Attention Sellers: New Market Possibility! - Posted by DanM(OR)


#1

Posted by Mr Donald (NORVA) on October 19, 1998 at 22:04:33:

Scary, very bloody scary, indeed…all this for a few votes more.

Gov Cuomo didn’t quite make it to the big time yet, but his son who runs HUD just might be angling for a more prime time role. What a way to bring out the “underclass” to the polls. Sheesh.

I guess Ayn Rand was right, after all!


#2

Attention Sellers: New Market Possibility! - Posted by DanM(OR)

Posted by DanM(OR) on October 19, 1998 at 18:14:21:

I read the following article and thought that it was relevant to most here.

as stated in Saturday, October 17, 1998 Bulletin:

"WASHINGTON- A bill aimed at making home ownership easier and more affordable, particularly to low income families, was approved Tuesday by the House.

The bill would allow people who live in public housing to use their monthly “Section 8” assistance vouchers toward payments on a home. It also would authorize $1.6 billion for the home investments partnership program through fiscal 2003. The program provides grants to states and local governments to help expand affordable housing.

The sponsor of the bill, Rep. Rick Lazio, R-N.Y., said it will be critical in helping more low-income families buy homes.

The would also require the general accounting office, the investigative branch of congress, to conduct a feasibility study on requiring inspections of single family homes financed by the Federal Housing Administration before they are purchased. That provision was added after homeowners complained to lawmakers about discovering hidden problems with their homes only after signing the paperwork."

I hope this is good news to most!

Dan


#3

American Homeownership Act of 1998 - Posted by HankTX

Posted by HankTX on October 20, 1998 at 19:36:53:

If anybody would like more info,just search hotbot
or some other news for that exact name.

Eventually, our government will give so much
free stuff away we will be like France. =P

Thank you for listening. :smiley:

-HankTX(LeBeau)


#4

Re: Attention Sellers: New Market Possibility! - Posted by Irwin

Posted by Irwin on October 20, 1998 at 05:17:19:

The scary part is the “home inspection” provision for all HUD purchases. The inspectors will rip apart every aspect of the home and make home selling via HUD insured loans even more of a nightmare than they already are.


#5

Re: Attention Sellers: New Market Possibility! - Posted by Mr Donald (NORVA)

Posted by Mr Donald (NORVA) on October 19, 1998 at 18:17:58:

Great! We have WELFARE, now we have HOMEFARE too. Does this mean that the full faith and credit of Uncle Sam will guarantee the monthly mortgage payments from these deadbeats on properties that we sell them?

I wonder if Seller Financing would become another more viable option now. Hmmm…


#6

Gov’t Requiring Inspections - Posted by Tom(NC)

Posted by Tom(NC) on October 20, 1998 at 20:48:01:

I understand that the government is contemplating the inspections because some (not all) inspectors were okaying houses that they should not have just so that the lender could get the loan approved and wash their hands of the deal. I think that while it may make things a little harder, it takes a lot more risk out of investing.

Just my opinion. You are entitled to disagree!

PS I have now had the C Sheets course two days. Lot of info I had already read here, as well as a lot of stuff no one would give out for free (understandably). LOTS of motivational stuff!!


#7

I agree - Posted by Rob FL

Posted by Rob FL on October 19, 1998 at 20:34:55:

I sure hope this does not allow marginal people to buy houses. The last thing we need is more poor people being subsidized by the government. If anything, these people need to be educated about how to earn more $ and not how to sponge off the government and all of us who actually work for our $. We don’t need food stamps for down payments. It sounds like the middle class will flip the bill for the welfare people again if this goes through.


#8

Could be very very interesting… - Posted by raelynn mitchell

Posted by raelynn mitchell on October 19, 1998 at 20:40:15:

Imagine. After living in a house in an appreciating marketplace, welfare homeowner now needs to relocate. Sells home. Receives sizeable cash out for their equity.

Guess what? Now they no longer qualify for welfare. The gov’t has now eliminated one more “mouth to feed”.

Perhaps this is the goal of those lawmakers pushing for this…???

Perhaps not.

Just food for thought…

raelynn


#9

Section 8’ers getting equity? - Posted by Gator Shelton

Posted by Gator Shelton on October 20, 1998 at 08:47:52:

Just curious. Have you ever seen the condition of an apartment or home after a section 8 tenant has lived there? From my experience there’s not much chance they’ll have any equity. Sorry to disagree Raelynn but the government programs have upgraded the life style of very few people long term. This programs smells as bad as a section 8 apartment (or an Alabama Crimson Tide fan). Tip of the week Raelynn, bet on the Vols to win big. Bama hasn’t got a chance.

Best wishes from your southern fried republican friend,

Gator Shelton


#10

Re: Could be very very interesting… - Posted by Rob FL

Posted by Rob FL on October 19, 1998 at 22:07:47:

No offense, but how about imagining welfare recipient gets foreclosed. Taxpayers pay the bill for the wonderfully efficient HUD sales. Then the person who got foreclosed goes back on welfare and taxpayers pay the bill some more. Sounds great!


#11

Re: Could be very very interesting… - Posted by JPiper

Posted by JPiper on October 19, 1998 at 21:32:17:

If this is the goal of lawmakers who are pushing for this…shame on them.

I’m trying to think of a federal program that has ever worked effectively, but right now it escapes me. And there is little reason to expect that this type of program would be any different.

What this program does is confiscate wealth from the productive members of society, and transfer it to non-productive members. And a consequence of this will be that the more marginal members who don’t qualify for this program may well be unable to acquire houses because of higher taxes to pay for this program, along with possible rising prices created by the added demand.

Personally I don’t find anything interesting about that at all. And who would adminster this program, HUD?? Now there’s a marvel of efficiency if I ever saw it.

I know, I have a better idea. Why don’t we fund this program with Social Security funds? Perhaps rising real estate prices would enable this program to pay for our future retirements.

JPiper