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Secondly, government-backed mortgages was a contributing factor to the 2008 financial collapse.
Third, this will INCREASE the cost of home ownership. Just look at how government getting involved in education and health insurance has increased the cost of those things.
Quote:
Originally Posted by citidata18
Then no bank will approve them for a loan.
Kamala's plan is to give people down payment assistance, not an entire mortgage.
True, which is why if this becomes law banks will increase down payment requirements knowing government will subsidize it.
Secondly, government-backed mortgages was a contributing factor to the 2008 financial collapse.
Third, this will INCREASE the cost of home ownership. Just look at how government getting involved in education and health insurance has increased the cost of those things.
True, which is why if this becomes law banks will increase down payment requirements knowing government will subsidize it.
Not necessarily.
They can also respond by increasing credit score minimums, DTI thresholds, etc.
The biggest impediment for home buying for people with moderate/high incomes and good/excellent credit scores of the lack of down payments, mainly because of student loan and health care burdens.
Banks would be foolish to turn away these customers if they received assistance to meet the down payment requirements.
I have a plan too: get a job, save up for a down payment, establish good credit, and pay the mortgage on time for 30 years.
This ^^^
In 2008 we saw what happens when people do not have their own capital to invest in a home. They walk away from their mortgages leaving taxpayers with the bill.
I see whole lotta that goin on...
Kamala is simply trying to wrest the black vote away from Biden. Nothing more than that. If she manages to beat him in SC, then Biden is finished. Absolutely.
Sounds almost as far out as building a wall, overturning Roe v Wade, and over turning the Affordable Care Act. One never knows, do one?
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