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re: I posted on PoliBoard, but you OT ballers will like it, too
Posted on 12/14/15 at 11:17 am to BRgetthenet
Posted on 12/14/15 at 11:17 am to BRgetthenet
quote:
What's an HOA got to do with any of this?
Some HOAs don't allow for a bunch of people to live in a house. Just mom, dad and kids. But they typically look the other way if an in-law comes and lives in the upstairs bedroom, or if a nephew comes and stays for the summer.
The problem with this is all it takes to qualify for the mortgage is someone signing a form saying they "intend" to live with the mortgagee for 12 months.
The first HOA to file suit will be drug through the media as racist and insensitive. It will be a deterrent to some.
And you can have all the HOA covenants you want - if trash moves in, trash is going to happen.
This post was edited on 12/14/15 at 11:21 am
1
Posted on 12/14/15 at 11:20 am to LSUTigersVCURams
quote:
These people are ALL going to default! I mean is that part of the plan?
Yes. The people default on a loan backed by the government, so the government now owns the property.
The government then re-purposes the land for Section 8 and housing projects and moves those that defaulted back into the area, on the tax payers dime. The tax payers are then: paying for the remaining loan that defaulted as well as the people living in the house.
This happens in a neighborhood or two and before you know it, the federal government outright owns entire neighborhoods in key voting demographics.
Welcome to the New World Order.
Posted on 12/14/15 at 11:21 am to anc
They won't stop the loan from getting approved though.
Posted on 12/14/15 at 11:23 am to anc
Looks like more work for me in a few years when these start defaulting
Posted on 12/14/15 at 11:24 am to Breesus
Damn, that's scary!
Posted on 12/14/15 at 11:25 am to anc
Wow.
At this point, I can't come to any other conclusion than the govt is trying to overtly destroy this country. This is the most irresponsible and outright risky thing I've ever seen.
At this point, I can't come to any other conclusion than the govt is trying to overtly destroy this country. This is the most irresponsible and outright risky thing I've ever seen.
Posted on 12/14/15 at 11:26 am to stout
I can't wait for the next economic collapse! 
Posted on 12/14/15 at 11:27 am to LSUTigersVCURams
"HomeReady will be available to borrowers at any income level for properties in designated low-income census tracts..."
No-one is buying a house for 200 thousand on this type of loan. Secondly a quick google search would give you the actual info on this type of loan, you'll also notice that this is not new to the industry.
but keep hating the poor and wanting them to waste money renting every month.
No-one is buying a house for 200 thousand on this type of loan. Secondly a quick google search would give you the actual info on this type of loan, you'll also notice that this is not new to the industry.
but keep hating the poor and wanting them to waste money renting every month.
This post was edited on 12/14/15 at 11:33 am
Posted on 12/14/15 at 11:31 am to 13SaintTiger
quote:
Why wouldn't he be serious? Expensive houses is what caused the crash in 2008
quote:
Serious, Clark?
Is these houses being sold by anyones?
Posted on 12/14/15 at 11:32 am to Breesus
quote:
The people default on a loan backed by the government, so the government now owns the property.
The government then re-purposes the land for Section 8 and housing projects and moves those that defaulted back into the area, on the tax payers dime. The tax payers are then: paying for the remaining loan that defaulted as well as the people living in the house.
Nice hypothetical
That's not how the conveyance process works, though. HUD, Freddie, and Fannie aren't holding onto inventory to turn into section 8 houses. Even before all of that, it has to go through the presale and post sale timeline including sheriff sale so anyone has the opportunity to pick it up before it conveys back to HUD or whomever. Once it does transfer back to them then HUD moves it onto the RE market to be purchased. They will not sit on properties for very long once it has moved to post sale.
I deal with this every day in multiple states and work with HUD, Fannie, Freddie as well as all the big banks.
Posted on 12/14/15 at 11:33 am to Placebeaux
quote:
Is these houses being sold by anyones?
Joke's on you, sherlock.
Posted on 12/14/15 at 11:33 am to upgrayedd
What the government is doing, having knowledge of what caused the first crash in 2008, is by its very definition insane.
Posted on 12/14/15 at 11:34 am to lsaltee
quote:
I can't wait for the next economic collapse!
Shhh...Me, you, and Stacy get hammered here when we say that because of what we do.
In all seriousness though this is going to contribute to the growing housing bubble we are seeing. Programs like this built up the '07 crash over time. Remember no doc loans? Yea this is that all over again. The bubble will pop and it won't take as long this time with the economy already in the shitter and oil taking a nose dive.
This post was edited on 12/14/15 at 11:35 am
Posted on 12/14/15 at 11:34 am to 13SaintTiger
quote:
Joke's on you, sherlock.
Thats part of the joke you fricking retard
Posted on 12/14/15 at 11:36 am to OysterPoBoy
quote:This is the "Al Dodd and Barnie Frank" mentality.
It's about time we make it easier to buy a house.
This line of thinking is what caused the last housing and national financial meltdown.
Posted on 12/14/15 at 11:37 am to stout
quote:
Shhh...Me, you, and Stacy get hammered here when we say that because of what we do.
In all seriousness though this is going to contribute to the growing housing bubble we are seeing. Programs like this built up the '07 crash over time. Remember no doc loans? Yea this is that all over again. The bubble will pop and it won't take as long this time with the economy already in the shitter and oil taking a nose dive.
Meh, nothing against your business but I hope the next economic collapse is due to education loans.
This post was edited on 12/14/15 at 11:38 am
Posted on 12/14/15 at 11:37 am to Breesus
quote:
Yes. The people default on a loan backed by the government, so the government now owns the property.
Posted on 12/14/15 at 11:37 am to anc
I put zero down on my first home purchase?
Posted on 12/14/15 at 11:38 am to 13SaintTiger
quote:
but I hope the next economic collapse is due to education loans this time around.
It will be a HUGE contributing factor IMO. It's all going to crash sooner than later.
Posted on 12/14/15 at 11:38 am to Rico Tubbs
ETA, I see what you mean. If the loans are only allowed for houses in designated low-income areas for houses worth < $200K, then it isn't a bad policy.
Go frick yourself buddy.
quote:
but keep hating the poor
Go frick yourself buddy.
This post was edited on 12/14/15 at 11:42 am
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