This is ridiculous - I put up a picture of my car decorated for a election day parade with Obama stickers and flags on it - and the pictures are removed for being "too political." But this thread (and a couple of others) go on, and on, and on - as long as most of the comments are coming from the right wing. I understand the board has moderators and owners, and they can set the policy any way they want. But it would be a lot more honest if they'd be upfront and make it clear that political discussion is okay - as long as it expresses the moderators' politics. - sheureka
Very few of the bankers and loan brokers that I deal with regularly tend to fall onto the liberal side of the spectrum. Money, and making it, continue to be remarkably non-ideological pursuits.
There still seems to be a fundamental misunderstanding of what the comment was about. There is no requirement to use welfare, or unemployment, or Social Security Disability, or workers compensation or any other social safety net program as the primary qualifying income for a mortgage. If, indeed, CNBC is stating this explicitly, they are WRONG. If CNBC noted that the income from these programs can be part of the qualifying income for a mortgage and it has been misinterpreted by some of the posters to be the only income necessary, that interpretation is wrong!
Let me explain how income from these programs is utilized. The primary breadwinner works at a job earning a reasonable, but not spectacular wage. Should this person be disqualified for a mortgage if they have an adult child at home who adds $800 to 1600 per month from SSD that would help them qualify for a loan? Shouldn't mom's SS check of $1000 to $2000 per month help them qualify for the loan if mom is going to live there? How about the child support from their childs ugly divorce if he/she and the children will be living in the new home?
This is the goal of these programs, which primarily takes into account the difference in living situations which can occur in moderate income families of all ethnicities vs. those of us who are more fortunate and better off. Many families do not have the ability to live on their own, especially in urban areas with high housing costs such as SoCal. I guess if this being liberal, oh well...
This is ridiculous - I put up a picture of my car decorated for a election day parade with Obama stickers and flags on it - and the pictures are removed for being "too political." But this thread (and a couple of others) go on, and on, and on - as long as most of the comments are coming from the right wing. I understand the board has moderators and owners, and they can set the policy any way they want. But it would be a lot more honest if they'd be upfront and make it clear that political discussion is okay - as long as it expresses the moderators' politics. - sheureka
Good grief... I had wondered what happened to that thread...
In reality, the only bodies required to do that were Fannie and Freddie, not all banks
Err... no: if banks failed to issue mortgages to people on the basis of their unemployment and welfare checks, their Community Reinvestment Act CRA scores were downgraded, which entailed fines and business restrictions. The CRA covers most banks in the U.S.
As you know, you don't walk up to the Freddie or Fannie to get a mortgage: you get it "from your bank" which then turns around and sells it to the Government Sponsored Enterprises. And what market tshare do they have? Half.
Yes it is true: in all mortgages by the GSE's Freddie and Fannie, which make up half the mortgages in these United States, welfare and unemployment income must be considered acceptable proof of income.
as long as most of the comments are coming from the right wing.
You noticed that too eh?
Quote:
Originally Posted by grwhitaker
There is no requirement to use welfare, or unemployment, or Social Security Disability, or workers compensation or any other social safety net program as the primary qualifying income for a mortgage. If, indeed, CNBC is stating this explicitly, they are WRONG.
That was the point I was trying to get across. The Fox article, and several here are implying that such income can be primary qualifying income. It can't, and they know it, but they like to stir the pot.
And lets think here people.. we're talking about welfare and unemployment for the most part here. Most places unemployment for the time you can get it within a year is $12K to $15K at most. To qualify for a mortgage based solely on that level of income, the house would have to be pretty darn cheep to start with. This is a straw man argument, to use you term.
Quote:
Originally Posted by cablvr
A liberal.............
Must have been a lot of liberals with an (R) after their name then, since they were in the majority in both houses at the time this bill passed.
(That political enough to kill the thread jwright? )
It's too bad some of the posters aren't willing to read, comprehend, and re-consider their opinions if something that is in abeyance of their pre-judicial viewpoint is presented. It must be incredibly gratifying to go through life knowing everything about the hoi polloi while not being one.
Again-social safety net payments are NOT acceptable as primary income sources for home mortgages, but can, and often are, acceptable as additional income for qualifying. I do not care what "news" source is quoted-if they stated that social safety net payments are acceptable as primary income qualifying sources, they are presenting an out and out lie.
It does not matter if welfare money is a primary, secondary, or tertiary source: the US government mandates that welfare money be considered a qualifying source of income when applying for a mortgage. Otherwise, the originating bank's CRA score is downgraded. A low CRA score means fines and business restrictions for banks.
This rule only began to be enforced in the 1990's.
Borrowers rushing to refinance loans as rates drop
By ALAN ZIBEL, AP Real Estate Writer Thu Dec 18, 8:55 am ET
Fed cuts rate to virtual zero, Europe braces for recession AFP/Getty Images – A financial professional points at a television screen as the news of Federal Reserve's rate cut …
WASHINGTON – Homeowners around the country are scrambling to refinance their mortgages at the lowest rates since the early 1960s as the economy staggers through what's likely to be the worst recession in decades.
Mortgage brokers are already reporting a surge of calls from borrowers trying to take advantage of the Federal Reserve's extraordinary actions this week. Meanwhile, President-elect Barack Obama is laying the groundwork for a giant economic stimulus package, worth possibly $850 billion over two years, which Democratic congressional leaders say could be passed within two weeks of Obama taking office.
...
On Wednesday, some mortgage brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.
"This is beautiful, oh my gosh!" said Patti Mazzara, a mortgage broker in the Minneapolis suburb of Edina, who was surprised when she looked up rates and found them well below 5 percent, down at least three-quarters of a percentage point from earlier in the week. "This is a whole new game now. Hopefully it's going to give people some relief."
...
It was the best news in months for anyone looking to lock in a 30-year, fixed-rate mortgage. But it was not expected to be a cure-all, and borrowers already in danger of foreclosure probably won't be able to take advantage.
"It's a call to action for homeowners looking to get out of adjustable-rate mortgages," said Greg McBride, senior financial analyst at Bankrate.com. "Unfortunately, it's not an equal-opportunity party."
...
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smart - aka Smurf
If CNBC noted that the income from these programs can be part of the qualifying income for a mortgage and it has been misinterpreted by some of the posters to be the only income necessary, that interpretation is wrong!
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