Seller-funded Down Payment Scams: The Government looking to resurrect No Money Down Loans

catherine at 01:57 2009-03-10 said:

the government now owns and are on their way to owning ALL MORTGAGES IN THIS NATION

we still have an oversupply of housing

the problem is that the pile of loser borrowers (media's term, not mine) are now broker and worse off than they were even 2 years ago.

We still and always have had (the real problem, 50% of the world's collateral has fallen 50%..........)too much property to unload

that is why the subprime loan came up out of the dirt, to put numbers into housing.............

worked didn't it?

so we need to pull a bunch of borrowers out of a worse human mix (high unemployment) now that the economy has turned straight down

only way is to let anyone in..........................

so when they still had an oversupply (gigantic) of homes 2 years ago, almost 3 years now, ouch,

I was amazed that the government started taking out our entire industry, good and bad.

Who was going to finance those numbers of people into all those oversupply of housing units I thought,

where were the brains that said a SE borrower would be full doc file ready in two years from where they were when they bought?

(think the furniture from their 750 apt was going to fill the 5,000 sq. ft. home you helped them buy -

just kidding even I didn't care what they bought, just that they could afford it....................

no one knew values were going to fall 50% and since that is the cause of all this I don't feel too guilty --------

just very very sad at where we are going

so instead of staying where they can't afford it now and no one will refi anyone with a falling chainsaw asset in the real world

those houses are abandoned..............

so now the government, i.e. you and I OWN THEM.

Abandoned property DOESN'T PAY THE STATE ANYTHING...........

soooooooooooooo

the requirements:

if you have a pulse, probably some type of job,

(OR the UNTHINKABLE TO A GOOD MORTGAGE PROFESSIONAL, (hurts to even think it)

- WATCH WELFARE AND UNEMPLOYMENT AND FOOD STAMPS START COUNTING TOWARD INCOME ON A HOUSE PURCHASE

now that would definitely chap a few buttts of people in my unemployed industry, I know MMT not you..............)

SO I HATE THEM,

BUT SOON, VERY SOON

here come the 150% LTV loans, whatever it takes to put butts in those houses that WE own --- we will use taxes to pay the difference the buyer doesn't have

after all, IT AIN'T BO's MONEY, is it?

he is trying to spend it all so there is none left for Romney in

44 months.............................. Permalink