Bump

On 10/17/2021 4:05 PM, Intelligent Party wrote:
> And no two years income doc., just present income doc as for renting.
>
> On primary conforming loans
>
> Let's make it so everyone can buy, and lets get rid of all renting, except for
> vacation properties!
>
>
> https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx
>
> https://www.fha.com/fha_loan_requirements
>
>
> Renters are getting reamed, dude.
>
>
> In place of temporary interest only, a 250 year fixed, at least at bottom, so
> people can still buy at bottom.  Here the house doubles in value in thirty years,
> but the loan isn't paid off.  70% of the loan is paid off in years 220-250.  You
> just pay interest plus a few pennies.  It allows you to buy more house, so
> possibly should only be for the bottom.
>
>
> No adjustable payments should be allowed at all - only fixed teaser to fixed rate.
>  Payment calculated on blended rate, of two - more equity paid during lower
> (teaser) rate period.
> There were no adjustable payments, until 2004, and it caused the mortgage meltdown
> 5 years later when the rates adjusted in 2009.
> Quote:"While adjustable rate mortgages first became legal in 1982, they were not
> popular with banks until 2004 'to make monthly payments lower, when rates started
> rising.'  The mortgage meltdown will no doubt repeat itself if this fallacious
> type of home lending and speculation at taxpayer expense is not corrected.
> Historically, property values don't go up forever."
> https://en.wikipedia.org/wiki/Garn%E2%80%93St._Germain_Depository_Institutions_Act
> https://www.thebalance.com/what-is-an-adjustable-rate-mortgage-3305811
>
>
>

Bump