Gainesville Daily Register (Gainesville, Tex.), Vol. 125, No. 255, Ed. 1 Wednesday, August 26, 2015 Page: 3 of 36
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Wednesday, August 26, 2015 — 3A
1/
Other Views
Mortgage
f
madness returns
1
STOCKS.
ja
EARL DIDN'T KNOW WHAT WAS SOARIB? & CHECK:
THE ASHLEY yWISON LIST oR MIS 401 K.
Scott Walker: wrong again on immigration
wall on the border, too, and appears to
Letter to the Editor
To the editor:
Today in History
France's
own
In 1972, the summer Olympics
experimental station W2XBS: a dou-
EDITORIAL LETTERS POLICY
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abridging the freedom of speech, or of the press; or the
right of the people peaceably to assemble, and to petition
the Government for a redress of grievances.”
— U.S. Constitution, Amendment I.
These remarks are directed to City
Manager Barry Sullivan:
Last year, the citizens of Gainesville
statehood.
In 1964, President Lyndon B.
streets of which $5 million was desig-
nated for Culberson Street.
Were you telling us the truth or did
you forget?
I think it’s time to start work on this
street or has the money been used for
he died just over a month later.)
In 1985, 13-year-old AIDS patient
something else?
I think the citizens of Gainesville
deserve an answer.
Dennis Bomar,
Gainesville
Political letters will stop 7 days prior to election day. All letters must
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Gainesville Daily Register
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Lisa Chappell, Publisher
Delania Trigg, Managing Editor
Evan Grice, Sports Editor
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A LOCALLY OPERATED PUBLICATION OF
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OPINIONS
■ Gainesville Daily Register ■
United States, they won't pay attention
to our next sentence."
The nation should reform its broken
immigration system by offering legal
status to the undocumented in exchange
for certain requirements and an eventu-
al path to citizenship.
Trump and Walker, instead, exploit
the issue for votes. Walker's willingness
to say almost anything on immigration
makes us wonder what he really
believes. Or if he even knows what he
1?
Today is Wednesday, August 26, the 1.)
238th day of 2015. There are 127 days
left in the year.
Today's Highlight in History:
IT
ii^
iif
Heritage Foundation, economics contributor to
FreedomWorks and author of "Who's the Fairest of Them
All?"
Donald Trump will not be the be considering the idea of ending leave, why don't we just do that now?
Republican nominee for president; in birthright citizenship, which has been This idea that we're going to get 'em all
the end, the party elite will see to that, part of the Constitution since 1868. If to leave, and we're going to get the
and you are bom here, you are a U.S. citi- g00d ones back, it's a fairy tale," Mark
of the Center for
Immigration Studies, which seeks to
reduce illegal immigration, told the
Washington Post. "It's just not the way
that government could function. It's
dopey. It's a gimmick."
But if it gamers you a few more
votes in Iowa....
As was the case in 2012 when the
Republican candidate Mitt Romney
Last month I bought a house in Potomac, Md., a trade-up
on my current home, and was shocked to learn in the ensu-
ing weeks that I couldn't get a mortgage loan. First, I went to
PNC bank. Then Wells Fargo. Then another. Denied.
Denied. Denied.
No, I don't feel entitled to a loan, and the banks have
every right not to lend me money. But my tale of woe tells a
broader tale of what is going on in the lending industry these
days.
All the bankers told me the same thing: "Steve, if you'd
walked in our bank eight years ago with this mortgage appli-
cation, we would have rubber-stamped it in five minutes,
and you would have walked out with a bag of money."
Those were the go-go days of the real estate frenzy when
people who worked at McDonald's could walk into a
Countrywide and get a $600,000 mortgage. Back then,
underwriting standards were tossed out the window.
Now, thanks, in part, to new federal regulations, like
Dodd-Frank with its mles against predatory lending, the
pendulum has swung to the other extreme, and underwriting
standards (for those without federal insurance) are absurdly
tight. Here we are with the lowest interest rates in 50 years
but many businesses and aspiring homeowners can't qualify.
