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5% down payment in order to qualify for a loan.

Discussion in 'Off Topic' started by fredball, Dec 9, 2013.

  1. fredball

    fredball Vancouver, WA Well-Known Member

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    How the parties differ...

    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 for a loan.

    His proposal was rejected 57-42 on a straight 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 - - - - I just can't.
     
  2. coctailer

    coctailer Portland, OR/Hastings, MI/Vancouver,WA I run with scissors.

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    The sub standards for loans are creeping back in to mainstream like in 2006.

    Better get you finances in order and hold on tight. Here comes 2007.
     
  3. ATCclears

    ATCclears Seattle area, WA Well-Known Member

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    We are already there. Every Friday, the Everett Herald (newspaper) averages 8-10 pages of foreclosure notices.

    Peter
     
  4. Certaindeaf

    Certaindeaf SE Portland Well-Known Member

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    Only a pack a dolphins has more flippers.
     
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  5. U201491

    U201491 Well-Known Member

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    That last line says it all. :D
     
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  6. clearconscience

    clearconscience Vancouver, WA Well-Known Member

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    I think it's good they tighten things up, but when you oook at some deals it gets a little ridiculous.
    I bought my house this last July got in at a good interest rate and bought a house $90k under what we got approved for just because thats what we felt comfortable with.

    The sad thing is these big banks made fed money from the collapse then double dip by selling homes they foreclose on. It's not so much your seeing more foreclosures now, but the banks have been holding off foreclosing or holding these properties and now and in the future all of them will start flooding the market and really turning the home market upside down.
    And along with the banks all the losers that couldn't pay for the houses they lied to get will be paid for the freddy and fanny fed lawsuit settlement. While joe hardworker cut back, trimmed their spending and really suffered just to pay their debt and they get nothing.
     
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  7. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    An Angry pack of Dolphins!
     
  8. simon99

    simon99 Central Oregon Well-Known Member

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    I put more down on a new dirt bike last year.....
     
  9. deen_ad

    deen_ad Vancouver, WA Well-Known Member

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    We told my son to buy within their means, they didn't listen. The foreclosure negotiations start in January. They both got laid off their jobs although now he seems to have a steady job, but in this economy who knows!


    Deen
    NRA Life Member, Benefactor Level
    Defender of Freedom Award
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    Arms Collectors of SW Washington Member


    "A gun is like a parachute. If you need one and don't have it, you'll probably never need one again!"
     
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  10. 44mag2ndamend

    44mag2ndamend Round the ole tree stump, Down by the crick Well-Known Member

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    There is at least 2 houses within 5 blocks from here that have not so much as seen a mouse in over 3 years directly in my neighborhood.
     
  11. jluck

    jluck Really,Really, Close to Newport Oregon 97365 Voted #1 Member

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    I believe one should put down 20% minimum personally and figure ability to repay and live comfortably off net income not gross.(At a way better debt to income ratio then banks require) I think there are people who believe banks and loans are a good service for the people, HAH!

    It took getting fine print pencil screwed by OSU federal credit union to see the light. We have always been pretty financially conservative but after the BS with OSU and lawyers and educating that C/U, I got out of that mess and will never look back. Since then we have got a nice older home on a couple acres and two large pieces of property with no bank loans!
    THANKS OSU!
     
  12. Botte Hork

    Botte Hork Camas WA Well-Known Member

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    Buying well within your means means you can save up for bad times, instead of scratching your head after a week because it's another one until the paycheck comes in. Never have I felt so mentally comfortable as when I left paycheck-to-paycheck and was able to save. A big thing is that people need to move away from spending whatever they are given credit for to whatever they actually comfortably can. Not everybody is in an equally fortunate position to do this, but many are without realizing it.