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Elon Musk Delivers Stunning Remarks At Historic UK March (Tommy Robinson) Status: Not Logged In; Sign In United States News See other United States News Articles Title: Family Buys House With A $0.67 Down-Payment (We've learned NOTHING) Source: The Business Insider URL Source: http://www.businessinsider.com/fami ... with-a-067-down-payment-2010-9 Published: Sep 13, 2010 Author: Megan McArdle Post Date: 2010-09-13 14:28:10 by Nebuchadnezzar Keywords: None Views: 1340 Comments: 27 Family Buys House With A $0.67 Down-Payment Megan McArdle, The Atlantic | Sep. 13, 2010, 12:48 PM | 1,729 | 17 You have successfully emailed the post. Can late night commercials urging you to find out how YOU TOO can acquire a huge swimming pool filled with third-tier catalogue models be far behind? I've written about this program before, which was supposed to provide $1,000 down mortgages in four states. But according to CNBC, at least one couple has managed to purchase a home with collateral of . . . 67 cents. It's called Affordable Advantage, and it allows first-time home buyers in four states (Massachusetts, Minnesota, Idaho and Wisconsin) to get essentially no-money-down loans that are then sold to Fannie Mae. It requires $1000.00 down, but the couple profiled in the piece received a grant, and ended up paying just 67 cents for a $115,000 home. The Fannie Mae program requires a minimum credit score of 680 (720 in Massachusetts) and the buyer must live in the home. All loans are 30-year fixed. The arguments for the program are persuasive: It wasn't the no-money-down loans themselves that fueled the housing crash, it was the poor underwriting. These loans are very strictly underwritten. Adjustable rate loans were the primary drivers of default, while these loans are fixed. The government is trying to stem the tide of mortgage walkaways by creating programs that force lenders to give borrowers back home equity -- and despite the small credit hit to the borrower, that's free equity. The Return of No-Money Down CNBC's John Carney adds "Diana is being too kind to the government here. The arguments for the program are not really persuasive. Adjustable rate loans are not the primary drivers of defaults--the primary driver is the combination of borrowers who have negative equity and expect that the value of their home will not appreciate soon. This means that no money down home loans are particularly dangerous--regardless of how vigorously lenders counsel homeowners or screen for credit scores." I'm not sure I quite agree with Carney's assessment. It's absolutely true that having negative equity is a better predictor of default than things like unemployment. But while many people have interpreted this to mean that negative equity makes you likely to strategically default, it's not clear to me that that is actually very widespread. It's just as plausible--perhaps more so--that having negative equity makes you much more vulnerable to negative income shocks, because you can't sell the house or refinance when something bad happens. But either way, having negative equity is very, very dangerous. And that's what a no-money-down borrower has in this market, because prices aren't rising much, and they need to find thousands of dollars to pay broker commissions and closing costs if they want to sell. What truly boggles the mind is that the government still thinks that it's somehow a good idea to help push people with basically no savings into homeownership. Do they want to make sure that a whole new class of financially marginal people can enjoy the benefits of foreclosure? From TheAtlantic - shaping the national debate on the most critical issues of our times, from politics, business, and the economy, to technology, arts, and culture. Read more: http://www.businessinsider.com/family-buys-house-with-a-067-down-payment-2010-9#ixzz0zR3aPlpR Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest #1. To: All (#0) The Obama administration is the most moronic, myopic administration in the history of our nation. They've learned NOTHING. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   14:29:06 ET  Reply   Trace   Private Reply   #2. To: Nebuchadnezzar (#1) The pilot program is called “Affordable Advantage,” and it has now been adopted by three states — Massachusetts, Wisconsin and Idaho. (Other states, such as Pennsylvania, California and Colorado, have similar state programs.) The initiative is small, reaching just a few hundred people so far. But it is looking to expand. Given the dangers of these types of mortgages and the specter of the housing bubble, where unconventional loans wreaked disaster, it is also raising questions from wary housing experts and legislators. Fannie Mae helped to create Affordable Advantage after the state government agencies tasked with expanding homeownership found they were having trouble doing their