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March 17, 2009 at 2:10 PM #368694March 17, 2009 at 3:04 PM #368172
CA renter
Participant[quote=SD Realtor]Peter I know man… sad but true… I have heard alot of stories like that.
Diego… yes fraud is running rampant. It seems pretty darn easy to “create” a relative, gift the downpayment money and presto the buyer gets the home.
I cannot tell you what percentage of people commit fraud but it would not surprise me at all if it is higher then ever.
I wouldn’t even raise an eyebrow if the government soon just becomes a direct lender. Isn’t that the next logical step?
[/quote]
——————-With the govt funding most of the loans — either directly or indirectly, we might as well just call it a government-financed mortgage system.
Also agree with you about the fraud. Basically, if you engaged in fraud over the past few years, the govt applauds you and gives you “free rent”! If you’ve saved and tried to stay out of debt, then you are graciously offered 0-1% rates on your liquid savings. You’d be a fool **not** to engage in fraud. The government wants fraud, and that’s what they will get. BTW, the fraud going on right now WRT mortgage paper is the most egregious — all funded or backed by the taxpayers! Their message is being heard loud and clear.
Add to that the fact that the liars and cheats are branded as “victims” while the buyers who still remain on the sidelines are called “stubborn”, “unrealistic”, “greedy”, etc. shows us which side the govt is on.
It’s sickening, but what else can we do but wait them out?
March 17, 2009 at 3:04 PM #368458Participant[quote=SD Realtor]Peter I know man… sad but true… I have heard alot of stories like that.
Diego… yes fraud is running rampant. It seems pretty darn easy to “create” a relative, gift the downpayment money and presto the buyer gets the home.
I cannot tell you what percentage of people commit fraud but it would not surprise me at all if it is higher then ever.
I wouldn’t even raise an eyebrow if the government soon just becomes a direct lender. Isn’t that the next logical step?
[/quote]
——————-With the govt funding most of the loans — either directly or indirectly, we might as well just call it a government-financed mortgage system.
Also agree with you about the fraud. Basically, if you engaged in fraud over the past few years, the govt applauds you and gives you “free rent”! If you’ve saved and tried to stay out of debt, then you are graciously offered 0-1% rates on your liquid savings. You’d be a fool **not** to engage in fraud. The government wants fraud, and that’s what they will get. BTW, the fraud going on right now WRT mortgage paper is the most egregious — all funded or backed by the taxpayers! Their message is being heard loud and clear.
Add to that the fact that the liars and cheats are branded as “victims” while the buyers who still remain on the sidelines are called “stubborn”, “unrealistic”, “greedy”, etc. shows us which side the govt is on.
It’s sickening, but what else can we do but wait them out?
March 17, 2009 at 3:04 PM #368626Participant[quote=SD Realtor]Peter I know man… sad but true… I have heard alot of stories like that.
Diego… yes fraud is running rampant. It seems pretty darn easy to “create” a relative, gift the downpayment money and presto the buyer gets the home.
I cannot tell you what percentage of people commit fraud but it would not surprise me at all if it is higher then ever.
I wouldn’t even raise an eyebrow if the government soon just becomes a direct lender. Isn’t that the next logical step?
[/quote]
——————-With the govt funding most of the loans — either directly or indirectly, we might as well just call it a government-financed mortgage system.
Also agree with you about the fraud. Basically, if you engaged in fraud over the past few years, the govt applauds you and gives you “free rent”! If you’ve saved and tried to stay out of debt, then you are graciously offered 0-1% rates on your liquid savings. You’d be a fool **not** to engage in fraud. The government wants fraud, and that’s what they will get. BTW, the fraud going on right now WRT mortgage paper is the most egregious — all funded or backed by the taxpayers! Their message is being heard loud and clear.
Add to that the fact that the liars and cheats are branded as “victims” while the buyers who still remain on the sidelines are called “stubborn”, “unrealistic”, “greedy”, etc. shows us which side the govt is on.
