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Not true at all. There is a deposit requirement. Once again, you can't have loans without capital.
The limit on underwriting is not the assets of banks it is the availability of buyers for mortgage backed securities. A high top marginal tax rate means less of those and so less overpricing of Real Estate. It puts a damper on bubbles.
How did I get a free house when I didn't have a mortgage? There's NO possibility of me being 5+ years behind on payments on a mortgage I don't have. It's only those tens of thousands of Americans who are 5+ years behind on their mortgage payments who are getting $2 Trillion (Federal Reserve-created QE, with which they bought $2 Trillion worth of Fannie and Freddie MBS) worth of free homes. Why? The statute of limitations on foreclosures has expired.
One might ask why the mortgage holders failed to foreclose on the defaulted mortgages for so long as to exceed the statute of limitations ... it makes no sense, unless you know the entire story, and the answer can be easily understood from my previous post.
If the property is foreclosed on, then the bank must then dispose of the property and pay the investors. But if they fail to do so, and wait it out, then they are off the hook.
This level of corruption has no other possible future than total destruction.
Fortunately, no. Who would buy their stock if they did?
Residents of a neighborhood might buy stock in a neighborhood-specific real estate corporation focused more on improving neighborhood livability than in delivering profits to investors?
No, because Iceland has a small population with very high home ownership
and very low long-term renters.
We could increase home ownership here by incentivizing work and rehabilitation.
Again the problem is banks. Banks must be forced to bend to needs of the people.
Imagine a community project in a city like Detroit that would give people homes
IF they work to rebuild and restore. Otherwise, you won't get the necessary
investment because monetarily it won't pay off, so it has to happen another way.
If not, ghettoes will continue to expand.
??? ??? ??? ??? How would that work? Please elaborate. At my workplace, every employee works (obviously) and the employee home ownership rate is zero. (re: #99)
??? ??? ??? ??? How does that explain hard working poor people? (I work with some.)
Stupid versus smart.
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