Categories:
Finance: stocks, options, etc.
“This is subprime lending done right,” said John Taylor, president of the National Community Reinvestment Coalition, an umbrella group for 600 community organizations, and a staunch critic of the lending industry.
He is talking about a Fannie Mae program that allows borrowers to buy homes with no money down.
Taylor, unlike me, was invited to participate in the Treasury summit on the future of housing finance that was held this summer.
READER COMMENTS
ThomasL
Sep 5 2010 at 11:58am
*sigh*
Les Cargill
Sep 5 2010 at 12:58pm
So the guy now has a house payment of 40% of *net* income – pre-tax. And this is *with* counseling?
Okay, so say his wife makes $8 an hour. That’s a whopping 26% of both incomes. Only if she gets $10 an hour, it’s under 25%. Of net. One baby later…
Yarg.
AB
Sep 5 2010 at 3:38pm
That quote is bad, but it gets worse. On page 2:
Buying a house is an investment, because prices always go up!
Doc Merlin
Sep 5 2010 at 4:34pm
Please tell me this isn’t the same John Taylor as the economist.
Steve Sailer
Sep 5 2010 at 6:41pm
No, he’s John Taylor, head of the National Community Reinvestment Coalition (the “nation’s economic justice trade association of 600 community associations”). By the way, he’s a handsome son-of-a-gun, who looks like a cross between John Connally and Nathan Lane.
Here’s a graph from his trade association showing “$4.2 trillion in CRA dollars was committed from 1992 through 2005:”
http://vdare.com/sailer/090215_cra.htm
Comments are closed.