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Old 07-27-2011, 06:00 PM
 
Location: Foot of the Rockies
90,295 posts, read 121,230,694 times
Reputation: 35920

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Quote:
Originally Posted by Bill Keegan View Post
This is one of the most ridiculous things I've seen. And the absolute hilarity of the poster railing against OTHER people not understanding is fantastic.

No one is helping her pay off her house. She & her husband bought a house, borrowing money from a bank to do so. It is very likely that the bank that loaned them the money is guaranteed repayment by one of these government programs. Why is it likely? Because the OVERWHELMING MAJORITY of home mortgage loans are made by banks which take advantage of that guarantee program. The actual borrower has ZERO say in whether the bank does so or not. The borrower is not using any government program. The bank from which she borrowed the money is doing that. There is no suggestion ANYWHERE that the Bachmanns are not going to repay every dime of the loan and the required interest.
OK, you're a realtor. You explain to me and the rest of us poor, dumb liberals what the difference is between an FHA loan and a conventional loan. In almost 30 years of paying mortgages, we have never had an FHA loan. What am I missing?
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Old 07-27-2011, 06:09 PM
 
Location: Foot of the Rockies
90,295 posts, read 121,230,694 times
Reputation: 35920
Quote:
Originally Posted by HappyTexan View Post
Read the article. They have no proof and didn't say she did..they just think she did.

I'm not a backer of hers..Ron Paul is my guy but false info is false info no matter who the candidate is.
Quote:
Originally Posted by HappyTexan View Post
I posted from the article showing they had no proof but "they were confident" that it COULD have been Fannie/Freddie.

But my posts were ignored because once on the bandwagon there is no getting off for some.

The loan papers are not available to the public.
Quote:
Originally Posted by HappyTexan View Post
Read your own article. They have no proof..they just THINK that it MIGHT HAVE been Fannie/Freddie.
If she hasn't done anything wrong, why does there have to be proof at all? I mean, if it's common to get a subsidized loan, what's the issue? Please enlighten me.
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Old 07-27-2011, 06:16 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,984,627 times
Reputation: 4021
Quote:
Originally Posted by Katiana View Post
OK, you're a realtor. You explain to me and the rest of us poor, dumb liberals what the difference is between an FHA loan and a conventional loan. In almost 30 years of paying mortgages, we have never had an FHA loan. What am I missing?

You're missing tht she didn't get an FHA loan, so far as I, or anyone, can tell from the article. She took out a CONVENTIONAL loan from a bank. That bank, like the vast overwhelming majority of banks that make mortgage loans, probably participates in the FannieMae/FreddieMac guarantee programs. (I say probably for the same reason the "experts" quoted in the article say it; there's no definitive proof, but the facts, especially the $417,000 first mortgage amount, point in that direction.) Your conventional mortgage is almost certainly guaranteed to your lender by that same program, and you don't "use federally subsidized loan" either.
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Old 07-27-2011, 06:20 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,984,627 times
Reputation: 4021
Quote:
Originally Posted by Katiana View Post
If she hasn't done anything wrong, why does there have to be proof at all? I mean, if it's common to get a subsidized loan, what's the issue? Please enlighten me.

Her loan was not SUBSIDIZED any more than yours was. Someone on this thread started using the word subsidized, but it has nothing to do with the reality of the loan. The government guarantee program that the bank takes advantage of is subsidized with government money. Her individual loan IS NOT. There is and NO SUGGESTION and NO REASON to think, that she will not be paying off that loan. It's a standard regular CONVENTIONAL loan.
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Old 07-27-2011, 07:16 PM
 
Location: Foot of the Rockies
90,295 posts, read 121,230,694 times
Reputation: 35920
Quote:
Originally Posted by kevinm View Post
How is it hypocritical to participate in a program that your tax dollars are supporting? I call it getting your money's worth.
Like unemployment insurance, SCHIP and the like?

Quote:
Originally Posted by Bill Keegan View Post
Her loan was not SUBSIDIZED any more than yours was. Someone on this thread started using the word subsidized, but it has nothing to do with the reality of the loan. The government guarantee program that the bank takes advantage of is subsidized with government money. Her individual loan IS NOT. There is and NO SUGGESTION and NO REASON to think, that she will not be paying off that loan. It's a standard regular CONVENTIONAL loan.
No reason to yell, I just wanted some clarification.
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Old 07-27-2011, 07:28 PM
 
48,493 posts, read 97,172,484 times
Reputation: 18310
So OP is discovering that its not just corporations and the wealthy that is benefiting form subsidy.My state for example spends 40% of the budget on medicaid.One only has to ask oneself who subsidises the government more and more .That is where the power will alway be.
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Old 07-27-2011, 07:29 PM
 
69,368 posts, read 64,326,089 times
Reputation: 9383
Quote:
Originally Posted by Katiana View Post
If she hasn't done anything wrong, why does there have to be proof at all? I mean, if it's common to get a subsidized loan, what's the issue? Please enlighten me.
Did you ask the same question of the OP?
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Old 07-27-2011, 07:30 PM
 
4,921 posts, read 7,721,116 times
Reputation: 5484
Bachmann, what a good christian. Do as I say, (not as I do). Typical tea party, they want the American way of life but they just don't want to pay for it. They are willing to sacrifice the weakest of our society while stuffing their own pockets.
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Old 07-27-2011, 07:36 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,984,627 times
Reputation: 4021
Quote:
Originally Posted by donsabi View Post
Bachmann, what a good christian. Do as I say, (not as I do). Typical tea party, they want the American way of life but they just don't want to pay for it. They are willing to sacrifice the weakest of our society while stuffing their own pockets.
Are you kidding? Did you just skip all the FACTS presented in this thread, or are you such a hater that the facts don't get in the way of you taking part in this manufactured little hatefest?
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Old 07-27-2011, 07:45 PM
 
Location: FL
20,696 posts, read 12,600,347 times
Reputation: 5452
Quote:
Originally Posted by KUchief25 View Post
No if you read the article you would read that they did a refi. How dare they. Your mortgage experts from your link should be identified. LOL
Yes, they were federally subsidized and then when interest rates went lower than refinanced.

She doesn't like federally subsidized loans except when they benefit her.
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