Posted on 08/05/2005 11:39:24 AM PDT by Andy from Beaverton
Here's another storie from Freddie Mac on the same program. DEVON BANK, FREDDIE MAC ANNOUNCE EXPANDED FINANCING OPPORTUNITIES FOR MUSLIM HOMEBUYERS
WWWWWWWhhhhhaaaatttttt!!!!! Discrimination with our taxpayer dollars. Sh*t!
The U.S. Dep't of Defense should provide a program that provides interest-free loans of weaponry to jihadists living in this country. We can never be too sensitive to the needs and wants of those who follow a death cult based on a man who molested little girls. /sarcasm
This is available to everyone right?
I assume then, that there will no tax deducton for interest, because it's not charged?
Or is this just another example of discrimination?
The single most racistt entity in our society is the fedral government.
I just changed my name to Ashmil! time to refi
What gimmick is this? Islam forbids taking interest on money LENT by Muslims, not paying interest on money BORROWED from others, as far as I know.
Nice, evil way for Muslims to be preferentially treated over others who have to pay interest to keep the banks working. Don't worry, the money lost to the Muslims will be pinched from the pockets of the "infidels".
I'm sure that it's not really a no-interest loan, but a bookkeeping trick that pushes all the costs up front and preserves the fiction of zero-interest without incurring losses to the lender. That's why they set up an LLC.
This is racketeering.
Misleading headline.
"The prospective homeowner is required to put down 20
percent of the home purchase price and enter into a
10-year lease with an option to buy with the LLC.
The prospective homeowner’s monthly rental payments
will cover the LLC’s mortgage, tax and insurance
payments on the property."
The zealots still pay the interest. It's just disguised.
FM is merely late getting into this game. Commercial
banks have been issuing these symbolically non-loans
for some time. And they aren't in the charity business.
These home buyers probably pay MORE than a non-Muslim
would, and they presumably forego the tax benefits.
I don't see any real problem.
Read it again. An independent corporation buys the house on behalf of the Muslims using a 30-year fixed-rate mortgage, and then leases it to them for 10 years. Their lease payments cover the cost of the interest on the mortgage, but they can tell themselves it's a rent-to-own situation.
Good God, there's no free lunch here. It's all spelled out in the article. Why do people believe that it would be any different? If Muslims decided their religion didn't let them pay taxes, the IRS would be on them like white on rice.
Um, how is this racketeering?
Exactly. They aren't going to be losing money over this.
I'm sure they'll let you in on it too. If you want to pay more for your home so that you can pretend not to pay interest, feel free.
While I don't approve of the goverment involving itself in schemes tailored to meet the needs of a particular religious group, this financing arrangement is definitely not cheaper than the regular interest-bearing loans the rest of us buy houses with. In fact it's almost certainly a bit more expensive, due the extra transactions built in. It avoids the Muslim prohibition on paying "interest", but this is only semantic. The interest is getting paid, but by an intermediary, from whom the Muslim enters into a "lease with option to buy". You can be sure the intermediary is making a few bucks on each deal.
If this arrangement saved a penny, everybody would be taking advantage of it, since it is most certainly not actually restricted to Muslims. Anybody can do it; it's just that the rest of us don't want to.
CALLING MARK LEVIN! We need you and Landmark to raise some noise about this!
Hey, what about financing a cave in Tora Bora?
Can they eat pork of they set up an LLC which relabels the pork as "beef"?
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