[HN Gopher] The great American 'homewashing' is happening under ...
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       The great American 'homewashing' is happening under our noses
        
       Author : whack
       Score  : 51 points
       Date   : 2022-11-27 20:41 UTC (8 hours ago)
        
 (HTM) web link (thehill.com)
 (TXT) w3m dump (thehill.com)
        
       | miguelazo wrote:
       | This is especially infuriating: "Banks that take advances from
       | their FHLBs, that is most banks, do so in lieu of paying higher
       | interest rates to their own customers. You've probably asked,
       | "How can banks get away with paying on average 0.19 percent on
       | savings accounts when the yield on 1-year treasuries is 4.75
       | percent?" The answer lies largely with the FHLBs."
       | 
       | I wonder how much of this very low cost credit finds its way into
       | housing speculation-- the antithesis of building affordable
       | housing.
        
         | sokoloff wrote:
         | These subsidies on home mortgages affect owner occupants and
         | leased properties in similar ways.
         | 
         | The affordability problem has to be looked at with at least one
         | eye on the competition among marginal buyers, whether
         | prospective owner-occupants or landlords.
         | 
         | If a prospective owner-occupant has less financial resources
         | than the typical "competition" for a given type of house,
         | they're going to get outbid in a supply-constrained market,
         | whether mortgages are 3%, 13%, or 23%.
        
       | paulryanrogers wrote:
       | Well intentioned services with insufficient oversight feed the
       | fraud industry. Of course too much fiction can lead to only the
       | most desperate or motivated seeing the benefit. Often those are
       | borderline fraudulent actors who've grown familiar with the
       | procedures and documentation required.
        
       | techdragon wrote:
       | I wonder how gradual the transformation was from well intended
       | government subsidisation program, into the present form where it
       | reduces consumer savings account rates, provides fat sinecures
       | for executives, and overall looks (at least based on the
       | information in this story/article) like it does next to nothing
       | of what it was intended to do.
       | 
       | Did it accelerate with the spiral that lead to 2008 ? or was it
       | after ? or long before perhaps? Just when did it begin to
       | transform and how fast did that happen? is this some long
       | surviving vestige of 80s corporate greed?... anyone got more
       | financial system history here? (Or do i just need to wait and
       | track down the results of that 100 year review)
        
       | tjpnz wrote:
       | >The views expressed by contributors are their own and not the
       | view of The Hill
       | 
       | What is the view of The Hill?
        
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       (page generated 2022-11-28 05:02 UTC)