Liberals like to blame Republicans and banks for the housing crisis that led to the bailouts and recession that started a few years ago. Conservatives give a lot of the blame to liberal efforts to get low income buyers into homes, which led to the creation of such things as sub-prime, no money down and interest-only loans.
Well, score another point for the conservative argument!
The government has started another program where people can get houses with a $1000 down payment. Letting people buy houses with 100% financing helped cause this mess in the first place! Couple that with a failing economy and you have the recipe for another disaster.
These new loans are for people who can't muster up the normal 3.5% down payment for FHA loans. As soon as the house value drops at all, there you go, another "underwater" mortgage.
Another example of what you get when you let someone that hadn't run a lemonade stand run the country!
That is because there is a thought we all deserve to own a home. We deserve an opportunity to try to own a home. That is all we are promised - the right to pursue happiness. We aren't guaranteed the right to achieve it. When we bought our first house in 1979, we had to prove we had not borrowed our down payment which had to be 20% of the value of the house. We had to put down $8,000 which for a couple who had been married 3 months was an enormous amount. We combined our savings and bought the house. The sacrifice made the house seem like a prize won. There was a satisfaction knowing we had been able to find a house and buy it on our own. Getting it all for free (basically) without any work on your part makes it more of an entitlement than an reward for hard work. This will fail just like the other.
Answer by jesse123456 at 1:44 PM on Aug. 6, 2010
Yup, the same guys, Barney Franks, and Chris Dodd that got us into the mess in the first place, are the ones that wrote this new bill to get us into a bigger mess. People that keep blaming Bush don't realise that the democrats have controlled the house and senate for 4 years now.
Answer by Natesmom507 at 2:30 PM on Aug. 6, 2010
Answer by Carpy at 3:38 PM on Aug. 6, 2010
Answer by tasches at 2:42 PM on Aug. 6, 2010
Answer by sopranomommy at 5:28 PM on Aug. 6, 2010
Answer by lovinangels at 3:00 PM on Aug. 6, 2010
Answer by yourspecialkid at 3:27 PM on Aug. 6, 2010
Answer by itsmesteph11 at 5:08 PM on Aug. 6, 2010
Answer by michaux at 2:22 PM on Aug. 6, 2010