The Obama HomeReady program - Subprime Ape 2.0 - The White House is rolling out a new low-income Negro mortgage program that for the first time lets lenders qualify borrowers by counting income from anybody living in the household.

The White House is rolling out a new low-income mortgage 

program that for the first time lets lenders qualify borrowers 

by counting income from non borrowers living in the household. 

What could go wrong? 

The HomeReady program is offered through Fannie Mae, 

which is now controlled by Obama's old Congressional Black Caucus pal Mel Watt. 

It replaces the bankrupted mortgage giant's notorious old subprime program, MyCommunityMortgage.

In case renaming the subprime product fails to fool anybody, 

the affordable-housing geniuses in the administration have re-termed "subprime,” 

a dirty word since the mortgage bust, "alternative."

So HomeReady isn't a subprime mortgage program, you see, it's an "alternative" mortgage program.

But it might was well be called DefaultReady, 

because it is just as risky as the subprime junk Fannie was peddling on the eve of the crisis.

Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials/010716-788747-government-wants-to-lend-more-to-high-risk-immigrants.htm#ixzz3wfNxuhEE