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Started By
Message
More FHA insanity
Posted on 11/20/09 at 12:30 am
Posted on 11/20/09 at 12:30 am
quote:
In January, Mike Rowland was so broke that he had to raid his retirement savings to move [to San Francisco] from Boston.
A week ago, he and a couple of buddies bought a two-unit apartment building for nearly a million dollars. They had only a little cash to bring to the table but, with the federal government insuring the transaction, a large down payment was not necessary.
“It was kind of crazy we could get this big a loan,” said Mr. Rowland, 27. “If a government official came out here, I would slap him a high-five.”
...
For decades, most F.H.A. loans were in low-cost states like Texas and Michigan. ... The Economic Stimulus Act of 2008 helped change that by temporarily doubling the maximum loan the F.H.A. insured, to $729,750. A two-unit property like the one bought by Mr. Rowland and his friends can be insured for up to $934,200.
Wheeeeeeeeeeeeeeeeeeeeee!
LINK
Posted on 11/20/09 at 12:38 am to Tiger JJ
Ha, I read that like 20m ago. The ages made me think of some of my friends.
Posted on 11/20/09 at 12:55 am to Tiger JJ
From your link
I can't wait until the government hooks me up like this. High-fives for everybody.
quote:
“It was kind of crazy we could get this big a loan,” said Mr. Rowland, 27. “If a government official came out here, I would slap him a high-five.”
I can't wait until the government hooks me up like this. High-fives for everybody.
Posted on 11/20/09 at 1:06 am to reverendotis
I just can't seem to wrap my head around how people are able to take advantage of the system like this. How do people learn to do this?
I feel like I am missing out on the beneifits my tax dollars are providing to others.
I feel like I am missing out on the beneifits my tax dollars are providing to others.
Posted on 11/20/09 at 10:04 am to C
in high cost areas fha will insure 2-4plex's for up to 990k-1.2k depending on the lender. yea its crazy but that is a freakin hard loan to get ..not your typical FHA. only places like new york and Cal. does this happen
Posted on 11/20/09 at 10:25 am to displacedhorn
quote:
only places like new york and Cal. does this happen
So that's why it happened in Boston?
Posted on 11/20/09 at 10:25 am to Tiger JJ
Hence the reason we are in this turdmire. Or one of the many.
Posted on 11/20/09 at 10:36 am to Tiger JJ
quote:
So that's why it happened in Boston?
quote:
In January, Mike Rowland was so broke that he had to raid his retirement savings to move [to San Francisco] from Boston.
To: San Fransisco
From: Boston
Posted on 11/20/09 at 11:00 am to Broke
boston is a high cost are. there are more than just ny and cal. those are the two best examples. miami,boston,DC,jersey, it has to be a huge metropolitian are to get high limits. the median house prices in those areas are ridiculous
Posted on 11/20/09 at 11:28 am to displacedhorn
quote:
the median house prices in those areas are ridiculous
They are as such because we the American tax payer provide subsidized loans to 90% of those who buy and pay such ridiculous prices.
Posted on 11/20/09 at 12:30 pm to Broke
quote:
To: San Fransisco
From: Boston
Sorry. I guess I'm more dylsexic than I think I am.
Posted on 11/20/09 at 1:25 pm to Tiger JJ
This is so absurd, enough to make anyone's blood boil.
Is there any instance in recorded history of a country getting out of a credit bubble by incentivizing its citizens to take on MORE debt?
For the life of me I can't comprehend why folks like Ken Rogoff, who studied these episodes back to 14th century England, get completely disregarded.
BTW, Jersey Tiger - I seem to recall your discussing housing in Kirkland, WA at one point. I can't find the thread but where in Kirkland were you looking? I used to own a house near 85th St and 124th Ave, about a mile north of that intersection. Bought in 04, sold in mid-08, wound up being quite fortunate timing.
Is there any instance in recorded history of a country getting out of a credit bubble by incentivizing its citizens to take on MORE debt?
For the life of me I can't comprehend why folks like Ken Rogoff, who studied these episodes back to 14th century England, get completely disregarded.
BTW, Jersey Tiger - I seem to recall your discussing housing in Kirkland, WA at one point. I can't find the thread but where in Kirkland were you looking? I used to own a house near 85th St and 124th Ave, about a mile north of that intersection. Bought in 04, sold in mid-08, wound up being quite fortunate timing.
Posted on 11/20/09 at 1:59 pm to Reauxhan
Disregarded by who? Politicians? Dude is only the chair of one of the most prestigious economics departments in the world (while receiving degrees from two others), what could he possibly know. It's not like he produced one of the most oft-cited research papers on debt crises in recent memory. I reallyreallyreallyreally dislike politicians.
Posted on 11/20/09 at 2:30 pm to Reauxhan
quote:
BTW, Jersey Tiger - I seem to recall your discussing housing in Kirkland, WA at one point. I can't find the thread but where in Kirkland were you looking? I used to own a house near 85th St and 124th Ave, about a mile north of that intersection. Bought in 04, sold in mid-08, wound up being quite fortunate timing.
I bought a tiny condo at foreclosure auction last month just to learn how the system works. I'm flipping it out for small profit, should close in 2 weeks.
Posted on 11/20/09 at 5:19 pm to kfizzle85
quote:
Disregarded by who? Politicians? Dude is only the chair of one of the most prestigious economics departments in the world (while receiving degrees from two others), what could he possibly know. It's not like he produced one of the most oft-cited research papers on debt crises in recent memory. I reallyreallyreallyreally dislike politicians.
Politicians, yeah. Ridiculous.
Posted on 11/20/09 at 6:23 pm to Tiger JJ
I think this is relevant...
"But look no further than the latest mortgage data for a clue about what the Fed is apt to do. One in 10 mortgage borrowers is at least one payment behind schedule in the third quarter, according to the latest numbers released Thursday by the Mortgage Bankers Association. Add in the nearly 4.5% of mortgage borrowers who are actually in foreclosure and you find that one in seven American homeowners with mortgages is in serious trouble.
Given this level of debt distress, the likelihood of the Fed raising rates dwindles to insignificance until well into 2010 and perhaps beyond."
This tidbit is buried in a FT article about bond yields dropping like a rock.
Gee, I wonder who could be pouring dollars into new treasury issues paying low (or negative) interest? The Fed/treasury/gov are on a mission to reinflate the housing bubble and nothing short of system collapse is going to deter them...unless Ben, Larry, Tim, et al, get their walking papers and the current administration changes horses in mid stream...an unlikely scenario imo.
"But look no further than the latest mortgage data for a clue about what the Fed is apt to do. One in 10 mortgage borrowers is at least one payment behind schedule in the third quarter, according to the latest numbers released Thursday by the Mortgage Bankers Association. Add in the nearly 4.5% of mortgage borrowers who are actually in foreclosure and you find that one in seven American homeowners with mortgages is in serious trouble.
Given this level of debt distress, the likelihood of the Fed raising rates dwindles to insignificance until well into 2010 and perhaps beyond."
This tidbit is buried in a FT article about bond yields dropping like a rock.
Gee, I wonder who could be pouring dollars into new treasury issues paying low (or negative) interest? The Fed/treasury/gov are on a mission to reinflate the housing bubble and nothing short of system collapse is going to deter them...unless Ben, Larry, Tim, et al, get their walking papers and the current administration changes horses in mid stream...an unlikely scenario imo.
Posted on 11/20/09 at 6:41 pm to C
quote:
I feel like I am missing out on the beneifits my tax dollars are providing to others.
this
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