It was announced today that soon home buyers will be able to put down as little as 1% to buy a house?

[exitseven]

Didn't anybody learn from the big dust up in 2007?

[razelove]

Well, it seems like a decent idea. Hear me out, the currencies with the most value in the US now are AR-15's (the demand and value of them rises exponentially) along with debt. Personal debt eclipses our national debt like comparing the Sun and Jupiter.

If there is a way to increase personal debt while hiring more skip tracers to ensure no one can run away from that debt, maybe open up debtors prisons as well for hard labor, bring back ARM loans for those 1% down loans, which will never get paid off, taxes wouldn't have to be raised to keep paying the interest on our national debt either.

Though more likely would be to increase the government debt with a new revenue stream rather than doing anything that makes sense with it.

[lightbulb27]

doubt it...

It's more social re-distribution. "Inflation is too hot"... because they created the inflation and have said over and over... they wanted more inflation... but that doesn't work for the poor/middle class and those left out, so they make different rules.

It does open up purchases to some buyers whom otherwise had no chance. I think this means prices stay up... moreso

[TrueConfection]

In 2006 and 2007, lenders had a saying, "All you need is a pulse," to get a home loan. No proof of income was required, no credit check.

[exitseven]

Yes and look how that ended up. I bought a house in 2009 and I have excellent credit and you should have seen the stuff I had to deal with to get a mortgage.

[TrueConfection]

It ended up bad for everyone, not just the people who were scammed into thinking they could afford a loan with a balloon rate.

[TrueConfection]

Thanks for the MHO ❤

[Daniela1982]

Why buy a house when you can just squat in it? It will take them years to get you out.

[BoopBoopBeep]

Not out these ways. We didn't do that stupid covid moratorium either. You don't pay rent a month later the locks are changed.

[BeMuse]

The craziest shit I’ve seen from the commies is that now their banks want to subsidize people with bad credit giving them lower down payments and lower interest rates by charging higher interest rates and requiring larger down payments from people with great credit. They are trying to reward people that will naturally default and punish people that responsibly manage loans. The only logical reason a bank would do this is because they want to reclaim all the real estate in foreclosure. You will own nothing and be happy as Klaus Schwab says...

[BeMuse]

When responsible people can't qualify for loans they become renters. When irresponsible people can qualify for loans, they are able to purchase homes from responsible people that will now become renters and then default on said loans and return that property to the bankers.

[RealMarek]

I think this is going to be extended to wealthier buyers (as opposed to NINJAs) this time around, so isn’t the structural problem it was last time. The big problem now is the solvency issues in the banks due to requirements that they hold long-term treasuries that had nowhere to go but down, the progression of dedollarization with the (initial, rather mild) consequence that we either have a strengthening dollar or successful bond auctions but not both, and the fact that there is a massive credit bubble (both government and private) that is not sustainable.

[exitseven]

I don't think wealthy people will be buying homes at the top of the market especially when it looks like another bubble will burst. Biden has announced that people with good credit will have to subsidize people with bad credit. This will be just another way to pander to minorities. When they default and walk away it will be the taxpayers who bail out the banks again.

[RealMarek]

Well, if they do that you’re right, it’s a disaster in the making. This is especially so when the standard of living of most people is being eroded quickly and about to get a lot worse. Of course, the elites would love another wave of defaults so Blackrock et al can come in and buy up real estate at distressed prices. Sometimes these obviously bad decisions are understandable when one realizes how they help the elites (Clear them out!).

[Fireguy17]

While it can/could happen, it will be hard to get ahead with the loan.
When you look at the end number that you end up paying even with 20% down make me cringe.
Say you buy a house for 300k and have 20% down.
At today's interest rates what you will have paid at the end of the mortgage will be more than double that.
It would be even worse with practically nothing down.
Hopefully the value of your house will have risen enough so it is worth what the total you have paid at the end of the loan.
It will be pretty hard to build up any equity that way.

[sage2021]

Not only do they advertise 1% loans, they emphasize you can even get the house if you have BAD credit. But if you have good credit, it's harder to buy a 🏠 home. 🤷🏼‍♀️

[exitseven]

Yes, Biden rewards bad behavior and the banks will go along with it because when things go sideways they will get bailed out everyone wins but the taxpayers

[sage2021]

@exitseven
See, this how they are going to get rid of real Americans (I'm sure you've heard their plan is to kill all of us Americans off) by causing us such mass confusion and stress so we all die from a heart attack 💔

[exitseven]

I am making my own life expectancy. You can do the same

[Sparkie460]

I hope they actually look at their finances and determine that they can actually afford the house without playing with the numbers

[exitseven]

If people only need to put down 1 percent they will stop paying the mortgage and it will take a year or more to foreclose and another year to get them out. What do you think that will do to the balance sheets of some of these mortgage companies?

[Sparkie460]

Same thing that happened years ago

[exitseven]

My point exactly And the taxpayers had to bail out the banks that were too big to fail.

[BoopBoopBeep]

I can evict in 30 days. I'd never live anywhere with squatters' rights like California.

[Jamie05rhs]

I'm looking forward to the second crash. It's going to be glorious.

[OlderAndWiser]

There is a reason why we should study history!

[exitseven]

@OlderAndWiser. It is a way for democrats to pander for votes. Illegal aliens will get drivers licenses and then they cab buy a house putting 5 thousand dollars down. Then they will tell them all if Trump becomes president he will have them all sent back.

[OlderAndWiser]

Indeed!

[msc545]

absurd.

[midnightmoon05]

I know I know…history repeats!!!

[OlderAndWiser]

@midnightmoon05. Much more likely to repeat our mistakes if we don’t learn lessons!

[nolabels]

I wish I could say that this is unbelievable.

That wish and a couple of bucks will get me a cup of coffee.

We need true leadership to turn things around.

[888theGreat]

last time , people working part time at McDonalds qualified for a home

[msc545]

The problem back then was unqualified buyers. Hopefully that will not recur with appropriate vetting.

[exitseven]

It is a way for the democrats to pander for votes. They will let illegal aliens buy homes and when they default the taxpayers get stuck holding the bag. By that time the election will be over.

[msc545]

you are reaching.

[exitseven]

Wait and see.

[Andres77]

I'm done playing the realtor/banker game.
Have you ever watched "Fight Club"?

[Anonymous]

Here in the UK the 100% mortgage has been introduced already so it's definitely coming

I'm generally anti-debt even upto a mortgage, if I get one it'll be well downpaid

[Fuentes]

Lol it Juarez sounds good

[Fuentes]

Just**