Water, water everywhere and not a drop to drink.
My situation was doubly frustrating because I'm making
a 25 percent down payment on the house. Researchers have
examined huge samples of the portfolio of defaulted loans
during the 2007-2009 housing crisis. Virtually all the
defaulted loans had low down payments, with many having
less than 5 percent down, thanks to government "affordable
housing" mandates.
Almost no loans with 25 percent down payment went
into default because of simple economics: If you've paid for
25 percent of the house, and you suddenly can't make your
mortgage payment, you sell the house or refinance the loan.
You don't walk away from your equity stake. Duh.
The main reason I was denied a loan was because of a
below-average credit score. This was infuriating on several
levels. First, I have had two previous mortgages, and in 25
years I've never missed a payment. How can I be a high-risk
borrower? The answer is that, twice in 30 years, I was 30
days late paying my credit card bill — and paid the hefty late
fee — and, even more ridiculous, I, Steve Moore, have $300
of unpaid parking tickets.
The horror.
How does that data point provide any useful information
to a bank of whether I'm going to pay my mortgage?
This prompts another obvious question: Why in the
world does any financial institution put any credence in
credit rating agencies today? They were the most derelict
institutions of all during the housing meltdown. These were
the buffoons who were giving AAA credit ratings to mort-
gage-backed securities only weeks before the whole house
of cards collapsed. They were the ones who ignored every
warning of the subprime lending overload. They were the
ones who gave Enron, Countrywide, Bear Steams and oth-
ers a clean bill of health right before these institutions
famously crashed. But banks still listen to their advice on
which homeowners are likely to pay off their loans?
But here is why I really want to pull my hair out. While
I'm making a 25 percent down payment, the government
insurance underwriters — the Federal Housing
Administration, Fannie Mae and Freddie Mac — are back-
ing with taxpayer dollars hundreds of thousands of loans
made with as little as 3 percent down. These are the loans
that will likely default. And taxpayers are on the hook for
hundreds of billions of dollars.
Uncle Sam is repeating eveiy mistake made just eight voted for a $10 million bond t0 flx the
years ago. A record number of new mortgages are backed by
the feds. Almost two-thirds have direct federal backing, and
about 90 percent have some form of federal insurance. This
is the definition of insanity.
Edward Pinto, a housing expert at the American
Enterprise Institute, notes in a new study that, through
Fannie, Freddie and FHA, government is relying on "looser
and looser mortgage lending standards in a misguided effort
to promote broader homeownership and accomplish wealth
accumulation, particularly for low-income households." He
shows that, in 2013, "low-income households (those in the guaranteeing American women's right
20th to 40th percentile of income distribution) had a median to vote, was certified in effect by to overwhelmingly vote in favor of
Secretary of State Bainbridge Colby.
On this date:
In 1789,
Birthright citizenship has a long his-
the humane and smart tory of acceptance by the public and the
to suggesting he would sup- courts. The precept is built on a founda- suggested immigrants should "self-
tion of fundamental fairness, something deport," the GOP will reap what it sows
Now Walker is tacking even harder that served the country well for nearly with Hispanic voters. Party leaders
right as Trump trumpets that he would 150 years. Republicans who favor end- understand this, noting in their "autop-
deport all 11 million undocumented ing birthright citizenship usually argue sy" after the 2012 president election
immigrants in the United States, seize that the lure of citizenship for children loss that "If Hispanic Americans hear
the remittances they send back home contributes to illegal immigration. But that the GOP doesn't want them in the
and end birthright citizenship. Like all where is their evidence? Their argu-
the Republicans, Trump also would ment runs counter to the promise that
build a stronger, taller wall on the this nation of immigrants has long
Mexican border. He claims he would offered to the world.
have the Mexicans pay for it. And what of deporting the 11 mil-
Trump's ideas are extreme and logis- lion now residing in the shadows of the
tically and politically impossible, the nation — one Trump idea that Walker
product, apparently, of Trumpian schol- has not embraced?
arship, which is to say, no scholarship Deporting so many people is both
at all. logistically impossible and prohibitive-
But Walker, instead of offering a ly expensive; it would take years and
reasonable plan that has a chance of cost hundreds of billions of dollars,
working or distancing himself from And to do what? Deport what for the
Trump, is doubling down. most part are productive, hard-working believes.
