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View Full Version : Fannie And Freddie Are Still At It



Kathianne
08-06-2010, 07:48 AM
Yes, still going for those 'affordable mortgages' with $1k down.

http://washingtonindependent.com/93795/the-return-of-the-1000-down-mortgage


The Return of the $1,000 Down Mortgage
Fannie Mae and State Housing Agencies Are Offering Little-Money-Down Mortgages. But Why?

By ANNIE LOWREY 8/5/10 6:00 AM

In Wisconsin and other states, home buyers might be eligible for 100 percent financing on mortgages. (Creative Commons.)
“Buy new with $1,000 down,” the advertisement says, the words resting atop a trim green clapboard house offset by a bright blue sky. “The time has come. Stop wasting rent check after rent check and start building equity in your own home. And with only $1,000 down, affordable monthly payments and no private mortgage insurance required, the dream is closer than you think.”

Share It sounds too good to be true. But it is true. This offer does not come from a subprime lender, looking to reel in thousands of unqualified and ill-advised homebuyers, only to slap them with add-ons, fees and variable rates. It is not a teaser or a trick. The advertisement references a program initiated by the National Council of State Housing Agencies and Fannie Mae, the taxpayer-backed, government-sponsored enterprise that buys up mortgages from lending banks...

KarlMarx
08-06-2010, 12:22 PM
I'm not surprised.

the only thing that will surprise me is if things get better, which they won't

Obama is a symptom of a deeper problem in this country, Freddie and Fannie are part of that problem.

The problem is that rational discussion has been drowned out by the mindless rabble that vote for people like Obama

Ignorance is running the country and there is no sign that Reason is taking over

It seems to be way past the point of any hope that our country will return to the country of my childhood.

I give our country 50 to 100 years if things continue the way they are going.

namvet
08-06-2010, 12:58 PM
so when does the crash come????