[palmer]

This is just an excerpt. They have no details on how Islamic "no interest" mortgages work.

[hsmomx3]

How can these new (or illegal!) immigrants afford a mortgage? I'd like to see a mortgage specially designed for me based on our income-ha!

[Shermy]

Just more subsidies for the real estate industry.

[Squawk 8888]

I read about it a few years ago- it goes through lots of legal hoops to disguise the interest as other items, but in the end it's the same thing.

[steveo]

meet the religious dictates of Islam for Muslim borrowers who are prohibited from paying interest

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

[AngryJawa]

Just great. More multicultural BS. Guess who'll pay for this wonderful idea?

Fist through monitor in 3...2..1...

[INSENSITIVE GUY]

This is bad news.Don't we have enough people in this country who damage property and don't pay their rent!

[Black Agnes]

The divisiveness just keeps on and keeps on and keeps on. If they want to have their culture it's still in their former country. Now *I* have to pay to bring their culture *here*. What joy, What bliss. Karl Marx would be proud! Divide and then the great workers revolution can happen on its own!

[white trash redneck]

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

Hmmm. So if my religion prohibits me from paying more than $.50/gallon for gasoline, the government will devise a program for me?

;-)

Actually, I think that Muslims are forbidden from charging interest. As for killing Jews, well that's an entirely different story.

[07055]

The program will aggressively "reach out to people who normally think they couldn't qualify" for a mortgage to buy a house, Nettles says. It will recognize nonstandard income sources -- part-time jobs, cash-payment jobs and employee assistance.

So, what happens when it turns out that the people they are "reaching out" to, can't pay their mortgage?

Uncle Sugar to the rescue.

[Black Agnes]

What I take out of this ultimately is that real estate really *is* the last bubble and they're trying *desperately* to keep it afloat.

[Black Agnes]

These threads should talk to one another...

The Negative Wealth Effect and the Housing Bubble

[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?

[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]

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