama administration's reform proposals: If banks issue securities backed by mortgages, say, then require them to hold some of that paper so that they will bear some of the losses.
In the end, the Obama administration is not afraid of whistleblowers like me, Bradley Manning or Thomas Drake. We are stateless, imprisoned or powerless. No, the Obama administration is afraid of you. It is afraid of an informed, angry public demanding the constitutional government it was promised - and it should be.
The housing and financial crisis could not have occurred in the absence of government housing and monetary policies.
I think we would find, if you study the conduct of guerilla-type wars, that the Obama Administration has hit more targets on a broader scale than the Nixon Administration ever did.
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