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Old 08-11-13, 06:49 AM   #1
bassboogieman
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I don't often engage in Political discussions because it upsets me so much. But every once-in-a-while a Liberal will open his mouth and utter a statement that shows exactly how their brain's synapses are not making proper connections. I offer this example. Just read it, as it definitely speaks for itself and I find it so absurd that this is how SOME of our elected officials, that we entrust with our tax dollars, think. Such a shining example of the "GIVE AWAY MENTALITY, or plainer yet - ENTITLEMENT.

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 for a loan.
His proposal was rejected 57-42 on a straight 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."

End of story. Restricting HOME OWNERSHIP to only those that CAN AFFORD IT? What a radical concept. Duhhhh. Isn't that exactly what happened just a few years ago with the collapse of the housing market due to bad mortgage loans? Senator Dodd must certainly be suffering from short term memory loss, or possibly dementia and should resign his seat based on mental incapacity.

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Old 08-11-13, 07:54 AM   #2
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It all boils down to votes.
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Old 08-11-13, 11:03 AM   #3
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bruce.....our "leaders" in washington d.c. are SO out of touch with the REAL WORLD it makes me truly wish sometimes that a massive hurricane would take them all out. GOD FORGIVE ME FOR WHAT I JUST TYPED AND THOUGHT.

i also sometimes wish there would be another revolution....civil war or SOMETHING. but that is EXACTLY what they want us to do. SO THEN THEY COULD DECLARE MARSHEL LAW, THEN DICTATORSHIP.

compaired to other countries, we are still in our infancy. our country IS the greatest in the world...but i am saddened that we are also doomed. and i wonder just how much longer it will last. i feel so sorry for our children.
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Old 08-11-13, 12:05 PM   #4
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Bruce, I couldn't agree more. And the leadership of the liberal members in our government are what is destroying the country we live in. I will add one thing though for you to think about. When my wife and I bought our home, we were required to put down 5%. We could easily afford the monthly payments for the loan, but had to borrow the cash from my father in law for the 5% down to make the purchase, and then pay him back. I think there are many first time buyers out there who CAN afford the house payments, but don't have the 5% to put down. My sister in law and her husband were in that boat, but the market had changed and the 5% wasn't required for first time home buyers, and so they didn't have to pay that up front. So they were able to buy their home and have been making the payments ever since. I think waving the 5% requirement for first time home buyers is a good thing, but ONLY for those who can qualify and prove they can afford the monthly payments. Banks are very good at telling the buyer they can afford a much larger monthly payment than the buyer can actually afford. So closer scrutiny of bank loans is needed for first time home buyers.
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Old 08-11-13, 01:57 PM   #5
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I understand your point, Keith - completely. But as with anything priorities need to be set. My POV tends towards making a person considering such a large investment as a home, have SOME INVESTMENT in the home purchase at the outset. Not to have the government enable some to buy more home than they can reasonably afford, thinking they will make a profit in a couple years by turning it over. It's like a Ponzi scheme, to some individuals. Saving for a home takes a bit of sacrifice - for many - and I think that is not a bad thing, in that responsibility has to be learned and ingrained if it's the way individuals should go about their business. With it being "too easy" what really is learned? Some may not be able to save, and that's really not the problem of the government or the rest of us that pay taxes. Buying a house is not easy and like you said, a lot of banks will be happy to extend someone purchasing a house the maximum they can afford to pay back in monthly payments (they really don't care if you have enough left over for groceries) as they want to give the biggest loan possible and earn maximum interest in return, that's their business and they can foreclose on the house if a few payments are missed. Tighter guidelines in granting a mortgage is needed, certainly, but home buyers also need to remain within their budgets and plan for an eventual home purchase, if that's what they want, by saving for the down payment. If you can't save for the down payment, then you shouldn't be able to buy a $300,000 house by the government granting you a 100% mortgage. Most banks WILL NOT do that, only Uncle Sam will. And I consider the 5% down payment very generous - that $300K house will only need a $15K down, that's not an astronomical amount by any stretch if you are contemplating a home of that value.

Oh, BTW when I was finally able to build my first house - I needed 20% down ($60K on the above mentioned - mythical - house) my wife (ex-wife) and I managed and it was not easy but we wanted a home and did what was required to get it. I worked two jobs and she worked her job and it took us a few years, but that's the way we got our first house. That's the way many "middle class" Americans got their first house before entitlement became the norm. Am I proud of how hard I had to work to get it - YBYA! and that was a good lesson learned.

