Lower Standards on Mortgages + Write Mortgages on Fracked Properties = Toxic Mortgages
Sound Familiar ?
USDA announced today that it intends to write more “environmentally toxic sub-prime” loans, in order to “meet the growing demand” for toxic sub-prime secondary securitizations. “We like these toxic asset; every portfolio should have some, ” a spokesman said, “with the run-off of subprime mortgages, this fills a need. We can write a lot of mortgages on these fracking contaminated properties. No one else will touch this fracking stuff – that’s where the government can step in and make sure that no toxic fracking homestead will go un-financed. ”
Why should anyone care about this?
“Not only would an environmental review harm the individuals that need the loans the most, it would also be detrimental to our nation’s progress towards energy independence,” he wrote. “If we make potential home owners choose between getting a home loan to keep their house or maintaining a mineral lease, viable sources of oil and gas may become less accessible.”