Teacher Loses Home Loan Over School Supplies

schiavojer at 00:20 2010-10-23 said:

"Congress has mandated that every person who gets a mortgage loan must qualify for the payments. That makes sense -- doesn't it? Or does it? Under these new laws our mortgage parents, Fannie and Freddie, have become the income cops."

Income cops...I would say yes...it is a mortgage company to judge income qualifications of a borrower that they are about to lend hundreds of thousands of dollars. As for this article about teachers and the unreimbursed expenses. Can these expenses being used for school supplies be used to pay the mortgage...The answer is no, because they are being used to buy equipment, so it is not income, it has to be removed, and how would it be right to give a teacher a mortgage based upon teaching afterschool in a non guarranteed position later to lose the job and now cannot afford the mortgage. Huffington post, stop your bleeding heart for a minute and think about some realism Permalink

catherine at 01:19 2010-10-23 said:

HEY THE TEACHERS ARE RICH, their unions are dumping another 500 million into this election while they have to pay for school supplies, have we had enough???? Permalink

BIGTXLENDER at 02:48 2010-10-23 said:

we can all thank Barney and Chris for this fiasco,

Who thinks its a good idea to have Politicians run the Mortgage Industry??

I understand the need for quality assurance but things like this are ridiculous Permalink

Emerald at 08:50 2010-10-23 said:

Reading the full article it does have two points on both sides. The 2106's have ALWAYS been deducted from income. This is nothing new to the industry and I do agree a person cannot have deductions without it having an affect to their income.

However, until the American Public gets fed up with not being able to "better their situation" nothing will change. I've been waiting for this to happen and hopefully we will get some common sense guidelines coming up. If I'm bettering someones payments by 300.00 and they have a history of making all their payments on time why shouldn't I be able to have a "stated" guide to do this? Makes sense to me. Permalink