President Obama’s economic advisers and outside experts say the
nation’s much-celebrated housing rebound is leaving too many people
behind, including young people looking to buy their first homes and
individuals with credit records weakened by the recession.
In response, 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.
Read more: http://finance.townhall.com/columnists/mikeshedlock/2013/04/04/fools-never-learn-n1557319/page/full/
In response, 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.
Read more: http://finance.townhall.com/columnists/mikeshedlock/2013/04/04/fools-never-learn-n1557319/page/full/
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