Posted on 08/28/2015 11:48:10 AM PDT by Lorianne
In the years since the recession, the dream of a steady paycheck and a home in a nice neighborhood have become more elusive for many working-class Americans. While some may say that the lack of homeownership reflects changing values, owning a home remains an important tool for wealth building for most families. Yet it is particularly unattainable for low-income and minority households. The homeownership rate for households that fall below median income was less than 50 percent in 2014, for those who made above the median it was nearly 80 percent. And the gap in homeownership between whites, and blacks and Hispanics is almost as large.
Now, a new program from Fannie Mae is trying to change that.
This week, the government-sponsored enterprise unveiled plans for a new loan product. HomeReady is specifically targeted toward low-income and minority households, and it allows prospective buyers to pay just a 3 percent down payment up front, provides a homeowner’s education course, and the biggest boon—the program will allow applicants to count income from those who won’t actually be borrowers, toward their gross income. That means in multi-generational households, the contributions of children or grandparents—and for younger borrowers, financial assistance from parents, or aunts and uncles—could be included. For current owners who rent a room or portion of their home for extra income, the money they receive from tenants would count as income if they decide to move.
(Excerpt) Read more at theatlantic.com ...
Because free money worked so well for the banks the last time.
That’s just great. My neighbor is moving in a few months and I can’t wait to see the new home owners who can’t afford the house, or the taxes.
Fartie May at it again?
TRANSLATION: It is now officially illegal to deny a black person a loan for any purpose for any reason.
Another return to 2008.
I’ve always said it doesn’t feel like a neighborhood unless one house has rusty old cars, loud music, cigarette butts, uncut weeds and lawns, dead leaves, mangy dogs, feral kids and dodgy characters visiting at odd hours.
I fully support the gummint’s efforts to make every town and every street look like the setting for an episode of ‘COPS.’
Good. This will drive the new bubble that will triple my home value just in time for me to retire. Maybe after the crash, I could buy my house back at a steep discount.
How quickly everyone has forgot the Community Reinvestment Act, Barny Frank, Andrew Cuomo at HUD, and of course, Fannie/Freddie and Wall Street’s fleecing of them.
But it doesn’t matter when you have a Central Bank that bails them, and the Government all out to the tune of $4.5 trillion in newly printed money.
Exactly a main factor in causing the 2009 Great Recession and realty market crash
Ambassador Andrei Lysenko: There is another matter... one I’m reluctant to...
Dr. Jeffrey Pelt: Please.
Ambassador Andrei Lysenko: One of our submarines, an Alfa, was last reported in the area of the Grand Banks. We have not heard from her for some time.
Dr. Jeffrey Pelt: Andrei, you’ve lost another submarine?
(change a few words in the quotes from Red October and one has a synopsis of liberal government. Life, art and imitations)
The list, Ping
Let me know if you would like to be on or off the ping list
I’m with you. Bring it on. I’ll sell the sucker for an exorbitant price and move onto a large boat for the rest of my days.
“Those who don't know history are doomed to repeat it.”
― Edmund Burke
Loaning money to people who won’t pay it back.
What could possibly go wrong?
< / 2008 >
So.. if you’re poor and WHITE, you get...
-NOTHING!
-you LOSE
-Good DAY, sir!!!
Fools don’t learn.
A mortgage is a 15-30 year commitment. It takes staying power and a job to pay it off. As well as the commitment to maintain the property, since a house needs constant fixing.
It’s a fool’s question, but I’ll ask it. Why are we permitting people known for not being committed to anything, to enter into a long-term commitment?
Paying the mortgage is just one part of home “ownership”. There are many other cost associated with a home. Maintenance, taxes and insurance requires having a good income before buying a home.
If a family is not able to make payments without help from others, then they will always be “one paycheck away from being homeless.”
I thought we went down this path once before, and we all know just how bad they turned out to be.
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