Home ownership only for those who can afford it?

Discussion in 'International Current News & Events' started by gypsysue, Jul 4, 2010.

  1. gypsysue

    gypsysue The wanderer

    How's this for discrimination! What now, it's our RIGHT to be a home owner? Which amendment is that?
    Read this today:

    "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."

    Yeah...we wouldn't want to restrict home ownership to only those who can afford it...

    Who votes for these people?:dunno::scratch
  2. horseman09

    horseman09 Well-Known Member

    :eek: You mean ya have to actually PAY for things?! :eek: I thought my lunch was FREE!

    I just don't understand how we let our pols get America to this point.

    The walls of Rome are burning and the fiddle is playing..........

  3. gypsysue

    gypsysue The wanderer

    Yep, ole Nero is sawing away on that fiddle!
  4. UncleJoe

    UncleJoe Well-Known Member

    I was told that Obama would be paying my mortgage! You mean that's not gonna happen?! :eek: :rolleyes:
  5. NaeKid

    NaeKid YourAdministrator, eh?

    When I bought my house, I was told that I needed 10% down-payment on it to qualify for a "secured loan" that I would have to pay a premium for insurance. I was told that if I could raise just 25% of the purchase price that I could could bypass the loan-insurance policy. So, I came up with just over 25% of the purchase price and bought this place. In a couple months, this house will be paid off completely and I can sell it "free-n-clear" to move into a much better property.
  6. bunkerbob

    bunkerbob Supporting Member

    Good for you, that "is" living the dream.:beercheer:
  7. Woody

    Woody Woodchuck

    I guess I just don’t understand high finance.

    Back before the whole housing bubble thing, you were required to have 10% down to buy a house or land. I don’t remember the 25% thing listed above but can believe it. And they would NOT lend you over 100% of the current value of the home!!! If having to save some money to buy something you really want… NOT NEED as many people can only afford to RENT a home (or apartment)… means that only… what is the quote from above…

    "passage of such a requirement would restrict home ownership to only those who can afford it."

    Yeah, only those who can actually AFFORD to make the payments should be able to own a home. WTF? Sad days, very sad days when our government wastes it’s time on issues like this instead of doing the job they were elected to do.
  8. TechAdmin

    TechAdmin Administrator Staff Member

    The issue is that's what they are doing. We keep putting them in office. We are the problem. Not you and I personally, I mean the populace in general.
  9. sailaway

    sailaway Well-Known Member

    I did the same deal to get away from mortgage insurance. I also bought a duplex in order to get help with the payment.:cool:
  10. Kriket

    Kriket Liq Plumber on ur tin hat

    You and me both.

    I think we have the wool pulled over our eyes about what "the dream" really is. Owning real estate may be "the dream" but owning a postage stamp in the city that we are stuck in isn't a very good dream. "Doing the right thing" and buying a house is now preventing us from living the lifestyle we really want to. :(
  11. OldCootHillbilly

    OldCootHillbilly Reverend Coot

    You was born here, sorry, that only works if ya shoot across the border from the south, then they give ya anything ya wan't.

    Another step towards government control an it's gettin worse. There trying to come up with new regulations on how energy efficient your home has to be inorder to be sold, may include a license that has to be renewed annually an would require you to update your home ta there standards, could include electrical an plumbing. Best to live in a cave I think, er a rv.
  12. Tirediron

    Tirediron RockyMountainCanadian

    The whole financial system is set up to keep people under somekind of payment plan. 5 percent down and 30 years of payments is just a different form of slavery. I don't want to sound grim or what ever but if you just qualify it is real hard tio make it . better to buy small or rent , but rent a cheap place and then save until you can put a decent downpayment , it is the interest that costs :gaah:
  13. Aemilia

    Aemilia Zookeeper

    I think 5% would be a good, absolute minimum. We were just looking at land north of us and IF anyone would finance it I'm betting they will want 25% plus down.

    On the other hand, I think home prices are to high. We have considered moving many times to an area where home and income levels match. They don't in our location (but things are "improving" as the economy goes downhill :( ).
  14. sailaway

    sailaway Well-Known Member

    I agree with you kriket, I never wanted to own a home, it came with marriage. My plan was to get a 20-24 unit apartment building bought and paid for then get a larger boat to live on while the renters supported my simple lifestyle. Living aboard means you don't have to waste money on furniture and stuff like that.