Back to the original topic - I am not opposed to government mortgage loans at 100% of purchase price to FIRST TIME home buyers with military service, but that would be the only exception if I were running things. Another "perk" of military service, if you will, to a very deserving segment of our society. We owe our veteran's so much and they earn every bit of it.
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Old 08-11-13, 03:33 PM   #6
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Take the house payment and put it in the bank each month and save it till you have the 5% to put down on a house.
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Old 08-11-13, 05:06 PM   #7
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LMAO!
Common sense stopped being...well.....common a looooong time ago
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Old 08-11-13, 05:33 PM   #8
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[QUOTE=bassboogieman;41016

Back to the original topic - I am not opposed to government mortgage loans at 100% of purchase price to FIRST TIME home buyers with military service, but that would be the only exception if I were running things. Another "perk" of military service, if you will, to a very deserving segment of our society. We owe our veteran's so much and they earn every bit of it.[/QUOTE]

That is an excellent idea Bruce!
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Old 08-11-13, 06:23 PM   #9
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Quote:
Originally Posted by keithdog View Post
That is an excellent idea Bruce!
I'm down with that
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Old 08-11-13, 07:13 PM   #10
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Bruce, you are a greedy, conservative bigot! (welcome to the club )

It's true though, and it should be your first rule when confronting a liberal:

There is no debating a liberal. See, a true debate requires logic. But to a liberal, 1 + 1 only equals whatever he needs it to equal to achieve his agenda. You waste your time trying to get a liberal to paint himself into a corner. You think you have won (and to be fair, you have), but the liberal just walks across the paint, then changes his shoes.
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Old 08-11-13, 07:23 PM   #11
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Walking through paint is ok.....unless you track it onto your own stuff
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Old 08-11-13, 07:42 PM   #12
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Quote:
Originally Posted by nofearengineer View Post
Bruce, you are a greedy, conservative bigot! (welcome to the club )

It's true though, and it should be your first rule when confronting a liberal:

There is no debating a liberal. See, a true debate requires logic. But to a liberal, 1 + 1 only equals whatever he needs it to equal to achieve his agenda. You waste your time trying to get a liberal to paint himself into a corner. You think you have won (and to be fair, you have), but the liberal just walks across the paint, then changes his shoes.
Excellent analogy!
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Old 08-11-13, 08:07 PM   #13
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I can't even begin to understand the thinking of libs.
If a conservative would have said something that stupid, it would have been breaking news on every news channel in the world. They would have even interupted "As the World Turns" for this "Special Report", and yeah I know ATWT doesn't even come on anymore. They would have brought it back this one time so they could interupt it.
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Old 08-12-13, 01:49 AM   #14
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Quote:
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I can't even begin to understand the thinking of libs.
If a conservative would have said something that stupid, it would have been breaking news on every news channel in the world. They would have even interupted "As the World Turns" for this "Special Report", and yeah I know ATWT doesn't even come on anymore. They would have brought it back this one time so they could interupt it.
Dang I miss that show.. The Guiding Light too.
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Old 08-12-13, 07:22 PM   #15
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Me too.
Ain't much to do after lunch now except go back to work or catch a quick nap.
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Old 08-13-13, 01:45 AM   #16
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The disconnect of both parties is embarrassing to our country as a whole.
Maybe I'm a conservative liberal but first time home ownership a lot of times will bring the best out of someone. sometimes not
Not everyone is able to join the service no matter how hard they tried.
The housing deal was more of an over valuation than actually borrowing to the poor.
A lot more so called wealth investing like lottery winners on very poor investment stratagies caused a challenge or two also.

FHA loans are very expensive to the home buyer......so don't think it really may qualify as a handout or entitlement. A lot of BIG MONEY is making a penny or two with US backing THEIR dumb decisions!
THESE LOANS ARE PROFITABLE TO THEM! Not US

http://www.first-time-home-buyer-sol...insurance.html


First Time Home Buyers Mortgage Insurance


Since FHA loans are used by mostly first time home buyers, the MIP is usually higher than on a conventional loan because it’s considered a higher risk loan. As mentioned above, on a FHA purchase you will be charged 1.75% of the sale price upfront and there is an annual renewal rate for this as well.