It’s sickening, but what else can we do but wait them out?
March 17, 2009 at 3:04 PM #368664Participant[quote=SD Realtor]Peter I know man… sad but true… I have heard alot of stories like that.
Diego… yes fraud is running rampant. It seems pretty darn easy to “create” a relative, gift the downpayment money and presto the buyer gets the home.
I cannot tell you what percentage of people commit fraud but it would not surprise me at all if it is higher then ever.
I wouldn’t even raise an eyebrow if the government soon just becomes a direct lender. Isn’t that the next logical step?
[/quote]
——————-With the govt funding most of the loans — either directly or indirectly, we might as well just call it a government-financed mortgage system.
Also agree with you about the fraud. Basically, if you engaged in fraud over the past few years, the govt applauds you and gives you “free rent”! If you’ve saved and tried to stay out of debt, then you are graciously offered 0-1% rates on your liquid savings. You’d be a fool **not** to engage in fraud. The government wants fraud, and that’s what they will get. BTW, the fraud going on right now WRT mortgage paper is the most egregious — all funded or backed by the taxpayers! Their message is being heard loud and clear.
Add to that the fact that the liars and cheats are branded as “victims” while the buyers who still remain on the sidelines are called “stubborn”, “unrealistic”, “greedy”, etc. shows us which side the govt is on.
It’s sickening, but what else can we do but wait them out?
March 17, 2009 at 3:04 PM #368779Participant[quote=SD Realtor]Peter I know man… sad but true… I have heard alot of stories like that.
Diego… yes fraud is running rampant. It seems pretty darn easy to “create” a relative, gift the downpayment money and presto the buyer gets the home.
I cannot tell you what percentage of people commit fraud but it would not surprise me at all if it is higher then ever.
I wouldn’t even raise an eyebrow if the government soon just becomes a direct lender. Isn’t that the next logical step?
[/quote]
——————-With the govt funding most of the loans — either directly or indirectly, we might as well just call it a government-financed mortgage system.
Also agree with you about the fraud. Basically, if you engaged in fraud over the past few years, the govt applauds you and gives you “free rent”! If you’ve saved and tried to stay out of debt, then you are graciously offered 0-1% rates on your liquid savings. You’d be a fool **not** to engage in fraud. The government wants fraud, and that’s what they will get. BTW, the fraud going on right now WRT mortgage paper is the most egregious — all funded or backed by the taxpayers! Their message is being heard loud and clear.
Add to that the fact that the liars and cheats are branded as “victims” while the buyers who still remain on the sidelines are called “stubborn”, “unrealistic”, “greedy”, etc. shows us which side the govt is on.
It’s sickening, but what else can we do but wait them out?
March 17, 2009 at 3:19 PM #368191SD Realtor
Participant“It’s sickening, but what else can we do but wait them out?”
Not much…
We form the George Costanza Contra Hedge Fund and invest in companies that specialize in diabetes drugs and ammunition. Maybe even aftermarket motorcycle parts. We leverage to the hilt and try to make a few shekels here and there. Then we stash it over at UBS to hide from the Obama shakedown.
March 17, 2009 at 3:19 PM #368477Participant“It’s sickening, but what else can we do but wait them out?”
Not much…
We form the George Costanza Contra Hedge Fund and invest in companies that specialize in diabetes drugs and ammunition. Maybe even aftermarket motorcycle parts. We leverage to the hilt and try to make a few shekels here and there. Then we stash it over at UBS to hide from the Obama shakedown.
March 17, 2009 at 3:19 PM #368645Participant“It’s sickening, but what else can we do but wait them out?”
Not much…
We form the George Costanza Contra Hedge Fund and invest in companies that specialize in diabetes drugs and ammunition. Maybe even aftermarket motorcycle parts. We leverage to the hilt and try to make a few shekels here and there. Then we stash it over at UBS to hide from the Obama shakedown.
