The Funding Advantage
The Funding Advantage Blog (Page 4)
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Why do Republicans always blame the Democrats for the Mortgage meltdown........?
August 6, 2010, 12:14 amI often see Republicans post Youtube videos of Barney Frank supposedly opposing crackdown on mortgage lending to minorities. Yet why no mention of President Bush, who supposedly begged everyone to stop lending mortgages to the poor, passing this law: http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/ The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program Purpose ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase. Type of Assistance ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards. This law to give hundreds of millions of dollars to the poor alone added BILLIONS of bad loans to an already crippled mortgage market. So why no mention by the Republicans? http://www.hud.gov/news/release.cfm?content=pr03-140.cfm Democrats didn't gain control Congress until Nov 2007 well after the mortgage market melted down. -
down payment assistance programs for first time home buyers in arizona?
August 6, 2010, 12:03 amAre there any down payment assistance programs for first time home buyers in arizona with moderate income? By moderate i mean a combined income( my spouse and I) of 55,000. We live in tucson arizona and are in the process of getting pre-approved for a home loan. We both have credit scores near 700 (i am at 695, she is at 698) If it helps i am a college student and also work full time. Thanks -
How do you feel about the story of the Grasshoper and the Ant being rewritten?
August 4, 2010, 5:37 pmSeptember 26, 2008 12:00 AM An Old Story The Mother of All Bailouts is a rerun. By Michelle Malkin . The time is ripe for a revised 2008 edition of “The Ant and the Grasshopper:” In a meadow on a hot summer’s day, a Grasshopper was chirping and carousing his time away. He watched scornfully as an Ant nearby struggled to store up large kernels of food and build a secure nest. The Ant pulled overtime shifts to pay off his loans and accumulate retirement funds for the future. “Give it a rest,” the Grasshopper said. “Why bother saving and slaving and toiling and moiling? Let’s party!” The Ant demurred: “I am planning ahead for winter, and you should do the same.” The Grasshopper blew off the Ant, squandered his supplies the rest of the season and abandoned his home while on vacation (paid for by tapping every last cent of his home equity gain) instead of holding down a job. When winter came, the Grasshopper’s pantry was empty, and his shelter ruined from neglect. The Ant, weary from planting, harvesting, and stocking up for months, was dining comfortably in his nest. Cold, hungry, jobless, facing foreclosure and up to his two pairs of eyeballs in debt, the Grasshopper limped to the Association of Community Winged Insects for Rescue Now and demanded recourse. The office was swamped with thousands just like him. ACWIRN immediately put the Grasshopper to work registering dead ants as new voters. Funded with tax dollars from the rest of the meadow’s residents, ACWIRN organized mass protests at the Bank of Antamerica, ambushed its top officials at their private homes, harassed their children and demanded that the meadow’s politicians halt all foreclosures (“We must keep Grasshoppers in their houses!”) and outlaw discriminatory lending practices against starving, homeless Grasshoppers (“Well-stocked shelters are basic insect rights!”) The banking industry capitulated; the Orthoptera Lobby secured hundreds of millions of dollars in housing earmarks, grants and counseling subsidies to support the Grasshoppers with the shadiest credit and employment histories. Antie Mae, the meadow’s government-backed home lending giant, fueled the push for increased insect homeownership in the name of biodiversity. Its executives cooked the books and headed for the hills. Katie Cricket and the Mainstream Meadow Media joined the grievance-for-profit circus, profiling Grasshopper sob stories and drumming up ratings as bewildered Ants wondered who was looking out for them. The banks drowned in toxic debt. More Grasshoppers fell behind on their mortgage payments. Bailout mania and panic gripped the meadow. Our little Ant, minding his own business, heard a knock on his door one late winter night a year later. It was his old, sneering Grasshopper neighbor. The Grasshopper had been hired by the meadow as a tax collector. “I’m here to take your provisions,” the Grasshopper cackled. But it was the Ant who had the last laugh. “I’ve learned my lesson,” he told his shiftless friend. “Why bother saving and slaving and toiling and moiling? I’ve spent all my savings. I’m walking away from my mortgage. Thrift is for suckers,” the Ant said as he headed out the door, leaving the Grasshopper empty-handed. -
Anyone taking advantage of home foreclosures?
August 2, 2010, 3:47 pmI've been hearing advertisments about home foreclosures. Has anyone had a good experience from getting a new home this way? -
Mortgage rates hit low of 4.54 percent
August 1, 2010, 7:19 amNEW YORK -- Mortgage rates are the most affordable in decades for those who can qualify for a loan. Mortgage - Business - United States - Financial Services - Refinancing -
Localities, states scramble to spend foreclosure relief aid
July 30, 2010, 5:51 amWith $22.7 million in NSP grants, the county planned to give down payment assistance and discounted second mortgages to home buyers. ...
