I hear all these deals being proposed to save all the FBs but they are always punctuated with “this will not be available to speculators”
Methinks that spotting a speculator is like spotting porn – you know it when you see it but there is really no good definition.
Does anyone know how any of these programs intend to identify speculators?
Personally I think anyone who bought a house or has ended up with a loan they couldn’t afford is a speculator – which of course fits every foreclosure –
So how would you define speculator for the purpose of qualifying for a bail-out?
Yeah, I’d start with the issue of the home being owner occupied. Then I’d add one more criterion: Did the the buyer put down at least a 10% down payment. Despite the fact that many people may have made a horrible decision to buy at the top and put down 10%, I would not put these folks into the speculator bucket. And if we’ve resigned ourselves to the fact that we’re going to bail folks out (with which I disagree), then let’s at least have the decency to limit it to folks who put some money down and are actually living in their homes. Anything non-owner occupied or having less than a 10% down payment, in my opinion, should not be bailed out. Period.
Yeah, I’d start with the issue of the home being owner occupied. Then I’d add one more criterion: Did the the buyer put down at least a 10% down payment. Despite the fact that many people may have made a horrible decision to buy at the top and put down 10%, I would not put these folks into the speculator bucket. And if we’ve resigned ourselves to the fact that we’re going to bail folks out (with which I disagree), then let’s at least have the decency to limit it to folks who put some money down and are actually living in their homes. Anything non-owner occupied or having less than a 10% down payment, in my opinion, should not be bailed out. Period.
Yeah, I’d start with the issue of the home being owner occupied. Then I’d add one more criterion: Did the the buyer put down at least a 10% down payment. Despite the fact that many people may have made a horrible decision to buy at the top and put down 10%, I would not put these folks into the speculator bucket. And if we’ve resigned ourselves to the fact that we’re going to bail folks out (with which I disagree), then let’s at least have the decency to limit it to folks who put some money down and are actually living in their homes. Anything non-owner occupied or having less than a 10% down payment, in my opinion, should not be bailed out. Period.
Yeah, I’d start with the issue of the home being owner occupied. Then I’d add one more criterion: Did the the buyer put down at least a 10% down payment. Despite the fact that many people may have made a horrible decision to buy at the top and put down 10%, I would not put these folks into the speculator bucket. And if we’ve resigned ourselves to the fact that we’re going to bail folks out (with which I disagree), then let’s at least have the decency to limit it to folks who put some money down and are actually living in their homes. Anything non-owner occupied or having less than a 10% down payment, in my opinion, should not be bailed out. Period.
