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FIND YOUR DREAM HOME OR APARTMENT
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Reenact Glass Stegal so that banks can no longer invest your savings in the stock market. Why would they give a loan on a house for 3% interest when they can 16% to 20% by putting it in stocks? Of course if they lose your money that is just too bad. Personal mortgages are at the all time record lowest in American history while Corporations are getting mortgages at all time record levels ( to rent out for 3 times what a mortgage payment would be, our children will never see the "American dream of house ownership"). Glass Stegal was repealed in 1999 and in just 9 years we went into a depression, of which we are not coming out of. This law kept banksters at bay for over 60 years and was one of the tools which brought us out of the last great depression. Call your senator/congressman, if you even know who they are (bet you know the name of your local NFL quarterback though). Cypress was about the banks using depositors money to bail out the bank if it fails. These banks failed because they made risky investments with depositors money and bankrupt the bank. So in english: now your bank deposits are treated like it is stock, if the bank fails you lose your money. And the feds are trying to figure out what to do with FDIC insurance since it is no longer valid. This is all in the Dodd Frank bill which passed earlier this year. If the stock market fails you lose your 401K and your life's savings. The only money you will be able to get your hands on is in your pocket. I hope this wakes up someone.
Sorry about your delay in purchasing a home of your own. There is a light that sounds promising for those that
can take advantage of it. Many people are excited about it already.
It goes like this: Can't Qualify? Buy Your Own House Anyway...pay cash!
Here is the website:
Everyone deserves a home of their own...
To Your Ultimate Success,
This article brought to you by lenders who want your money...
Honestly in today's economy I would not be surprised not to be turned down for a mortgage. What I find funny is all the car loans lenders are making and credit card offers I get too. I think I'd rather give someone a mortgage than a credit card or a car loan.
My home is paid off, so no thanks for another mortgage.
This Reply is to 3rd Armoured.
Yes finance is my thing. Yes your bigger corporate banks do use appraisers. But, your local smaller banks do not. Most of the time the loan officer is your appraiser. They come to your home and take pictures themselves. It's up to the sales pitch of the loan officer and your credit worthiness that's submitted to the board of the bank that makes the loan decission. You could have had a credit rating that showed you in default of payments but if your trying to reestablish your payment history. It shows your good faith and people will work with you. Living in a small town, community is a good thing at times. People actually know people. Know your bank and pick your bank wisely for your loans. Think outside the box. There is a way. Also, I've never known of a loan officer that doesn't speak with the appaiser and receives a written and virbal appraisel. Big or Small bank that officer submits the full application.
Everything in the residential mortgage industry was fine until the mid 1990's when Fannie came out with expanded level underwriting criteria, Level 1, 2 and 3. Level 2 and 3 buyers had no business owning homes. Then on September 30 ,1999 (google that date paired with Fannie Mae and New York Times to read the article)) with Congressional approval (government) loosened the guidelines even more giving birth to the subprime industry. There were a thousand subprime companies for every letter in the alphabet. We know the rest of the story. The market actually turned in mid 2005 and by the end of 2007 the market/industry had already corrected itself. Subprime companies were already out of business and the drywall hangers and bartenders were back at their respective trades. Then, in 2008, the Federal government took its head out of the sand and decided to fix something that was already fixed. Bush, Greenspan, the fed ALL asleep at the wheel until it was too late. 4 years hence we have not turned the corner due to OVER government regulation with the proverbial pendulum so far the other way home ownership may not even make sense anymore. I watched it all happen like I was in the front row of a concert.
The government caused this mess then bailed out the clowns that mixed the bad apples with the good apples. Now you know the facts.