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Biden looks to give a big boost to homebuyers and builders
CNBC ^

Posted on 01/19/2021 6:36:10 PM PST by springwater13

Biden is proposing a $15,000 first-time homebuyer tax credit, which could be accessed immediately by the buyer, thereby serving as down payment assistance.

The FHA could also reduce its monthly insurance premiums under the new leadership.

(Excerpt) Read more at cnbc.com ...


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: tarp
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To: God luvs America; springwater13
Horse crap!

Here is audio from a Bush speech where he promised big loans for minorities who could never afford them, declaring they could have as nice home as anyone else. His own words and this was only a year or two prior to the epic housing collapse!

https://www.youtube.com/watch?v=GkAtUq0OJ68

21 posted on 01/19/2021 6:50:42 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

https://www.youtube.com/watch?v=GkAtUq0OJ68


22 posted on 01/19/2021 6:51:15 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: cpdiii

It looks like Bidet is going to double down on every failed policy ever done in the last six decades.

The future economic crash is gonna be epic—the trick is getting out of markets in time...


23 posted on 01/19/2021 6:51:42 PM PST by cgbg (A kleptocracy--if they can keep it.)
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To: springwater13

Biden is proposing a $15,000 first-time homebuyer tax credit, which could be accessed immediately by the buyer, thereby serving as down payment assistance.


Hey, a price increase, while getting people into loans they can’t afford!


24 posted on 01/19/2021 6:52:36 PM PST by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: God luvs America
Fox News clip
25 posted on 01/19/2021 6:53:40 PM PST by MinorityRepublican
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To: gundog

Wasn’t CRA originally a Carter creation?


It was, but it was voluntary. Clinton gave it teeth.


26 posted on 01/19/2021 6:54:08 PM PST by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: springwater13

This industry has been thriving under Trump. God save them from federal government “help.”


27 posted on 01/19/2021 6:54:28 PM PST by colorado tanker
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To: butlerweave

Houses for nothing & abortions for free.


28 posted on 01/19/2021 6:55:45 PM PST by Trumpisourlastchance
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To: springwater13

That’s what I was thinking when these people can’t pay off their mortgages...it will 08 on steroids


29 posted on 01/19/2021 6:56:33 PM PST by Lod881019
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To: springwater13

Biden is going to be dropping money from airplanes. What could go wrong?


30 posted on 01/19/2021 6:58:08 PM PST by Socon-Econ (adical Islam, )
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To: Trumpisourlastchance
"Houses for nothing & abortions for free."

Behold.. America's epitaph. :(

31 posted on 01/19/2021 7:00:08 PM PST by BAN-ONE
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To: springwater13

jobs for the new Hondurenans, Not Americans.


32 posted on 01/19/2021 7:01:30 PM PST by GailA (Constitution vs evil Treasonous political Apparatchiks)
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To: springwater13

What could possibly go wrong?

Seems like we’ve seen this movie before.


33 posted on 01/19/2021 7:02:20 PM PST by Forgiven1?
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To: springwater13; All
Having been a mortgage banker for two decades, you are exactly right.

They wanted to stop "red lining" which is just another word for "you don't qualify for the loan". Most of the people living in those areas didn't qualify under the underwriting standards.

First, they created adjustable rate loans (ARMs) with low start rates to qualify unqualified buyers. But when the loans adjusted up, they borrows couldn't afford their payments and defaulted.

Then it progressed to "no documentation" loans where you didn't have to have your assets or income verified in writing to get the loan. You could just tell the lender what your numbers were and you would get the loan.

Finally, it got ludicrously crazy when they developed "no qual" loans where you didn't have to provide documentation nor qualify for the loan. You could lie all you wanted and you were given a loan.

It all worked fine until the housing market and interest rates turned and everybody stopped paying. Sent the country and the world into a decade long recession.

If people don't have their own "skin" in the game, they are most likely to bail on the loan contract when things get tough. Giving people $15,000 for their down payment for their only equity or "skin" in the game, will result in loan defaults right and left when the markets gets tough.

If people don't have anything in the house of their own at risk, they will walk away having lost nothing.

34 posted on 01/19/2021 7:02:21 PM PST by HotHunt
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To: springwater13

TARP 2.0. Part of the Obama Porklulus 2.0. Porklulus!!!

There are rumors of another Cash for Clunckers coming down the pike as well.


35 posted on 01/19/2021 7:02:43 PM PST by Thunder90 (All posts soley represent my own opinion.)
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To: HotHunt
Then it progressed to "no documentation" loans where you didn't have to have your assets or income verified in writing to get the loan. You could just tell the lender what your numbers were and you would get the loan.

Right. I had forgotten about what were also called "liar" loans.

36 posted on 01/19/2021 7:08:14 PM PST by jimfree (My 20 y/o granddaughter continues to have more quiality exec experience than an 8 year Obama.)
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To: springwater13

bump for later


37 posted on 01/19/2021 7:08:23 PM PST by voicereason (The RNC is like the "one-night stand" you wish you could forget.)
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To: springwater13

Housing bubble here we come.


38 posted on 01/19/2021 7:11:18 PM PST by gunsequalfreedom
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To: springwater13

Clinton


39 posted on 01/19/2021 7:13:49 PM PST by vigilante2
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To: springwater13

How The Housing Crash Will Happen - (Step by Step!)

The 7 Stages:
Stage 1: Speculation = drives prices up (prices families out) REITs gain ground
Stage 2: Low interest rates = Equity Release, housing becomes leveraged investment for further investment release
Stage 3: People live beyond means = Over optimistic GDP (Fake GDP)
Stage 4: Problem occurs (2008: ARM aka Subprime crisis / 2020 Virus) = Spending stops
Stage 5: High Unemployment = Start of Recessionary Cycle, mortgage & rent payments missed… unemployment scarring. Wage reductions.
Stage 6: Quantitative Easing…
Stage 7: CRASH!

https://m.youtube.com/watch?v=HEI3GIU5m3s


40 posted on 01/19/2021 7:15:24 PM PST by patriot torch (Ashlie Babbitt-say her name)
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