four
5,087 posts
msg #94400
- Ignore four |
6/28/2010 8:59:01 PM
the-mortgage-market-is-rigged-against-borrowers
Thoughts...
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kahern1014
13 posts
msg #94405
- Ignore kahern1014 |
6/28/2010 10:59:20 PM
Force borrowers to have 20% down before entering the mortgage loan contract. Avoid the PMI altogether.
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miketranz
956 posts
msg #94413
- Ignore miketranz |
6/29/2010 8:53:02 AM
I agree.Put 20-25% down so you have a vested interest in the property.Have a good paying job that can support a mortgage. Have money in the bank in case you lose your job.This was the way it was 15 years ago.Not too many people got into trouble years ago because they can actually "afford" to buy a house.
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einok
msg #94422
- Ignore einok |
6/29/2010 1:49:32 PM
Yeah, but then "EVERYONE" couldn't recognize the American dream :P
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duke56468
683 posts
msg #94423
- Ignore duke56468 |
6/29/2010 2:23:16 PM
In a bid to stem taxpayer losses for bad loans guaranteed by
federal housing agencies Fanny Mae and Freddy Mac, Senator Bob
Corker (R-Tenn) proposed that borrowers be required to make a 5%
down payment in order to qualify. His proposal was rejected 57-42
on a party-line vote because, as Senator Chris Dodd (D-Conn)
explained, "passage of such a requirement would restrict home
ownership to only those who can afford it."
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heypa
283 posts
msg #94442
- Ignore heypa |
6/30/2010 10:11:50 AM
Chris Dodd Paraphrased " Requiring a 5% down payment would restrict home
ownership to only those who can afford it."
Now that would be a great quote from one of our finest..
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