Relevant:
- The DAP Legacy: FHA Delinquencies Rise Sharply in 2008
- Lawmakers Propose Replacing Fannie and Freddie With Government-run Utility
- Stop The Seller Funded Down Payment Assistance (SFDPA) Scam
- Members of House Say “YES†to FHA Down Payment Fraud “NO†to Reform
- Melville company offers controversial $1,000-down mortgage
2009-01-28 — ml-implode.com
"Not to be dissuaded by the fact the IRS referred to seller-funded down payment grants as scams, Representatives Al Green (D-TX), Maxine Waters (D-CA) and Gary Miller (R-CA) continue to champion the cause of "laundered" down payments via H.R. 600."
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SteveP at 14:37 2009-01-29 said:
If Green, Waters and Miller really want to eliminate the down payment hurdle to homeownership, why don’t they just introduce a bill requiring HUD/FHA to increase it’s maximum LTV on Owner Occupied purchases to 100%. Wait, scratch that, these three are obviously on the take from the FOR PROFIT, Private Jet Flying Scammers that run the down payment laundering industry as 100% LTV financing would completely eliminate down payments for homebuyers but it wouldn’t make any money for the down payment laundering industry. That Maxine Waters “ho†is essentially a prostitute that functioned as Franklin Raines’ bitch for years. Now that Franklin Raines has been fired from Fannie Mae, Maxine is obviously looking out for her new pimp over at “Ameriscam†Permalinkeregitano at 11:56 2009-01-31 said:
The real facts on DPA... “There is little doubt that DPA has a positive ripple effect on the economy at large. Homebuyers who used DPA generated nearly $25 billion in total economic impact from 2000 to 2005, according to a study last year from the George Mason University School of Public Policy. This report reinforces what DPA advocates have always known: By incentivizing responsible, creditworthy homebuyers to enter the housing market with DPA, we can stimulate the broader economy with new revenue and new jobs. We call on Congress to enact H.R. 6694, bipartisan legislation to provide aspiring homeowners with this important tool.†Highlights from the GMU report include: * More than 211,000 jobs were supported by home purchases with DPA; * Homebuyers generate jobs and economic output through the transactions of purchasing the home. These real estate transactions resulted in total additional spending of $5.5 billion, which generated 143,062 new jobs, $6.0 billion in additional personal income, and $17.4 billion in total economic output between 2000 and 2005. * Buying a home triggers additional spending on household items. This spending supported 60,794 new jobs in retail services and construction and were the source of $1.8 billion in additional personal income and $5.8 billion in total economic output between 2000 and 2005. PermalinkSteveP at 12:48 2009-01-31 said:
"Eregitano" you are either an idi*t or immoral. None of your arguments presented above provide any reasonable justification for DPA money laundering scams. These positive effects did not occur because some for-profit down payment charade was perpetrated on the side. Instead, these positive effects you claim (more home sales and more jobs related to such) occurred because homes were purchased without any down payments required. The very same impact would have occurred if Fannie, Freddie & FHA would raise the max LTV on purchases up to 100% LTV. Also, your argument fails to tell the complete facts. Many of the extra jobs you claim are actually related to defaulted DPA loans. Specifically, there are thousands of extra mortgage collectors, mortgage foreclosure specialists, foreclosure lawyers, sheriff's deputies to evict the DPA deadbeats, realtors to re list the repossessed DPA houses, property maintenance companies that maintain the THOUSANDS of DPA foreclosures, etc due to the exponentially higher default rate on DPA loans. Besides, to follow your logic it is also good when more illegal narcotics are distributed as it creates more DEA, justice, and prison jobs. Cigarettes are good because of all the healthcare jobs they create, legalizing drunk driving would be good because of all the funeral home jobs that would be created. We all know numerous foreclosures in a community depresses values so why doesn't your argument disclose the loss of equity to the non-defaulted homeowners who were impacted by the nearby DPA foreclosures? What about all the loss loan origination fees due to non defaulted homeowners unable to refinance because of the nearby DPA foreclosures that wiped out the little equity they had? What about all the loss real estate commissions due to the non-defaulted homeowners unable to sell because they don't have enough equity due to downward price pressure from all the nearby DPA foreclosures? What about all the builders that are unable to sell a new home to a prospective buyer because that buyer is stuck in some home saddled with numerous DPA foreclosures nearby? Moving companies, home improvement stores, furniture stores & furniture manufacturers suffer along with the builders as well. Why didn't you mention all the millions of dollars diverted from the general economy that are instead paid to HUD for higher mortgage insurance premiums to cover the credit losses on the tens of thousands of DPA foreclosures? Money paid to cover these additional premium could otherwise be spent at local restaurants , movie houses, new pair of shoes, etc. Why did you fail to mention the increased graffiti, vandalism, theft & property crimes caused by DPA riff-raff that moved into what were previously nice neighborhoods? You probably won't get the point, but thinking people will. Permalinkadd a comment | go to forum thread
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