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Message
re: I posted on PoliBoard, but you OT ballers will like it, too
Posted on 12/14/15 at 11:39 am to Count Chocula
Posted on 12/14/15 at 11:39 am to Count Chocula
quote:
This line of thinking is what caused the last housing and national financial meltdown.
Partly
Posted on 12/14/15 at 11:39 am to X123F45
quote:
I put zero down on my first home purchase?
Nothing is necessarily wrong with it, but it depends on the buyer and what you bought the home for. Low income families should not be able to put zero down, no exceptions.
Posted on 12/14/15 at 11:40 am to LSUTigersVCURams
I am poor, and hate the poor.
Posted on 12/14/15 at 11:40 am to stout
stout
You also talk to Jesus and managed to turn Christ into an a-hole...
quote:
I deal with this every day in multiple states and work with HUD, Fannie, Freddie as well as all the big banks.
You also talk to Jesus and managed to turn Christ into an a-hole...
Posted on 12/14/15 at 11:43 am to 13SaintTiger
quote:
Nothing is necessarily wrong with it, but it depends on the buyer and what you bought the home for. Low income families should not be able to put zero down, no exceptions.
Bought a 130k house for 65k in college making 16k a year. Sold three years later for 110k after pouring work into it.
Paid cash to build micro home... Now we're in our fourth year of living cheap and saving.
Why not?
Posted on 12/14/15 at 11:45 am to Wtodd
quote:Some want to blame the Wall Street Banks for developing "creative" financing alternatives and packages so that people who make $50,000 in combined income can buy a $750,000 house... Heres the deal, if you tell Wall Street to get creative (like Barney Franks did), you better damn well believe that's exactly what they're gonna do.
Partly
And then when the blame game started after the melt down, old Barney developed Alzheimer's with the quickness.
Posted on 12/14/15 at 11:46 am to LSUTigersVCURams
quote:
You can't find a move in ready home is south BR for less than $200K.
Obviously you've never been in the poor areas of South baton rouge. The run down part where most minorities actually live...where the crime rate is high and the part Lil boosie raps about. Those houses are typically below 100k.
Poor ppl move much more frequently chasing lower rent. This program is trying to allow poorer communities the opportunity to escape that by placing them in homes permanently. This would then bring a sense of stability where the kids wouldn't be transferring schools every other year as well as bring a sense of community rather than the "hey frick this place I'll be gone within a year anyway" attitude that comes with that way of living.
But again, keep hating the poor. It's strong on the board.
This post was edited on 12/14/15 at 11:49 am
Posted on 12/14/15 at 11:48 am to LSUTigersVCURams
quote:
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.
quote:
but keep hating the poor
Go frick yourself buddy.
Lol thanks.
Posted on 12/14/15 at 11:50 am to X123F45
quote:
Bought a 130k house for 65k in college making 16k a year. Sold three years later for 110k after pouring work into it.
Paid cash to build micro home... Now we're in our fourth year of living cheap and saving.
Why not?
If you think low-income families are financially savvy like you then you are sadly mistaken. Majority of low-income families cannot be financially trusted with big purchases.
Posted on 12/14/15 at 11:52 am to Rico Tubbs
quote:
Obviously you've never been in the poor areas of South baton rouge. The run down part where most minorities actually live...where the crime rate is high and the part Lil boosie raps about. Those houses are typically below 100k.
Poor ppl move much more frequently chasing lower rent. This program is trying to allow poorer communities the opportunity to escape that by placing them in homes permanently. This would then bring a sense of stability where the kids wouldn't be transferring schools every other year as well as bring a sense of community rather than the "hey frick this place I'll be gone within a year anyway" attitude that comes with that way of living.
But again, keep hating the poor. It's strong on the board.
I see what you are saying but "you can take the person out of the culcha, but you can't take the culcha out of the person".
Posted on 12/14/15 at 11:55 am to 13SaintTiger
quote:
"you can take the person out of the culcha, but you can't take the culcha out of the person".
You should see the shite "poor people" own or have financed from RAC, Aaron's etc. It amazes me sometimes when my guys do an eviction or something. There's a reason they're poor and it's not just due to being low income.
Posted on 12/14/15 at 11:55 am to Rico Tubbs
quote:
his would then bring a sense of stability where the kids wouldn't be transferring schools every other year as well as bring a sense of community
If you think this is going to break that cycle then you are bat shite crazy. The reason they move is they are running from the landlord because they haven't paid their rent. Now they will just be getting foreclosed on.
Posted on 12/14/15 at 12:00 pm to stout
quote:
You should see the shite "poor people" own or have financed from RAC, Aaron's etc. It amazes me sometimes when my guys do an eviction or something. There's a reason they're poor and it's not just due to being low income.
It's the opposite end of the spectrum with the upper-middle class income "wannabe's" who try to keep up with the Jones. I'm sure you get a ton of work off of those individuals.
This post was edited on 12/14/15 at 12:03 pm
Posted on 12/14/15 at 12:02 pm to MrLarson
quote:
If you think this is going to break that cycle then you are bat shite crazy. The reason they move is they are running from the landlord because they haven't paid their rent. Now they will just be getting foreclosed on.
Yea lets go with the pessimistic version of this and just group all poor ppl into one big demographic of criminals running from landlords.
Those poor old black ladies enjoy packing their stuff every 6 months and moving. I'm sure they get a thrill from it.
Posted on 12/14/15 at 12:03 pm to 13SaintTiger
quote:
I'm sure you get a ton of work off of those individuals.
Oh yea. Brand new boats, trucks, 4 wheelers, etc but now homeless. It's insanity to me but then again I think I am frugal as frick and should have probably been born into a Jewish family.
Posted on 12/14/15 at 12:06 pm to Rico Tubbs
quote:
Yea lets go with the pessimistic version of this and just group all poor ppl into one big demographic of criminals running from landlords.
Those poor old black ladies enjoy packing their stuff every 6 months and moving. I'm sure they get a thrill from it.
You do realize that a policy extraordinarily similar to this was a major factor in the 2008 crash, right?
Posted on 12/14/15 at 12:06 pm to Rico Tubbs
quote:
Yea lets go with the pessimistic version of this and just group all poor ppl into one big demographic of criminals running from landlords.
It has nothing to do with being pessimistic and everything to do with reality. No one is keeping poor people poor, many of those who work hard enough are able to get out of their situation. What we are saying is giving a mass opportunity, like the one in the op, to low-income individuals is not going to fare well.
Posted on 12/14/15 at 12:06 pm to Rico Tubbs
quote:
but keep hating the poor and wanting them to waste money renting every month.
When the water heater goes out, how will they be able to afford to fix it? Or the roof leaks or the foundation sinks, or washing machine, or plumbing issues?
Renting is not necessarily the evil you make it out to be. It helps low income families not have to worry about major repairs they can't afford.
Posted on 12/14/15 at 12:10 pm to LSUTigersVCURams
quote:
3% of $250K is $7500 dollars.
You're going to have people putting down $7500 on a $250,000 house.
These people are ALL going to default! I mean is that part of the plan?
I put down 3.5 on a 260 k house in April and I have no problem paying my mortgage.
Posted on 12/14/15 at 12:10 pm to Rico Tubbs
quote:
Those poor old black ladies enjoy packing their stuff every 6 months and moving
If they'd enjoy paying their rent/mortgage they wouldn't have to pack up their stuff and move.
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