2% Mortgages are Finally Here!

[JerseyG]

Originally Posted by Lusitan

All the more reason why the goal of any govt action should not be to "keep people in their homes".

Rather, the goal should be to ensure that people who cannot afford their homes leave them.

The goal should never have been for Jimmy Carter's CRA dream of everyone in this country owning a home, no matter what they could or could not afford, coupled with Obama's ACORN group shoving Jimmy's dream (with threats) down banking institutions throats which led us to where we are now.

Again, I don't know who qualifies for bailout assistance or not. All I know is that standards have been in play for decades to help homeowners in good standing not have to walk away from their homes should they fall on hard times. To a POINT. If they can't get their act together after a while, their behind is grass.

I'm pretty sure we're doing the apples and oranges dance. I feel not one bit of sympathy for anyone who walked into a mortgage they knew (spare me the "misled" into a mortgage drama) they could never afford if it weren't too good to be true.

What does someone who put 0% down on a home have to lose if their house is foreclosed on? Nothing. They essentially have been renting and to get a bailout is pathetic.

[sholden]

Originally Posted by JerseyG

I guess I'm not exactly sure how renters who have nothing to gain by renting and those (who were not subprimers) who own a mortgage should be thrown in the same boat when it comes down to anything. No risk in renting. No huge loss in renting. Nothing to show at the end of the day or tax year when you rent. I get it. I see you get it too.

Renting sees you with huge amounts of savings at the end of each year, compared with owning. That's hardly "nothing to show at the end of the day".

That'll change once the bubble finishes deflating, at which point I'll just buy a house with the cash I've saved and not bother with that whole mortgage thing.