The governor now is calling for a people. Reprinted from the Milwaukee
"If we could get 12 million people to Journal Sentinel
But Trump's bullying tactics — and you are bom here, you are a U.S. citi-
now his bullying ideas for immigration zen, under the 14th Amendment, which Krikorian
reform — are pushing some of Trump's was passed to protect former slaves and
rivals to take extreme positions. immigrants. Changing it would likely
Such as Wisconsin Governor Scott require a constitutional amendment, a
Walker. virtual impossibility.
Walker has been moving in that In an interview last week, Walker
direction for a while now, telling fire- indicated support for ending birthright
brand conservative broadcaster Glenn citizenship only to hedge later. He
Beck earlier this year that he had shift- seemed unclear on his own position,
ed his stance from support for a path to
citizenship
policy
port limiting even legal immigration.
In 1944, French Gen. Charles de
Gaulle braved the threat of German Ryan White began "attending" classes
snipers as he led a victory march in at Western Middle School in Kokomo,
On August 26, 1920, the 19th Paris, which had just been liberated by Indiana, via a telephone hook-up at his
Amendment to the U.S. Constitution, the Allies from Nazi occupation. home after school officials had barred
In 1958, Alaskans went to the polls Ryan from participating in person.
In 1996, Democrats opened their
net worth of only $22,400 in 2013." Secretary of State Bainbridge Colby. statehood. 42nd national convention in Chicago.
These are the people the government is forcing banks to On this date: In 1964, President Lyndon B. In 2009, authorities in California
make loans to. In 1789, France's National Johnson was nominated for a term of solved the 18-year disappearance of
So, while my tax dollars are backing thousands and thou- Assembly adopted its Declaration of office in his own right at the Jaycee Lee Dugard after she appeared
sands ofloans likely to fail, my loan with close-to-zero prob- the Rights of Man and of the Citizen. Democratic National Convention in at a parole office with her children and
ability of default can't get financed — because I'm upper In 1883, the island volcano Atlantic City, New Jersey. the Antioch couple who'd kidnapped
middle class. This is considered fairness. Only in America. Krakatoa began cataclysmic eruptions, In 1968, the Democratic National her when she was 11.
Stephen Moore is a distinguished visiting fellow at The leading to a massive explosion the fol- Convention opened in Chicago. Ten years ago: Utility crews in
lowing day. In 1972, the summer Olympics South Florida scrambled to restore
In 1939, the first televised major games opened in Munich, West power to more than 1 million customers
league baseball games were shown on Germany. blacked out by Hurricane Katrina,
In 1978, Cardinal Albino Luciani which continued to chum in the Gulf of
ble-header between the Cincinnati (al-BEE'-noh loo-CHYAH'-nee) of Mexico. A fire raced through a crowd-
Reds and the Brooklyn Dodgers at Venice was elected pope following the ed, rundown Paris apartment building
Ebbets Field. (The Reds won the first death of Paul VI. The new pontiff took housing African immigrants, killing 17
game, 5-2, the Dodgers the second, 6- the name Pope John Paul I. (However, people, mainly children.
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Trigg, Delania. Gainesville Daily Register (Gainesville, Tex.), Vol. 125, No. 255, Ed. 1 Wednesday, August 26, 2015, newspaper, August 26, 2015; Gainesville, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1302116/m1/3/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Cooke County Library.