March 17, 2009 at 3:19 PM #368683Participant“It’s sickening, but what else can we do but wait them out?”
Not much…
We form the George Costanza Contra Hedge Fund and invest in companies that specialize in diabetes drugs and ammunition. Maybe even aftermarket motorcycle parts. We leverage to the hilt and try to make a few shekels here and there. Then we stash it over at UBS to hide from the Obama shakedown.
March 17, 2009 at 3:19 PM #368798Participant“It’s sickening, but what else can we do but wait them out?”
Not much…
We form the George Costanza Contra Hedge Fund and invest in companies that specialize in diabetes drugs and ammunition. Maybe even aftermarket motorcycle parts. We leverage to the hilt and try to make a few shekels here and there. Then we stash it over at UBS to hide from the Obama shakedown.
March 17, 2009 at 4:41 PM #368266patientrenter
ParticipantIONEGARM, we would have a much healthier economy if downpayments were required to be at least 20-50% of the price of a home. Or there were no restrictions on the downpayments, but absolutely no government guarantees (FHA, FNMA…) or other subsidies for reckless lending. I am not saying this out of loyalty to a political belief, but because it would cause much better incentives in the housing and lending markets, and that would ultimately lead to a wealthier future for us all.
If someone cannot save at least 1/5 of the price of a home before they buy it, how can they ever be expected to pay for all of it, and still take care of their retirement, health care, kids, etc.? For every 1 buyer who gets a home early because of subsidies to enable low downpayments and responsibly ends up paying for 100% of their own retirement and kids etc, there are at least 10 buyers who do not.
March 17, 2009 at 4:41 PM #368552ParticipantIONEGARM, we would have a much healthier economy if downpayments were required to be at least 20-50% of the price of a home. Or there were no restrictions on the downpayments, but absolutely no government guarantees (FHA, FNMA…) or other subsidies for reckless lending. I am not saying this out of loyalty to a political belief, but because it would cause much better incentives in the housing and lending markets, and that would ultimately lead to a wealthier future for us all.
If someone cannot save at least 1/5 of the price of a home before they buy it, how can they ever be expected to pay for all of it, and still take care of their retirement, health care, kids, etc.? For every 1 buyer who gets a home early because of subsidies to enable low downpayments and responsibly ends up paying for 100% of their own retirement and kids etc, there are at least 10 buyers who do not.
March 17, 2009 at 4:41 PM #368720ParticipantIONEGARM, we would have a much healthier economy if downpayments were required to be at least 20-50% of the price of a home. Or there were no restrictions on the downpayments, but absolutely no government guarantees (FHA, FNMA…) or other subsidies for reckless lending. I am not saying this out of loyalty to a political belief, but because it would cause much better incentives in the housing and lending markets, and that would ultimately lead to a wealthier future for us all.
If someone cannot save at least 1/5 of the price of a home before they buy it, how can they ever be expected to pay for all of it, and still take care of their retirement, health care, kids, etc.? For every 1 buyer who gets a home early because of subsidies to enable low downpayments and responsibly ends up paying for 100% of their own retirement and kids etc, there are at least 10 buyers who do not.
March 17, 2009 at 4:41 PM #368757ParticipantIONEGARM, we would have a much healthier economy if downpayments were required to be at least 20-50% of the price of a home. Or there were no restrictions on the downpayments, but absolutely no government guarantees (FHA, FNMA…) or other subsidies for reckless lending. I am not saying this out of loyalty to a political belief, but because it would cause much better incentives in the housing and lending markets, and that would ultimately lead to a wealthier future for us all.
If someone cannot save at least 1/5 of the price of a home before they buy it, how can they ever be expected to pay for all of it, and still take care of their retirement, health care, kids, etc.? For every 1 buyer who gets a home early because of subsidies to enable low downpayments and responsibly ends up paying for 100% of their own retirement and kids etc, there are at least 10 buyers who do not.
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