job. Before the recession hit, these housing finance agencies, known as HFAs, issued tax-free bonds and used the funds on programs to encourage developers to build in underserved areas and to support single-family mortgages. When the financial crisis hit, private companies — leery of the collapsing housing bubble and freezing mortgage market — no longer wanted to buy the HFAs’ bonds. Their business ground to a halt. To help HFAs move forward, Fannie Mae and NCSHA stepped in. Fannie Mae agreed to purchase mortgages with tiny down payments, as long as the homebuyers were vetted — had excellent employment histories and credit, and merely lacked a cash reserve for a down payment. And the participating HFAs agreed to buy back loans if they became delinquent, in lieu of Fannie asking for more-traditional mortgage insurance. “[The program] was created to support state HFAs and their efforts to provide qualified first-time homebuyers with financing in the wake of the housing and economic downturn,” Janis Smith, a Fannie Mae spokesperson, says. “HFAs are nationally regarded leaders in affordable housing finance and their business is prudent, sustainable business. HFAs work closely with their borrowers to ensure they’re well prepared for homeownership. As a result, the loans delivered by HFAs have very low delinquency rates. In addition, HFAs work with first-time homebuyers who need and are qualified for affordable housing — a segment that has seen increased demand with the downturn in the housing market.” Now, qualified homebuyers in the three states pioneering Affordable Advantage do not need to put down the 3.5 percent minimum down payment required by the Federal Housing Administration, or much of a down payment at all. They can get 100 percent financing — a loan as big as the purchase price of the house — for a 30-year, fixed-rate mortgage — a vanilla mortgage. The deal includes a program to help homebuyers if they become unemployed, lowered fees and there is no requirement that the homebuyer purchase mortgage insurance. Wisconsin started the program first, in March, offering 100 percent loan-to- value mortgages for borrowers with a minimum credit score of 680. “It’s a good credit score,” explains Kate Venne, the spokesperson for the Wisconsin HFA. “In addition, we want to see what other lines of credit people have, and their performance. We look at their work history. We call their employers.” Thus far, Wisconsin’s HFA has offered $52 million in mortgages to 450 buyers. But there are concerns and problems intrinsic to purchasing a home with almost no money down. First and foremost, if the housing market turns down even a fractional amount, the homeowner will go “underwater” immediately. If the price of the house falls by even a bit, he will owe more on the mortgage than the house is worth. If he needs to sell it, he needs to come up with extra cash to pay the bank back. And the fact that the homeowner only had a thousand dollars to put down in the first place implies that he does not have much financial breathing room and might default. “That is clearly a worry,” says Barry Zigas, the director of housing policy for the Consumer Federation of America. “But for people who are buying a home first and foremost as a place to live, the fact there might not be much equity, or the equity might go negative — that’s not the most important feature.” He argues that vetted low-income buyers have excellent track records in terms of default, as long as they are invested in their communities and have good employment and credit histories, if not savings. “The more equity you bring to your transaction, the more security you bring. But this can be a great way for people to gain access to homeownership who might not have been able to otherwise. And with mortgage rates what they are” — at historical lows — “this program lets those specific people gain mortgages.” Others disagree. “Haven’t they noticed what’s happened to the country in the past five years?” asks Dean Baker, the co-director of the Center for Economic and Policy Research. “You’re not necessarily helping if you’re helping them buy a home where they’re in the position they won’t be able to afford it. I don’t understand the logic of this. House prices are still going to fall. And when they do, we haven’t helped these people who are going to have to work like crazy to pay their mortgage off, or they’re going to default. If you’re in a situation where this is the only mortgage you can get, you shouldn’t be buying a house.” And many of the governments’ own economists believe that houses should not be many Americans’ primary investment. Karen Pence, who leads the Federal Reserve’s real estate finance research group, argues that homes are a terrible investment and believes the government should offer fewer programs and incentives to subsidize homeownership. On top of that, Affordable Advantage raises questions since, at the