Fixed.
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 10/18/2009 4:26:36 PM PDT by FromLori
Denise Tejada bought a house last month at the age of 20, thanks in large part to a loan guaranteed by the Federal Housing Authority.
This story offers a dramatic demonstration that, despite the housing bubble causing the worst economic downturn in generations, the ideology of home ownership is alive and well in the United States and still being supported by the government.
Without question, Tejada's loan is toxic--to her and to the taxpayers who are backing the loan. Her house cost $155,000. Tejada's loan was apparently made on a micro-down payment of just 3.5%, the minimum down payment to qualify for an FHA loan. On top of this, however, she got an additional government backed loan to make improvements. Her total loans amount to $183,0000. In short, she was immediately underwater on her new house.
(Excerpt) Read more at businessinsider.com ...
Screw her. She made a purchase she couldn’t afford.
No pity at all.
There’s no such thing as home ownership or land ownership until property taxes are abolished.
Astounding story....of course if Bambi imposes a capital gains tax on the sale of homes, this brainiac might be in trouble.
“Screw her. She made a purchase she couldn’t afford.”
No. Screw us. The US taxpayer will be called upon to make good the guaranteed debt.
Great. Now just bundle it up with some others and re-sell it a dozen times until its backed by millions in worthless paper (and every broker gets a cut along the way) and we’re all good.
Her and others will get it.
Too bad she sees herself as an investor, but she did it on others money with no idea of risk/returns in a potentially negative market which became real.
>>She’ll need a bailout by election time next year. <<
She’ll DEMAND a bailout by election time next year. She clearly has been brought up in a game the system mentality.
I wish her well, but she's taking a big risk.
Thanks Barney and Chris.
Welcome to Obama's America.
She’s “TOO BIG TO FAIL”...
“The monthly payments on her debt amount to $1328. Her income is $2470, leaving her with just $285 a week to live on. She’s paying 54% of her income to make the mortgage payments. She earns that income by holding down one full time and two part time jobs”
We are right back to doing EXACTLY what got us in to this nightmare in the first place, all because Democrats need minority votes.
“an honest, hard working American, unemployed for the first time in her life at age 40, possibly on the verge of losing my first home”
Do you have the correct skin color to apply to ACORN housing??
Chris Dodd and Barney Frank are probably beaming. Hard to believe these types are loans are still going on. Hard to believe they ever happened in the first place.
Or until eminent domain is abolished.
She’s buying like it’s 1999.
Three observations:
Are they here legally on US soil? The story doesn’t address that but it smells suspicious.
Did the family vote for Baraq?
Based on the picture, Ms. Tejada’s food bills may jeopardize her ability to pay the mortgage.
It's more like screw us. She made the purchase with government (our) money.
Fixed.
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