Excel Properties owner Mike Weaster has doubts about President Obama’s attempts to make home loans available to people with bad credit reports.
“What he’s trying to do,” says Weaster about the President’s plans, “is putting us right back in what got us into this mess to begin with.
The White House calls it an effort to expand home ownership and bolster the economic recovery at the same time. Weaster says there are already 8-to-10 million U.S. homes underwater right now.
“This all started,” he says, “under the Clinton administration (when efforts were made) to help everyone be a homeowner – which was great, but that was the start of the subprime issue.”