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5% Rule

Discussion in 'Politics, Elections & Legislation' started by Mark-in-Maine, Jun 15, 2010.

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  1. Mark-in-Maine

    Mark-in-Maine Member

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    Democrats Vote Down 5 Percent Rule

    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. His
    proposal was rejected 57-42 on a 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."

    I can't add anything to this.
     
  2. W.P.T.

    W.P.T. TS Member

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    People wonder why so many Americans have no use for Politicians, guess that pretty much sums it up ... WPT ... (YAC) ...
     
  3. Mark-in-Maine

    Mark-in-Maine Member

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    Sorry guys. I jumped the gun on this one.
    My apologies.

    Mark
     
  4. BDodd

    BDodd TS Member

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    Well, yeah, we certainly can't make home ownership unaffordable for those that can't afford it. Goes right along with transparent politicking.
     
  5. Barrelbulge(Fl)

    Barrelbulge(Fl) Banned User Banned TS Supporters

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    Even though Dodd's remark is not true. Thise voting along party lines defeated the motion. It seems to me that the proposal made a lot of sense. If you can't afford a low downpayment you probably should not be buying a house. Bulge.
     
  6. BDodd

    BDodd TS Member

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    Hey, make sure you're speaking of the ugly Dodd's remark....<;-)
     
  7. stillmisses

    stillmisses TS Member

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    Putting in my 2 cents, When The wife and I married we were not wealthy, I worked for the local county, she worked in a print shop, we had 1 daughter. We didn't have 5% 10 or 20%. We qualified at the time for an FHA 200.00 dollars down loan on a house. The house in 1987 was 47,500. We were checked out to the last nickle of income, and at the time loans were at 10%, no choices. With hard work and a strict budget, I worked 1 full time and 1 part time AND went back to finish college! We paid the 30 yearloan off in 14 years. It's not so much who has even a low down payment, it's how responsible you are, how realistic in what you can afford, and the commitment to make the sacrifices in your budget to meet your commitments! Buy within your budget and you won't get in trouble, and you can't go buy all the goodies to keep up with the joneses. just my opinion.
    Mike T
     
  8. W.P.T.

    W.P.T. TS Member

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    The problem today is most people who cannot afford to pay rent think they are entitled to own or buy a home ... They usually have no idea of how they are going to pay for it and really don't think they ever will stay in it long enough to pay for it, let alone adjust their way of living to be able to pay for it ... I have heard stories of people who have bought a home and in the end they couldn't afford to pay the Taxes on it when they come due, then they blame the banks or anyone and everyone who assisted them in getting their piece of the American Dream ... What are people thinking, better what why don't people think ..? They know before they sign the dotted line they can't afford to be a home owner, but that don't even slow them down ... WPT ... (YAC) ...
     
  9. PerazziBigBore

    PerazziBigBore TS Member

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    The problem with home loans is an assumption of increasing wages.. If you can't really qualify today..in a few years..the economy will be such that you are paid more..and THEN.. the house note will not be a burden.. If one looks at unemployment,and increases in pay for most of us.. The theory is greatly flawed.. In my day.. if you did not have 20% down.. you got a cup of coffee.. a handshake... maybe a smile..and an offer to help when you saved more money..

    The concept of home ownership is not a right.. it's a reward for hard work..and the ability to save.. Living within your budget.. A concept that has gone astray as the government seems to bailout everyone but the working man.

    I remember years ago.. wanting a bank loan for a #3 Gisholt turret lathe..Not until I had a signed contract in my hand would my banker loan me the $2500 I needed to buy the lathe.. He was then repaid in full in 60 days..

    That was the old days.. Now.. if you are a minority they'd ask you if you'd like more..Seems Federal programs jump in to shore up questionable loans.. Every bank must make a certain amount if "inner city" loans or there are ramification to the bank.. Note the word "inner city".. Some how the little farmer or small guy in the country has a very hard time getting those loans..

    Anyway.. it all goes back to buying votes and entitlement programs.. Can't wait for November to come.. All Good.. Mike
     
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