1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Home ownership: For the white and rich

Discussion in 'Sports and News' started by Stitch, Jun 8, 2011.

  1. Stitch

    Stitch Active Member

    New mortagage rules for "Qualfied Residential Mortgages" would require a 20 percent down payment and payments no more than 1/3 of income. I see the wisdom of this, but you kill the dreams of home ownership for many. But I don't see many politicians willing to trade home ownership for all for another mortgage crisis.

    Other mortgages can still be offered, but banks would have restrictions on selling them off to the secondary market.

    The rules don't apply to federal agencies.

  2. imjustagirl

    imjustagirl Active Member

    Huh. Guess I'd better buy this house I offered on, since I sure as shit won't be able to buy if this goes through.
  3. Mystery Meat II

    Mystery Meat II Well-Known Member

    But at least you're white! Apparently that's half the battle!
  4. Pastor

    Pastor Active Member

    The more likely result will be a drop in home values to be able to reach those more affordable prices.
  5. Stitch

    Stitch Active Member

    80 percent of mortages written between 1997 and 2009 did not meet the standard being proposed. Who knows how many of those homebuyers would have qualified for a standard mortgage, but I'm guessing it's a substantial percentage.

    As Pastor said, home prices will just have to reset and homes will have to be treated as a home instead of a short- to medium-term investment.
  6. dixiehack

    dixiehack Well-Known Member

    Oh, I'm halfway there ...

    Seriously, we bought this house in Dec. 06, and I think we were the last couple in America to get an 80-20 mortgage. We've made every payment on time, but no way we get those terms now. In fact, two different banks that have held our mortgage went tits up.
  7. Baron Scicluna

    Baron Scicluna Well-Known Member

    Twenty percent is wayyyy too much. I'd think that maybe 10 percent would be better.

    You need a consistent pool of people wanting to buy houses. Otherwise, very few will be able to afford to buy, unless prices end up crashing further from lack of demand because no one can afford it.

    The problem wasn't the down payment. Heck, when the first Levitown was built in Long Island in the late 40s-early 50s, veterans barely had to put anything down (depending on when they bought, it was either zero, a dollar, 58 bucks, or $100 bucks). The problem today is that people couldn't afford the payments when they were working minimum-wage jobs.
  8. cjericho

    cjericho Well-Known Member

    shocked that a guy from the Mortgage Bankers Association would try to play the race card when it might hurt his business. he has to have only the purest intentions and it can't be that he's a scumbag who wants to make a quick buck and doesn't give a shit if people he knows will end up defaulting just get mortgages anyway.
  9. cjericho

    cjericho Well-Known Member

    Baron the payment becomes less if you put more down.
  10. Freelance Hack

    Freelance Hack Active Member


    The only thing is if home values drop for those in starter homes, then they likely won't have much of s chance to buy a larger house when the time comes.

    Example, I'm in a neighborhood quickly going to shit. Bought the house for $95K 9 years ago. Now owe about $80K. House is in great shape, but my neighbor next to me decided to vacate. As did someone two doors down. I'll be lucky to get $95K for my house when/if I put it on the market. If I have to put 20% down on my next home, then I might as well stay where I am.
  11. CarltonBanks

    CarltonBanks New Member

    Wait, are you saying black people cannot afford this but white people can? That's what the title of the thread says. You are either: 1. Racist or 2. Ignorant.
  12. poindexter

    poindexter Well-Known Member

    Nice race bait in the title.
Draft saved Draft deleted

Share This Page