Mortgages to Come With Equity Lines Attached [muslim mortgages mentioned]

Washington Post ^ | Saturday, July 27, 2002 | Kenneth R. Harney

[palmer]

Still another concept American home buyers might see in the months ahead: a major move toward customizing loans aimed at new immigrants and minority renters. Spurred by President Bush's pledge to turn 5.5 million African American, Hispanic and immigrant households into homeowners during this decade, mortgage companies and banks are rolling out "cross-cultural" lending campaigns designed to accept nontraditional credit standards for mortgage approvals.

Freddie Mac offers a special two-part home loan tailored to meet the religious dictates of Islam for Muslim borrowers who are prohibited from paying interest

[Black Agnes]

These threads should talk to one another...

The Negative Wealth Effect and the Housing Bubble

[Norman Conquest]

In a Muslim "mortgage," a third party buys the property on your behalf and sells it back to you on a long-term payment plan. Yes, you're giving the investor a fair return on the money they're tying up on your behalf, but technically it isn't interest. Plus, if you default on your obligations, the rent-to-own money you've paid in is forfeit.

[Tauzero]

ping

[Tauzero]

"Freddie Mac offers a special two-part home loan tailored to meet the religious dictates of Islam.."

... stir, stir, stir ...

[arete]

Here, Mortgage this!

[Alouette]

Freddie Mac offers a special two-part home loan tailored to meet the religious dictates of Islam for Muslim borrowers who are prohibited from paying interest

My religion prohibits me from buying retail.

[ConservativeNewsNetwork]

Is insurance coverage against daisy cutters extra?

[swarthyguy]

"What investors do they think are going to purchase these mortgages?"

The Saudis.

[mykdsmom]

I wasn't aware of this religious interest restriction but it explains a lot to me now.

I own a small business dealing with home repairs and advertise by direct mail buying my mailing list based on home sales in our county. I'm amazed by the amount of Arab/Muslim names that apparently pay cash for their property since under the lein holder slot it says none and the amount of loan is listed as 0.

Even more disturbing are the prices of some of these homes. One last month was 2.8 million, how does someone pay cash for a house selling in that price range?

MKM

[First_Salute]

The joke once was, to declare against the U.S., surrender, then reap the rebuild cash flow from Washington, D.C.

Now, palmer, has nailed it!

Kids, if you want to be successful, first leave the country and all your identifying possessions; then sneak in and find a "Jesuit Joint" which will shelter you. Within a few years, you'll be living like a king (or queen, or "it?") ... as long as you can convince 'em you're a "white Hispanic."

[First_Salute]

See: The Negative Wealth Effect and the Housing Bubble, SchaeffersResearch.com, Aug. 1, 2002, by Ron Taylor (posted by shrinkermd).

[Michael2001]

Spurred by President Bush's pledge to turn 5.5 million African American, Hispanic and immigrant households into homeowners during this decade

Who's gonna have to pay for all this?

[First_Salute]

bttt

[palmer]

Wow, that’s old and new at the same time. Who knew that by putting muslims and other special people into houses they couldn’t afford, creating a bubble and popping it, thereby sending McCain back to DC to vote for TARP, we would end up putting a muslim into the White House?