Posted on 01/28/2017 6:44:52 PM PST by VitacoreVision
How about, we don’t need a real estate bubble artificially puffed up, only to burst and see a bunch of marginal mortgagees tossed out of the homes they could not afford in the first place? Trump is actually protecting people from potential catastrophe. Of course, a major libtard like Schumer would simply slant this with a provocative headline to make it look like Trump was the bad one. Hey, Chuckie, where were YOU when people were being tossed out of their homes because of mortgage default?
Great move Trump. No more bubbles please. Bush tried to warn us, but Clinton had set the stage for 2008. Bush didn’t push hard enough. I can’t speak for the whole country but RE prices are back to 2006-7 levels where I live. Time to back it down just a bit.
This is an “insurance” program rate. Tell it to the insurance companies.
Hmm, the FHA thinks it can cut insurance rates.
Didn’t we some problems with them before?
http://www.cnbc.com/2013/09/27/mortgage-bailout-not-over-fha-to-draw-17-billion.html
I can’t speak for the whole country but RE prices are back to 2006-7 levels where I live.
Yep. It’s getting there here in Florida. And a TON of new housing in the pipeline. If RE pops again it will be just as bad if not worse.
580? 580? Someone with a 580 credit score can't even play Mark Antony in Julius Caesar because he can't say "Friends, Romans, countrymen lend me your ears" without having hecklers say "But we'll never get them back!"
Sheesh! Back in the Seventies when I was selling Real Estate, we expected buyers to make a 20% down payment!
The decrease was a relatively small one. People that are so borderline that they can’t afford to buy a house without that small decrease probably have no business buying a house. Maybe they should save up some money to make a bigger down payment. Problem is, home prices are rising as well as interest rates.
I can hardly believe how much some houses are selling for these days, but location is a big factor, of course.
No more crap mortgages to dead beats guaranteed by the Tax payer. People who want houses must buy them and pay for them or they are OUT!! This mortgage guaranty was the 100% cause of the financial collapse in 2008. NOT THE BANKS!! The damned government with bush standing there like an idiot GUARANTEED minority worthless loans into the BILLIONS of dollars!! These loan were sold to investors with GUARANTEED RETURNS!!! But the borrowers were not worth crap.When they defaulted the Government took YOUR MONEY to pay the guaranteed investor!! to pay off those loans. You didn’t know that did you?
And if you couldn’t come up with 20% you paid personal mortgage insurance.
Barney Frank was in this up to his fat elbows with the same BS rationale: “Helping poor people buy homes.”
Back in 2007 (if you saw the movie The Big Short) there were pole dancers buying several properties, renting them out, no money down, over priced. Then the bubble burst.
Schumer is a turd with arms. He wants to re-visit that nightmare, he remembers giving uncreditworthy people with no skin in the game 100% home loans. Some FHA loan mortgagors (borrowers) even got a cash boot, because you and I were co-signers and the loan originators got higher commissions.
And everyone was surprised when the housing market tanked.
But that’s the `rats for you, always generous with other peoples’ money.
Just a little Easter egg for the new administration to find.
That it was. very small. But in aggregate it comes to a nice chunk
They’re talking about mortgage insurance. Not homeowners insurance.
Abolish mortgage insurance completely, and require at least 20% down to purchase a home.
Problem solved.
Wow lucky you...here in Ga still in gutter.
Dice!
You nailed it!
The bubble needs to be popped and soon. It’s priced the vast majority of young people out of the market. I’d suggest by passing a requirement that all land sales in the US may only be made to at least 51% US owned corporations and individuates. That would flush the Chinese money right out of the market and restore home prices to a reasonable level.
On a side note, borrowers should make sure that insurance expense is removed when they have 20% equity in the home; a naïve friend had it charged for additional years because he and his wife never questioned it.
I calculated my PMI to the month and week and had them lift it asap. Good point. Anyone too stoopid to keep track of things like that should stay in their apt. or Section 8 rathole.
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