And who would do this and why?
Housing bubble 2.0 is well on its way
She’s so guilty I feel like throwing up.
It’s called ‘reparations.’
Well then, the flood insurance she bought from the government ought to make it all right.
Federal funding of ACORN resumes in 6 days —the suspension was TEMPORARY.
I have no problem with micro-down payments, mini-interest rates, etc. Here’s the problem with the lender...
“The monthly payments on her debt amount to $1328. Her income is $2470, leaving her with just $285 a week to live on.”
That should be the only consideration when granting a loan. Can the recipient afford to make the payments?
With the economy tanking like it is the Oakland,Ca. area might just resemble her native Guatemala in short order.
Wish her well but the reality is that she is a financial idiot but not to any degree beyond the morons of the Govt. who created the housing bubble downfall mess in the first place. She is slave to her house as well....welcome to her American dream?
Projectile vomiting guilty. I need to lie down.
All I need is a refi, and I can’t get that unless I am near bankruptcy... meanwhile bums and thieves make out like a presidential intern toking on a Cohiba.
The link has a video and here’s what you’ll learn from the two (El Salvadoran) kids who speak there:
Their dad “immigrated” from El Salvador and bought the family a home in less than 2 years. Both of the kids recently bought homes here in the US —the location is not disclosed. The girl is 20 years old, and the boy looks about...25 years old.
Their dad advised them not to buy useless things, and instead to buy a home.
But on the vid she mentions they are from El Salvador... errr...which one is it---not that there is a vast difference mind you but correct facts do matter.
FHA’s DTI ratios are well below that; and part time income can not be counted for income unless there is a solid 2 year history.
Most 20 year olds are not ready for home ownership, with some exceptions. I was hoping this story would show her to be an exception. But it is not; this is a bad loan and shouldn't have been guaranteed by the taxpayers.
But if a private lender wants to take on the risk; more power to them. Just don't send me the bill.
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Obama Says A Baby Is A Punishment
Obama: “If they make a mistake, I don’t want them punished with a baby.”
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.
I thought the old rule was the mortgage payment couldn't be more than 1/4th of your after expenses income?
FISCAL YEAR 2009 HOUSING COUNSELING GRANTEES 12 DISTRICT OF COLUMBIA
13 Washington NATIONAL COUNCIL OF LA RAZA $1,120,501.00
14 Washington NATIONAL COUNCIL OF LA RAZA $150,000.00
15 Washington NATIONAL COUNCIL OF LA RAZA $1,260,117.00 Local Housing Counseling Agencies; Multi-State Agencies; & State Housing Finance Agencies Total: $ 23,831,728.00 MORE- http://74.125.155.132/search?q=cache:AYlHNjQv3jcJ:portal.hud.gov/portal/page/portal/HUD/press/documents/Housing%2520Counseling%2520Grants-byState.xls+%22National+Council+of+La+Raza+%22+site:portal.hud.gov&cd=1&hl=en&ct=clnk&gl=us
City Seeks Properties for Purchase: Implements Neighborhood Stabilization Program
— Thursday, October 15, 2009
The City of Las Cruces is seeking eligible properties for purchase under the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program (NSP). The program is part of the Housing and Economic Recovery Act of 2008.
Under Title III of the program, the City of Las Cruces received $1.5 million in federal grant funding through the State of New Mexico, to purchase and redevelop foreclosed or abandoned, blighted or vacant properties.
According to Jerry Nachison, Housing Development Coordinator in the Community Development Department of the City of Las Cruces, “The City is initially looking to purchase about ten to twenty properties from owners willing to sell. We’re looking for minimum size - one bedroom, one bath – and up to four bedrooms - single family dwellings, including condos, duplexes and town houses, with at least 150 square feet of outdoor property.” He also states, “The value of the properties sought by the City is between $50 thousand and $100 thousand.”
Once the City acquires the properties, it will transfer them for rehabilitation to non profit organizations such as Tierra Del Sol Housing Corporation, which will use the properties for affordable home ownership.
“As properties are rehabilitated and sold for homeownership, the money generated will return to the City of Las Cruces where it will be used to purchase additional properties. We plan to continue this activity through April 2013,” Nachison said.
http://www.las-cruces.org/news/news_item.asp?NewsID=2177
Corporation Receives Funding to Improve Homes in Colonias
Friday, October 2, 2009
WASHINGTON – U.S. Senator Tom Udall today announced the Tierra Del Sol Housing Corporation will receive a $121,848 grant to repair and rehabilitate the homes of five low income families. FIVE FAMILIES???? In addition, Tierra Del Sol will provide more than $300,000 from other sources to help with repairs.
The funding, from the U.S. Department of Agriculture Rural Housing Preservation Grant program, will help repair leaking roofs, plumbing and crumbling foundations. It will also be used to pay for additional insulation, caulking and energy-saving windows and doors to cut down on monthly energy bills.
“Families in the Colonias all too often do not have access to safe affordable housing. This grant will provide resources for five Anthony families to improve their homes and save money by cutting down on high energy costs,” Udall said.
http://tomudall.senate.gov/record.cfm?id=318597
bump
No argument that the mortgage approval was stupid, stupid, stupid. But I have to question a story that picks apart a loan approval but has to use the word "apparently" over something as basic as the amount of the down payment. Why is the amount of the down payment in question?