end of the day, taxpayers are backing its investments — Fannie Mae being under the government’s conservatorship, and Treasury being the main purchaser of bonds from the state HFAs. In recent months, the government has turned away strongly from programs helping encourage mortgages with low down payments. The Federal Housing Administration, for instance, considered a plan to let homebuyers use the Obama administration’s $8,500 first-time homebuyer tax credit to cover the 3.5 percent minimum required down payment. It received such push-back from the Hill, incensed the federal government would pay homeowners to have no skin in the game, and from housing experts, that the Department of Housing and Urban Development pulled the program. Indeed, faced with a 14 percent delinquency rate, the Federal Housing Administration increased the premiums it charges to insure some mortgages this year. And it set down payment requirements at 10 percent for borrowers with low credit scores. On the Hill, increasing numbers of legislators want to ban mortgages with low down payments outright. Rep. Scott Garrett (R-N.J.) last year introduced legislation requiring FHA borrowers to put down 5 percent at least. This spring, Sen. Bob Corker (R-Tenn.) requested an amendment to the financial regulatory reform bill requiring minimum 5 percent down payments for private mortgages. Multiple legislators from both sides of the aisle have recommended looking at down-payment reform for Fannie and Freddie. Low-income housing advocates argue that the state programs have much lower default rates than the national average, because the state HFAs had good track records of checking out prospective candidates and offering loans only to good ones. Kate Venne, of the Wisconsin HFA, says its default rate is just 1.83 percent. But more and more believe that the products are simply too dangerous, and that the government should no longer boost homeownership for Americans without the means to put at least 3.5 percent down. “In today’s world, without question, we’ve learned two lessons,” FHA Commissioner David Stevens told reporters this winter. “One: homeownership is important to the sustainability of communities. And two: not everybody should own a home.” ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Given that this is in response to STATE programs, care to retract your statement about Obama? war  posted on  2010-09-13   14:34:07 ET  Reply   Trace   Private Reply   #3. To: war (#2) No, as Fannie Mae assumes the loan. The Obama administration just sits backs and tells Fannie to accept the scam. Tell me War, now that you just had your lunch eaten again, do you wish to apologize for standing up, again for another failed Obama Administration policy? Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   14:36:35 ET  Reply   Trace   Private Reply   #4. To: Nebuchadnezzar (#3) No, as Fannie Mae assumes the loan. FNMA is an independent corporation. war  posted on  2010-09-13   14:37:26 ET  Reply   Trace   Private Reply   #5. To: war (#4) No, as Fannie Mae assumes the loan. FNMA is an independent corporation. As you can see, in September of 2008, FNMA was taken over by the Federal Government. FNMA is regulated by the Feds War. Conservatorship Main article: Federal takeover of Fannie Mae and Freddie Mac On September 7, 2008, Federal Housing Finance Agency (FHFA) Director James B. Lockhart III announced pursuant to the financial analysis, assessments and statutory authority of the FHFA, he had placed Fannie Mae and Freddie Mac under the conservatorship of the FHFA. FHFA has stated that there are no plans to liquidate the company.[24][25] The announcement followed reports two days earlier that the Federal government was planning to take over Fannie Mae and Freddie Mac and had met with their CEOs on short notice.[38][39][40] Under plan announced September 7, 2008, the federal government, via the Federal Housing Finance Agency, placed the two firms into conservatorship, dismissed the firms' chief executive officers and boards of directors, and caused the issuance to the Treasury new senior preferred stock and common stock warrants amounting to 79.9% of each GSE. The value of the common stock and preferred stock to pre- conservatorship holders was greatly diminished by the suspension of future dividends on previously outstanding stock, in the effort to maintain the value of company debt and of mortgage-backed securities.[24][25][26][38] [39][40][41] The authority of the U.S. Treasury to advance funds for the purpose of stabilizing Fannie Mae, or Freddie Mac is limited only by the amount of debt that the entire federal government is permitted by law to commit to. The July 30, 2008 law enabling expanded regulatory authority over Fannie Mae and Freddie Mac increased the national debt ceiling US$ 800 billion, to a total of US$ 10.7 Trillion in anticipation of the potential need for the Treasury to have the flexibility to support the federal home loan banks.