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Downpayment Aid OK'd for Poor Families
AP ^ | 10/1/2003 | JIM ABRAMS

Posted on 10/02/2003 5:52:38 AM PDT by JohnGalt

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Another $400 million in welfare give aways...how big was that temporary tax rate reduction?

Et tu, Katherine Harris?

1 posted on 10/02/2003 5:52:38 AM PDT by JohnGalt
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2 posted on 10/02/2003 5:54:12 AM PDT by Support Free Republic (Your support keeps Free Republic going strong!)
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To: JohnGalt
So basically they are going to give a handout to people who have NO savings and expect that they will be able to keep up with mortgage payments when unforseen expenses come up.

Interesting!
3 posted on 10/02/2003 5:54:23 AM PDT by alisasny (I SCORED AT A DEANLINK MEETUP)
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To: JohnGalt
The new homeowners will pay property taxes, so the politicians like luring them in.
4 posted on 10/02/2003 5:54:31 AM PDT by Pan_Yans Wife ("Life isn't fair. It's fairer than death, is all.")
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To: JohnGalt
No downpayment is needed to purchase a home. There is a wide variety of 100%, 103%, and 107% purchase mortgages available. And you don't even have to have good credit to qualify! This is nothing more than welfare.
5 posted on 10/02/2003 5:54:52 AM PDT by Phantom Lord (Distributor of Pain, Your Loss Becomes My Gain)
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To: JohnGalt
gimee, gimee, gimee, gimee.........

Ya know... when I bought my first house, I had to SAVE money for a down-payment...Imagine that. Stupid me.

6 posted on 10/02/2003 5:56:49 AM PDT by conservababeJen
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To: JohnGalt
Katherine Harris - Republicrat in action.
7 posted on 10/02/2003 5:57:21 AM PDT by Beck_isright (Shenandoah and Blue Ridge will re-emerge as the investment of the 21st Century....)
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To: conservababeJen
The American Dream Downpayment Act

Orwell was an amateur.

8 posted on 10/02/2003 6:00:12 AM PDT by Thinkin' Gal (<541>)
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To: Pan_Yans Wife
Renters pay property taxes, too. There is no new tax revenue generated with this.
9 posted on 10/02/2003 6:00:17 AM PDT by Eagle Eye (I'm a RINO. I'm far too conservative to be a real Republican.)
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To: conservababeJen
Ya know... when I bought my first house, I had to SAVE money for a down-payment...Imagine that. Stupid me.

I had to sell my Harley and still haven't recovered from that 8 years later. Blackbird.

10 posted on 10/02/2003 6:03:39 AM PDT by BlackbirdSST
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To: Eagle Eye
A rental property owner who owns his own residence generates more tax revenue than does 2 homeowners. The first increase in tax revenue comes from the income tax paid rental income. Many rental property owners also higher maintanence companies for upkeep and lawn service. And when they sell the rental property they pay capital gains taxes where the sale of a primary residence does not as long as they meet some minimal requirements.
11 posted on 10/02/2003 6:04:49 AM PDT by Phantom Lord (Distributor of Pain, Your Loss Becomes My Gain)
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To: JohnGalt
Supporters said children of homeowners do better in school and have higher high-school graduation rates than the children of renters

Children of parents who have discipline and are responsible do better in school.

Do they need more people to keep the re-fi bubble going?

12 posted on 10/02/2003 6:13:03 AM PDT by Lijahsbubbe
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To: JohnGalt
Why don't they just start dumping money from helicopters and get it over with?! It's bad enough that Washington was handing out more of my tax money in the form of "rebates" to people who don't pay any federal taxes. Now we get to make a downpayment on a house and pay their closing costs! Grrrrrr!
13 posted on 10/02/2003 6:13:09 AM PDT by Orangedog (Soccer-Moms are the biggest threat to your freedoms and the republic !)
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To: JohnGalt
this striking inequality in our land of opportunity

I agree. I demand reparations. We got no assistance on our home.

14 posted on 10/02/2003 6:14:52 AM PDT by Lijahsbubbe
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To: Lijahsbubbe
And once again, it's "...for the children."
15 posted on 10/02/2003 6:15:12 AM PDT by Orangedog (Soccer-Moms are the biggest threat to your freedoms and the republic !)
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To: JohnGalt
Yeah, I heard this on Sean Hannity's radio show yesterday when he had Katharine Harris on as a guest.

Harris positively burbled over her 'first' bill. Sean, to his credit, didn't react too positively when he heard her description of it.

16 posted on 10/02/2003 6:17:39 AM PDT by shhrubbery!
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To: Phantom Lord
I'm assuming that these must be owner occupied residences.

So, how do you feel about YOUR tax dollars going to help finance home purchases for people you never met?

17 posted on 10/02/2003 6:17:39 AM PDT by Eagle Eye (I'm a RINO. I'm far too conservative to be a real Republican.)
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To: Orangedog
Did you know that people on welfare receive rent rebates? (at least in Minn). The taxpayer pays their rent, and the welfare recipient gets the rebate.
18 posted on 10/02/2003 6:17:54 AM PDT by Lijahsbubbe
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To: Lijahsbubbe
Is this on top of section 8 rent subsidies? I can only image what will happen when the dollar collapses and takes the entire economy with it.
19 posted on 10/02/2003 6:20:26 AM PDT by Orangedog (Soccer-Moms are the biggest threat to your freedoms and the republic !)
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To: Orangedog
It's worse than that.

Because the mortgage industry is essentially a government operation, when these people default, and they will, (that is why no one will loan them the money i nthe first place), mortgage holders will absorb the cost.
20 posted on 10/02/2003 6:22:08 AM PDT by JohnGalt (Attention Pseudocons: Wilsonianrepublic.com is still available)
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