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Joke of the day. The democrats recently proposed to cut billions in government handouts to big oil and of course the right shot it down. Can't upset their masters by not giving insane amounts of taxpayer funds to them.
Get your facts straight. Every company in America gets to take a tax credit--not a handout--for capital expenditures. It is not unlike the homeowner's tax credit for mortgage interest. The Dems wanted to single out the oil companies as an industry by taking away the tax credit while preserving it for other industries. Made no sense.
As for increasing the down payment requirement for FHA loans, it's all about having skin in the game. Unless a homebuyer has equity in the home he feels no compunction about abandoning the home and letting the taxpayer pay off his loan. It's a lot harder to do that when you know that by failing to pay your mortgage you risk foreclosure and the loss of the equity you have invested in the property.
LOL, if you can't put 5% down, you have no business buying a house.
I think any attempt to prevent a housing default crisis again is prudent. Clearly the left hasn't learned anything from the recent downturn.
Exactly! I have to say, I agree with this. When we bought our first home in 1999, we saved for a year to get that 5%. That seems to be a lot of the problem that caused the housing bubble. People buying homes with ARM loans and zero down who could no way afford it!
You mean people who put money into the system like you did? ooh wait, you didnt.. you just said you put it outside the US..
I'm not at all embarassed, the home was previously owned by a general manager of GM. Let me guess, your home is nicer, ooh wait, you dont have one.. you are here moaning and groaning about how you are owed one...
Again, I bought what I could afford.. do the same and stop moaning about others not handing you one..
if I was however old you are, I'm sure I could rustle up a house equally mismatched... anywhoo considering that I'm still under 30, I think I'll continue doing what I'm doing and make my investments work for me--none of which are a house (as I've stated earlier as not a good investment) However, you are missing the point in that there should be affordable home buying programs for those of us who are now starting families and are interested in buying, to be able to buy in the areas we live (which happen to be areas with jobs). I'm sure if I lived in Detroit or Pittsburgh or Ohio, buying a home would make sense (cheap housing abounds there), but then again, job prospects do not abound there which would make them pretty depressing areas to live in IMO.
Fannie still faces challenges but it's coming along....
AP — Fannie Mae asked the government Friday for an additional $8.5 billion in aid after declining home prices caused more defaults on loans guaranteed by the mortgage giant.
The company said it lost $8.7 billion in the first three months of the year. Those losses led Fannie to request more than three times the federal aid it sought in the previous quarter. The total cost of rescuing the government-controlled mortgage buyer is nearing $100 billion — the most expensive bailout of a single company.
Combined with the bailout of sibling company Freddie Mac, the government expects their rescue to cost taxpayers about $259 billion. That money will cover the mortgage giants’ losses on soured loans made in the midst of the housing bubble.
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S&P Downgrades Credit Outlook on Fannie, Freddie Debt
04/21/2011 By: Carrie Bay
Standard & Poor’s has lowered its outlook from stable to negative on the debt issues of Fannie Mae and Freddie Mac, as well as the Federal Home Loan Bank System, and the Farm Credit System Banks.
The move follows the ratings agency’s outlook revision on the United States earlier this week, also slipping from stable to negative. S&P says the latest downgrades on the other four entities are because of their ties to the U.S. government.
“Per our government-related entity (GRE) criteria, the ratings on the GREs…are constrained by the long-term sovereign rating on the U.S.,†S&P said. “We derive our opinion of the support included in the ratings based on the links and roles attached to the supporting entity, the U.S. government.â€
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While Freddie Mac did manage to turn a profit for the first quarter,( and only because BoA (bank fo america)had paid more than $2.5 billion to buy back troubled mortgages ) they are still standing on shaky ground. Since 2008, they have received close to $65 billion in taxpayer financial assistance
But no where did I say you could use it as a down payment...lol yes you did.
lol...These fake scenarios you're dreaming up have been regulated out of the market. Not a single thing you've posted can be or would done by any lender. These dreams you've cooked up can't be financed, can't make it through underwriting and my lenders are laughing at you....lunch is almost over and we have tears in our eyes...
lol...These fake scenarios you're dreaming up have been regulated out of the market. Not a single thing you've posted can be or would done by any lender. These dreams you've cooked up can't be financed, can't make it through underwriting and my lenders are laughing at you....lunch is almost over and we have tears in our eyes...
you're silly, and good entertainment.
I'm glad to see you find me educating you, the realtor, entertainment..
Fact, no I didnt say you could use credits as a down payment, I said they reduced your down payments, and Fact, they were not regulated out of the market. You not being educated on things dont mean they dont exist. I'll take not only mortgage brokers, and bankers word, along with personal experience, over you telling me I cant do things I already am..
Furthermore, not only can you buy a home with nothing down, but you can buy homes and walk away with a check.. but hey, you'll tell me thats impossible as well I'm sure.
Quote:
Originally Posted by chariega
if I was however old you are, I'm sure I could rustle up a house equally mismatched... anywhoo considering that I'm still under 30, I think I'll continue doing what I'm doing and make my investments work for me--none of which are a house (as I've stated earlier as not a good investment) However, you are missing the point in that there should be affordable home buying programs for those of us who are now starting families and are interested in buying, to be able to buy in the areas we live (which happen to be areas with jobs). I'm sure if I lived in Detroit or Pittsburgh or Ohio, buying a home would make sense (cheap housing abounds there), but then again, job prospects do not abound there which would make them pretty depressing areas to live in IMO.
if you are making your "investments" work for you, great, thats exactly what I did, but dont come here whining about how you are entitled to a home. And you blanketing whole cities or states I find rather comical.
I have no problem with requiring a substantial (10 to 20%) down payment on a house of condo. It serves several functions:
Requires owners to own part of the house
Proves the buyers have some economic stability or rich relatives
Restores stability to the housing market by reduced speculation and “house flipping”
Increases pressure for decent wages and reduced off shoring of American jobs.
I am only concerned how people are going to be able, given current abyssal interest rates, to save the $20 to $50 k needed for a down payment on a first home. People trading up can use their equity for a new house. People buying “investment houses” would have to come up with the full 20% down payment.
Get your facts straight. ay the tax credit while preserving it for other industries. Made no sense.
As for increasing the down payment requirement for FHA loans, it's all about having skin in the game. Unless a homebuyer has equity in the home he feels no compunction about abandoning the home and letting the taxpayer pay off his loan. It's a lot harder to do that when you know that by failing to pay your mortgage you risk foreclosure and the loss of the equity you have invested in the property.
You first.
Homebuyer's aren't abandoning homes.
The majority of folks who strategic default are not on the lower end of the homeownership spectrum. The folks who walk away have typically purchased another home first because they understand and have accepted the risk and hit to credit. It's an investment decision. Most strategic default has occurred in commercial transactions.
How much equity someone has in their home has nothing to do with ability to pay. Please separate the two.
Homes purchased years ago with conventional loans and higher downpayment's have no equity and homeowners walking away.
When is the GOP gonna stop murdering grandmothers, infants and small pigmy children?
lol...How's Asheville?
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Let me guess, your home is nicer, ooh wait, you dont have one.. you are here moaning and groaning about how you are owed one... 
anywhoo considering that I'm still under 30, I think I'll continue doing what I'm doing and make my investments work for me--none of which are a house (as I've stated earlier as not a good investment)
