I’m no spring chicken folks even though I sometimes wish to believe I am a young man in my twenties. I have seen lots of water flow across the ‘top-of-the-dam’, some of it positive and some of it negative. From the latter days of the Bush era through the Obama years I have seen more change and transformation that is/was negative than in all my prior years. The Bush years were a setup for Socialism in that under Bush almost 50% of Americans were effectively dropped off the tax payrolls. Half of incoming earning America came under government dependency. Obama on the other hand, is the Great Socialist Implementor. He will close with the final chapter pushing America out into the Socialist Era.
Time constrains me today therefore I will not enumerate the long list of “transformative” efforts or actions that have come to pass under the Obamanoid. The purpose of this post is simply to declare one change that has caused my organization to exit from the U.S. mortgage market.
Within our banking company we always rode the secure side of mortgages, e.g. we only made 80% mortgage loans. You get the idea. We did not make sub-prime loans. We verified the applicants ability to pay. This one point is what will change on January 1, 2014. Not only will a mortgage entity have to verify ability to pay, the mortgage entity will have to assume a great deal of legal responsibility should the applicant fail to pay.
What Obama’s new consumer protection agency is saying is you must be responsible of an individual or couples screwup. This breaks the concept that has been in place for well over one century, i.e. you place the property on which you are securing the debt under a security deed, whereby lack of payment gives the lender the right to foreclose and take said property.
The Obamanoid has set up the mortgage industry for failure with no recourse. As such, we are almost completely through the process of pulling down U.S. based mortgage lending. The funds are actually more safely invested in other nations.
So long America. You’ve lost a multi-billion dollar mortgage entity..