Posted on 01/02/2006 7:56:51 AM PST by quantim
You describe a Contract for deed sale. It is legal and at least in my part of KY quite common. It really preys upon people who can not get credit or don't qualify for bank loans. The owner/seller hope and pray the buyer defaults.
Well, they started moving in under Clinton, if not before. They really are building up all across America. It worries me.
And I am not ashamed to say so.
If it is treated as rent, I guess the "renters" have no mortgage interest deduction for income tax purposes.
The bank buys the property and then immediately sells it at a higher price. The "down payment" comes as the first payment.
http://www.freerepublic.com/focus/f-news/1550602/posts?page=21#21
I don't know how the contract deals with sales and/or prepayments.
they're really not stupid enough to buy that are they. that would be like a mormon claiming wine and beer really isn't alcohol
Please, everybody relax. As a person with experience in the financial industry I can assure you that nothing extraordinary is going on here. There is nothing wrong with these financial vehicles even though they may look unfamiliar to you. Its kind of like the difference between a bank and a credit union, different legal structures but they both provide the same services, more or less. Also, the Office of Foreign Assets Control (OFAC) monitors all 'banks' for suspicious activity.
The loans aren't really loans. They are just temporary shared asset disbursements
Oh, but there is. An Islamic invasion is permeating society at many levels. You think they'll vote republican or conservative? No, The Islamic Party coming to a poll near you!
Ever see a bank for Christians?
Me neither.
Guess the banking community is made up of the same idiots that make up Hollywood and the Democratic Party...........those who just choose to ignore the Christian nature of their own bloody country.
Idiots.
I don't think it is 'suspicious' that we are commenting on ... I think it is more like the long and varied trail of money that may end up in enemy hands that is our concern.
Mine, anyway.
I'm not the most pro-Muslim guy around, but I have no problem with private organizations encouraging home ownership.
Gee what a suprise....NOT.
"Dr. Ahmad Mohamed Ali AL-Madani is the first President of the Islamic Development Bank." ....and an alumni of the University of Michigan, Ann Arbor:
http://www.isdb.org/english_docs/idb_home/Pres_CV.htm
"A knowledgeable Muslim will find it hard to integrate into a non- Islamic society of the United States," explained Muhammad al-Alahmari, a Saudi who is chairman of the Islamic Assembly of North America, an organization based in Ann Arbor, Mich., that sends copies of the Koran to prisons and libraries."
http://www.copts.net/detail.asp?id=197
"A Saudi graduate student implicated last month in the FBI's terrorism probe gave money to a charity co-founded by jailed Ann Arbor Muslim leader Rabih Haddad, Justice Department officials said this week."
http://siteinstitute.org/bin/articles.cgi?ID=inthenews2403&Category=inthenews&Subcategory=0
"YPSILANTI, Mich. - A militant religious message is spread worldwide from this city outside Detroit by a group of Islamists with connections to Pittsburgh."
http://www.pittsburghlive.com/x/tribune-review/specialreports/jihad/s_84622.html
So what? It's a free country, right? Of course, if non-Muslims decided to close out their accounts at this bank, that would be alright, too.
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