[42][43][44] You're attempts to shill for the Obama Administration have again made you look silly. Which happens to be par for your posts on LF. The US Taxpayer is on the hook for FNMA. You know that. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   14:48:05 ET  Reply   Trace   Private Reply   #6. To: Nebuchadnezzar (#5) (Edited) FHFA ...Was created in 2008 as an independent Federal agency. A) Who was POTUS in 2008 [I thought that you would have figured this one out by now]? B) Do you know what an "independent Federal agency" is? Methinks that you do not. C) Remind me how you've eaten my lunch again. Thanks. [snicker] war  posted on  2010-09-13   14:52:53 ET  Reply   Trace   Private Reply   #7. To: war (#6) ...Was created in 2008 as an independent Federal agency. A) Who was POTUS in 2008 [I thought that you would have figured this one out by now]? B) Do you know what an "independent Federal agency" is? Methinks that you do not. C) Remind me how you've eaten my lunch again. Thanks. [snicker] A. Irrelvant. This is a new policy-these zero-down home loans- and again, as if you didn't know, that shifts more and more of the burden on failing home loans to the US Taxpayer. B. So you now admit that FNMA is regulated by the FEDS? This isn't just about a "State program"? You lost, again, you just aren't man enough (are you from New York?) to admit you just got your ass kicked. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   15:10:05 ET  Reply   Trace   Private Reply   #8. To: Nebuchadnezzar (#7) (Edited) A. Irrelvant. [sic] Then why did you bring the Bush era agency into it? This is a new policy-these zero-down home loans No, it's not. So you now admit that FNMA is regulated by the FEDS? All businesses doing interstate commerce are. You lost, again Then why does my "W" column keep growing? By the way, the worse your spelling and grammar get the more it's apparent that YOU'VE lost [it]. war  posted on  2010-09-13   15:28:48 ET  Reply   Trace   Private Reply   #9. To: war (#8) Sorry, you lost, again, you said the Feds had nothing to do with this program, when in fact, the Feds are running Fannie and the US taxpayers are backing any losses from Fannie. You lost, again, since you have no intellectual honesty due to your continued shilling for the Obama Administration. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   15:52:32 ET  Reply   Trace   Private Reply   #10. To: Nebuchadnezzar (#9) Now you have to LIE about what I "said"? YOU claimed in your post that THIS is OBAMA's PROGRAM. It isn't. It's a State run program. FNMA is simply qualifying the loans as eligible to be purchased by them. In other words, you've either LIED yet again or you've underscored that you have a GROSS misunderstanding of how FNMA functions. Or both. Which is it? war  posted on  2010-09-13   16:02:16 ET  Reply   Trace   Private Reply   #11. To: war (#10) YOU claimed in your post that THIS is OBAMA's PROGRAM. It isn't. It's a State run program. FNMA is simply qualifying the loans as eligible to be purchased by them. In other words, you've either LIED yet again or you've underscored that you have a GROSS misunderstanding of how FNMA functions. Or both. Which is it? Given the loan is assumed from the lender/state, the Obama Administration could stop this insanity. The Obama Admin has veto power over this program by saying FNMA won't accept the loan. You know that. But you won't admit it. You continue to shill and lie for the failed Obama regime. Give it up, you're looking like a bigger and bigger fool with each and every passing post. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   16:32:38 ET  Reply   Trace   Private Reply   #12. To: Nebuchadnezzar (#11) Given the loan is assumed from the lender/state, the Obama Administration could stop this insanity. How? war  posted on  2010-09-13   21:24:41 ET  Reply   Trace   Private Reply   #13. To: Nebuchadnezzar (#11) True or False: If the loan fails to perform the state agency has to buy it back? war  posted on  2010-09-13   21:27:44 ET  Reply   Trace   Private Reply   #14. To: war (#12) Given the loan is assumed from the lender/state, the Obama Administration could stop this insanity. How? dude, lay off the stupid pills for once, okay? Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   21:40:15 ET  Reply   Trace   Private Reply   #15. To: war (#13) True or False: If the loan fails to perform the state agency has to buy it back? Hmmmmm....if the loan has been sent to FNMA the US Taxpayers are on the hook for it. Have you NOT been reading what the fuck is going on with the mortgage industry? Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-13   21:41:17 ET  Reply   Trace   Private Reply   #16. To: Nebuchadnezzar (#15) (Edited) Hmmmmm....if the loan has been sent to FNMA the US Taxpayers are on the hook for it. BZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZT.... Maybe you should bone up on the program before you start casting aspersions. Should the loans fail to perform they revert back to the State agency which originally supported the loan. There loans are issued only to those who, under normal ircumstances, are PRIME credit, but who siimply lack the down payment. You should have learned your lesson when you tried to blame Obama for a policy put into place by Boy Blunder in 2008. Remind me how I'm your bitch again? [snicker] war  posted on  2010-09-14   8:06:41 ET  Reply   Trace   Private Reply   #17. To: Nebuchadnezzar (#14) dude, lay off the stupid pills for once, okay? He could end it if I stop taking...what? You're about two barrels and a trigger shy of a shotgun here, DUDE. war  posted on  2010-09-14   8:10:48 ET  Reply   Trace   Private Reply   #18. To: Nebuchadnezzar (#0) Happy Quanzaa  posted on  2010-09-14   8:33:01 ET  Reply   Trace   Private Reply   #19. To: war (#16) Maybe you should bone up on the program before you start casting aspersions. Should the loans fail to perform they revert back to the State agency which originally supported the loan. There loans are issued only to those who, under normal ircumstances, are PRIME credit, but who siimply lack the down payment. So why is the loan even being sent to FNMA in the first place? I call bullshit on this "reverting back to the states". They may say it, but the fact it's going to the land where home-loans go to die, and being taken over by the tax-payers. Of course, none of this ever registers in your brain. "Gee, why would the loan even go to FNMA in the first place..." Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-14   12:33:48 ET  Reply   Trace   Private Reply   #20. To: Nebuchadnezzar (#19) So why is the loan even being sent to FNMA in the first place? Chuckles...I'll respond as you did: Lay off the stupid pills for once. I call bullshit on this "reverting back to the states". They may say it, but the fact it's going to the land where home-loans go to die, and being taken over by the tax-payers. And you base this "fact" on your past track record of being right about "facts" 0 out of the last 1,000,000 times that you've so stated "facts"? MOst recently, you claimed Obama was POTUS in 2008 as fact. war  posted on  2010-09-14   12:45:50 ET  Reply   Trace   Private Reply   #21. To: war (#20) Chuckles...I'll respond as you did: Lay off the stupid pills for once. You're dreaming if you think it would revert back to the state if the loan went bad. You're like Charlie Brown and Obama is like Lucy. You fall for that shit all the time. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-14   16:53:28 ET  Reply   Trace   Private Reply   #22. To: Nebuchadnezzar (#21) You're dreaming if you think it would revert back to the state if the loan went bad. That is how the program is set up. You're protestations mean diddly/squat. And Obama had zip to do with the policy. war  posted on  2010-09-14   17:22:27 ET  Reply   Trace   Private Reply   #23. To: war (#22) That is how the program is set up. You're protestations mean diddly/squat. Okay, you can believe it, I don't. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-14   18:15:49 ET  Reply   Trace   Private Reply   #24. To: Nebuchadnezzar (#23) Regardless, it's just another indication how you, to be charitable, shoot wildly from the hip and look stupid doing so. To not be charitable...just outright lie. war  posted on  2010-09-14   18:39:46 ET  Reply   Trace   Private Reply   #25. To: war (#24) Regardless, No, it's not "regardless", it's your gullible and I'm not. The Obama Admin can stop this, they can tell FNMA not to accept these loans, but this Admin is owned by so many RE special interest groups it makes one's head spin. Just admit you have no problem with it. I have a problem with it and you're cool with zero down home loans and the government back-stopping all these loans. Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554 Nebuchadnezzar  posted on  2010-09-14   19:42:27 ET  Reply   Trace   Private Reply   #26. To: Nebuchadnezzar (#25) The Obama Admin can stop this, they can tell FNMA not to accept these loans Challenge. war  posted on  2010-09-14   20:25:09 ET  Reply   Trace   Private Reply   #27. To: Nebuchadnezzar (#25) No, it's not "regardless", it's your gullible and I'm not. The Obama Admin can stop this, they can tell FNMA not to accept these loans... Could your Most Exalted Grand Poobah Under Whom You Prospered ordered FNMA to not accept the loans that his HUD recommended they start purchasing? So,.,,according to you, your Most Exalted Grand Poobah Under Whom You Prospered could have STOPPED the growing issues within FNMA and FM with a phone call. Once again proving that your tagline is a lie. war  posted on  2010-09-14   20:46:21 ET  Reply   Trace   Private Reply   Top • Page Up • Full Thread • Page Down • Bottom/Latest

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