Conventional loans could be as low as .50% (with a 5% or more down payment) and renewals are as low as .30% in subsequent years. When you pay your balance down below 80% on conventional loans it drops off and you do not have to pay MIP any longer.

On FHA loans, the monthly MIP never stops regardless of how much you pay down on the balance of your loan. So its a good idea to refinance once your loan is below the 80% LTV so you don't have to pay this premium any longer.


Read from the Original Website: http://www.first-time-home-buyer-sol...#ixzz2bp5W6HG3
Under Creative Commons License: Attribution

Now don't misunderstand, I WHOLELY understand what Bruce is saying and FEELING. I've been selfemployed most my life and getting a loan with even 20 percent down can be a circus.
But when STUPIDITY is running the show........?
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Old 08-13-13, 09:30 AM   #17
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Quote:
FHA loans are very expensive to the home buyer......so don't think it really may qualify as a handout or entitlement. A lot of BIG MONEY is making a penny or two with US backing THEIR dumb decisions!
And therein lies the problem with the good Senator (from Conn) and his party killing the proposal...

WAIT Sen. Dodd is a Conn-man, now I understand... never mind.
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Old 08-13-13, 09:51 AM   #18
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By the way, Joe...FHA mortgages don't require MIP for the life of the loan. It is only required as long as the LTV ratio is higher than 80%, or if the loan is less than 5 years old.

The essence of the liberal delusion here is that they feel that those who can't afford a mortgage will be able to afford one, if they can just manipulate the numbers enough. Unfortunately for them (and the taxpayer), mathematics does not lie.

If one wants to be a homeowner, one had better start working hard and saving one's money (or sleeping with someone with the aforementioned behaviors ).

It's the same with healthcare (in the real world, not fantasyland).
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Old 08-13-13, 10:05 AM   #19
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I had to put ten percent down.
The truth hurts as it spews forth from their lips and dont realise that is the problem they cannot afford it-yet we end up paying for it somehow someway.
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Old 08-13-13, 11:04 AM   #20
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Quote:
Originally Posted by nofearengineer View Post
By the way, Joe...FHA mortgages don't require MIP for the life of the loan. It is only required as long as the LTV ratio is higher than 80%, or if the loan is less than 5 years old.

On FHA loans, the monthly MIP never stops regardless of how much you pay down on the balance of your loan. So its a good idea to refinance once your loan is below the 80% LTV so you don't have to pay this premium any longer.

Hate to disagree but that statement comes directly from FHA.
I have known many who have experienced this so maybe I'm not reading something right but from experience I know that they don't stop and worse yet, rarely will the original broker/banker even except reapplication. you have to find a new bank.

Again folks, I'm on Bruce's and your side. I'm just saying that sometimes we are blaming poor folk for rich folks created problems. After all, I don't know a lot of poor legistraters from either party.

I pay cash for cars, boats, vacation property.
I did have a mortgage on my residence though.
Got the Kayak this year.
I am VERY LUCKY to be able to get such a thing but before I even committed to the purchase I had a business plan to replace the money back into savings.
If I didn't, I wouldn't of even considered.
Plus I bought used.
I'm a Dave Ramsey type of guy and CAPITALIST to the max!
But I'm also human and not everyone is poor by choice.
God blessed me with an ability to aquire wealth (by some peoples standards, not mine) and the one thing I learned growing up poor is that you best be nice to those who you pass along the way because you maybe dealing with them on the way back down.
Remember anglers, my father died young and I was raised by a single working mom with FIVE MONSTERS to raise in her spare time!
I've seen both sides of the fence.
I do the habitat for humanity deal every year. Actually let the organization store supplies year round in a building I own.

I'm NOT attacking ANYONE'S beliefs or ideas, just sharing some FACTS, thats all.
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Old 08-13-13, 11:31 AM   #21
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Joe...I have an FHA mortgage (I didn't feel like putting 10% down, kept my money in the stock market...great decision, right? ).

MIP ends automatically at 78% LTV ratio.

A borrower may voluntarily cancel it at 80% LTV, but you are stuck paying MIP for 5 years, even if you lower the LTV past 80%.

You may be misunderstanding something FHA is posting (who ever heard of a government organization putting out confusing information? ).
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Old 08-13-13, 11:33 AM   #22
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Ooops, turns out I am the mistaken one.

I guess they changed it in June of this year.

Good call, Joe.
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