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Well, I aka not that young. I just had to switch career paths after the recession decimated my plans. No big deal, but being unemployed for 9 months ate through my savings pretty fast. Rent, bills and college loans cost money and even getting the max unemployment benefits really did nothing..so my savings were depleted.
I know a lot of people like to talk about what should be but are happy to take advantage of any governor program that directly helps them. Most people who talk don't actually walk.
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One of the problems with zero to low down payments is that the loaner doesn't have anything to lose, should he lose the home. For example, the people that put down $20-30-40-50k on a home, stand to lose a decent chunk of money should the home be foreclosed on. Those who put down next to nothing, don't. If the home becomes a burden, and something they can't afford, they just walk away.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
One of the problems with zero to low down payments is that the loaner doesn't have anything to lose, should he lose the home. For example, the people that put down $20-30-40-50k on a home, stand to lose a decent chunk of money should the home be foreclosed on. Those who put down next to nothing, don't. If the home becomes a burden, and something they can't afford, they just walk away.
As previously documented, there are exceptions to your rule..
Habitat has a <2% foreclosure rate on 0% loans.. perhaps it is the "sweat equity" aspect of it all, as considerable personal investment is necessary.
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
I just think it's funny how the same cast of characters piss and moan about government programs that loan money at low rates or even subsidize things like healthcare, housing, food, ...the stuff poor people can't afford to buy or may need a boost through a tough time...
But when there's a thread about the government throwing money at defense contractors, banks, massive corporate farms and energy companies...well, those threads die a quick death if they even get started because FOX and Drudge never bring them up.
But when the government gives low interest loans to people who marginally qualify...AMERICA AS WE KNOW IT IS OVER!
Too funny.
Anyone been watching the Ken Burns PBS series on the Dustbowl? Everyone should, but only voluntarily, of course.
Is PBS a "Poor" group that needs our tax dollars too?
I've been watching the History Channel's special called "Mankind"....awesome history of humanity.
BTW....I complained heavily about bailing out banks....was totally against it.
Is PBS a "Poor" group that needs our tax dollars too?
I've been watching the History Channel's special called "Mankind"....awesome history of humanity.
BTW....I complained heavily about bailing out banks....was totally against it.
"Too big to fail" my arse.
What about all the other industries that have been subsidized routinely for decades? Corporate subsidies are OK? When the Gov't subsidizes anything, it's usually to create wealth for the wealthy, I get that. This is no different. Banks hold the notes on lots of properties and repo them when someone defaults. They then resell them to someone else and resume collecting interest or hold the property as a write-off asset. Whenever a houes is bought, people spend money on it diong remodelling and renovations. That puts more jobs back into the trades and construction sectors that have been getting killed by the 2008 collapse.
Why are so many people pissed about government subsidies for houses but not for oil companies, prisons and weapons manufacturers?
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Well, I aka not that young. I just had to switch career paths after the recession decimated my plans. No big deal, but being unemployed for 9 months ate through my savings pretty fast. Rent, bills and college loans cost money and even getting the max unemployment benefits really did nothing..so my savings were depleted.
I know a lot of people like to talk about what should be but are happy to take advantage of any governor program that directly helps them. Most people who talk don't actually walk.
Those doing the complaining are probably like me, they're tired of paying for everyone's free ride, while my family and I have to live within our means or lose what we've EARNED. When the government sets these programs up they get abused, and that is why we're in the mess we're in now.
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The Pats may have a defense to go along with their offense.
What about all the other industries that have been subsidized routinely for decades? Corporate subsidies are OK? When the Gov't subsidizes anything, it's usually to create wealth for the wealthy, I get that. This is no different. Banks hold the notes on lots of properties and repo them when someone defaults. They then resell them to someone else and resume collecting interest or hold the property as a write-off asset. Whenever a houes is bought, people spend money on it diong remodelling and renovations. That puts more jobs back into the trades and construction sectors that have been getting killed by the 2008 collapse.
Why are so many people pissed about government subsidies for houses but not for oil companies, prisons and weapons manufacturers?
Actually, I don't support subsidizing any business including farming.
My biggest gripe with the FHA is it should not setting itself up to LOSE money. The FHA wasn't formed to lose money. But if they keep backing loans with just 3.5% down, they will continue to lose money.
The FHA now has 25% of their loans in delinquency. When they lose money, it's taxpayers who have to foot the bill.
I'm all for helping people get loans....just not people who have little chance of paying their mortgage.
One of the problems with zero to low down payments is that the loaner doesn't have anything to lose, should he lose the home. For example, the people that put down $20-30-40-50k on a home, stand to lose a decent chunk of money should the home be foreclosed on. Those who put down next to nothing, don't. If the home becomes a burden, and something they can't afford, they just walk away.
Yes, they do have something to lose, their home. Why is that "nothing?"
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Re: Government Failure
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