Posted on 04/30/2005 9:42:43 PM PDT by LNewman
... Lenders are working to eliminate obstacles to ownership by easing conventional loan rules.
....Latino home buyers are overcoming cultural and institutional barriers ...and helping to gentrify some neglected neighborhoods.
snip
...builders should be aware that Latinos are looking for specific amenities, which include extra bedrooms for extended family; neighborhoods near churches, schools and public transportation; ... workspace ... to store tools associated with their occupations.
snip
Those challenges can include all-cash incomes and lack of traditional established credit, said Munera, who works with Pasadena Dickson Podley Realtors ... director ... of Servicios Hispanos, a Spanish-language program that offers workshops and other assistance to Latino home buyers.
Because of a deep distrust of banks, some potential Latino buyers have no accounts, said Glenn Hayes, executive director of Neighborhood Housing Services of Orange County ...Latinos may pay rent and utility bills with cash, so the first job of agencies that help prospective buyers is to set up bank accounts and get them to pay bills with checks.
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Some buyers lack federal W-2 forms ... but they qualify for mortgages because many of the country's biggest lenders have adopted creative credit practices.
Countrywide's Optimum Loan Program ... provides loans to qualified buyers with nontraditional credit, such as rent and utility bill receipts, and whose income is received in cash.
First American Corp. in Orange County ... uses its own qualifying criteria rather than the usual FICO scores. The company also guarantees closing costs and in some cases offers low- to moderate-income customers a 25% discount on those expenditures ...
Immigrant households often have three or more workers, which helps the families qualify for loans ... It's not uncommon to have two or three families' names on one title document, said Mike Garcia, a Realty Masters agent ...
(Excerpt) Read more at latimes.com ...
HULLLO? IRS? WHERE ARE YOUUUUUU?
BLECCH SPIT GAG BARF PUUUUUUUUUUUUUUUUUUKE .
We don't need no steenking FICO scores ping.
Other amenities to include:
Basements with tunnels to other houses in the neighborhood.
Bullet proof shutters with gun slits.
Large gas ranges for cooking product.
Subside-close location.
In wisconsin, the liberal governor set up a program where ILLEGAL aliens can get state-backed loans through local banks.
This is not a program that is for everyone and they decided to include illegal aliens as well. This is ONLY for illegal aliens.
Seems like this country is bending over backwards to help out those who are breaking the law just by being in the country and screwing everyone else who has a legal right to be here.
Subside-close location = subsidy-close location.
....Latino home buyers are overcoming cultural and institutional barriers ...and helping to gentrify some neglected neighborhoods.
Nice. And it will somehow be big whitey's fault when these people start defaulting on their loans in record numbers.
In other words, people who work under-the-table construction jobs and drug dealers.
...and lack of traditional established credit...
That is, people who don't have a social security number.
The bank will have fun trying to collect on these people when they default on the loan and skip town in the middle of the night. Oh well, I don't feel sorry for anybody dumb enough to loan these people money with no questions asked.
Gee, don't think that this kind of crap has anything to do with the huge freddie mac/fannie mae scandal that we have heard nothing about from the msm. You know, the one that made enron seem like Sister Gertrude stealing the bingo money. You know, the one that taxpayers will be paying off for years.
With no documentable income, bank accounts evidencing a history of cash flow or a FICO score, the bank is basically lending money like a loan shark. If these loans go bad, the bank is going to be on the hook entirely. If FNMA is buying these loans, Congress should be looking into firing somebody over there. And when the CA real estate market is no longer on the upward climb, these loans are going to start rotting on the vine and the banks are going to be holding billions in bad paper which will further depress the real estate market for those people who have no choice but to stay in their homes.
Huh?
"Welcome to Aztlan. Press number two for English."
The day is coming soon when the Spanish speakers will be chewing you out saying,"You live here, you need to learn the language!"
"But federal legislation under consideration could stymie efforts to help Latinos and other underserved minorities, said Gary Acosta, founder of the National Assn. of Hispanic Real Estate Professionals, a trade group.
Proposed changes in government-sponsored enterprises — financial-services corporations created by Congress to reduce interest rates for specific borrowers — could limit available credit for affordable mortgages and eliminate Freddie Mac- and Fannie Mae-sponsored education and financial literacy programs lenders and nonprofit groups rely on.
That's why I'm teaching my children to habla Espanol.
ping
I believe the people in our govt. are every bit as corrupt as the mexicans govt.. No use calling on them to help.
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