December 24, 2004 06:10 PM
No Money Down
Excerpt: It was just a year ago that Congress unanimously passed the President's American Dream Downpayment Act, which gives low-income home buyers grants to make their down payments. But that requires government spending. By contrast the Zero Downpayment Act, which authorizes the mortgage insurance, is being touted as a free lunch by the Bush Administration and Representative Patrick Tiberi (R-Ohio), the bill's chief sponsor.
Worthy goal: foster homeownership. Unworthy side effect: foster deadbeats.
What can you say about a bill, introduced by a Realtor turned congressman, that requires the Federal Housing Administration to insure tens of billions of dollars' worth of mortgages taken out by first-time home buyers who put nothing down? Normally, you wouldn't need to say much, because it would go nowhere. But this curious idea has been embraced by President Bush as part of his ambitious push to build a nation of home and investment-account owners.
It was just a year ago that Congress unanimously passed the President's American Dream Downpayment Act, which gives low-income home buyers grants to make their down payments. But that requires government spending. By contrast the Zero Downpayment Act, which authorizes the mortgage insurance, is being touted as a free lunch by the Bush Administration and Representative Patrick Tiberi (R-Ohio), the bill's chief sponsor.
READ FULL STORY ...
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Read all 37 posts in the same category of Home and Mortgage:
Why a Real Estate Agent May Skip the Extra Mile -
Aug 14, 2006
Fed Chief Sees Home Price Bubble - Feb 21, 2005
Title Insurance Protects Lenders. So Why Shouldn't They Pay for It? - Feb 10, 2005
The Shiller Interview - Jan 25, 2005
HELOC Rates Move Closer To Home Equity Loans - Jan 23, 2005
Finding an Affordable Home Gets Harder - Jan 17, 2005
If you're paying off student loans, check out the tax deductions available to you. - Jan 17, 2005
What Is Your Home Worth? - Jan 04, 2005
U.S. Sales Of Existing Homes Hit Record - Dec 29, 2004
What Length Mortgage Should You Get? - Dec 27, 2004
Maneuvering Property-Swap Tax Details - Dec 27, 2004
New Home Sales Tumble - Dec 23, 2004
If The Bubble Bursts... - Dec 18, 2004
Housing Starts Tumble, But ... - Dec 18, 2004
A New Way to Hedge Your Home's Paper Profit - Dec 12, 2004
California, U.S. in a Housing 'Bubble,' UCLA Forecast Says - Dec 11, 2004
21st-Century Landlords - Dec 10, 2004
Get Real About Real Estate - Dec 09, 2004
Can There Be Too Many Homeowners? - Dec 06, 2004
Selling Your Home - Dec 06, 2004
Conforming Mortgage Loan Limits Rise For 2005 - Dec 04, 2004
12 Tips For Wise Use Of Equity - Dec 01, 2004
Housing Wealth Reverberates - Nov 30, 2004
More Mortgages To Be 'Conforming' - Nov 30, 2004
Realtors Engage In Turf Battle With Discounters - Nov 28, 2004
Expanding The American Dream Commitment - Nov 26, 2004
'Tis the Season to Fix Up Your House - Nov 26, 2004
Sell Your Home — Fast - Nov 26, 2004
Most Expensive Gated Communities In America 2004 - Nov 26, 2004
Exchanging Real Estate Tax Free - Nov 25, 2004
Home Equity For The Holidays? OK, With Caution. - Nov 25, 2004
Does It Pay To Save? - Nov 23, 2004
The High Earner/Poor Saver - Nov 20, 2004
Six-Figure Zip Codes - Nov 20, 2004
Buyer's Home Feature Preferences Reflect Lifestyles - Nov 16, 2004
Pattern of Strong Home-Price Gains Continues in Most Metro Areas - Nov 16, 2004
Fed Chief Sees Home Price Bubble - Feb 21, 2005
Title Insurance Protects Lenders. So Why Shouldn't They Pay for It? - Feb 10, 2005
The Shiller Interview - Jan 25, 2005
HELOC Rates Move Closer To Home Equity Loans - Jan 23, 2005
Finding an Affordable Home Gets Harder - Jan 17, 2005
If you're paying off student loans, check out the tax deductions available to you. - Jan 17, 2005
What Is Your Home Worth? - Jan 04, 2005
U.S. Sales Of Existing Homes Hit Record - Dec 29, 2004
What Length Mortgage Should You Get? - Dec 27, 2004
Maneuvering Property-Swap Tax Details - Dec 27, 2004
New Home Sales Tumble - Dec 23, 2004
If The Bubble Bursts... - Dec 18, 2004
Housing Starts Tumble, But ... - Dec 18, 2004
A New Way to Hedge Your Home's Paper Profit - Dec 12, 2004
California, U.S. in a Housing 'Bubble,' UCLA Forecast Says - Dec 11, 2004
21st-Century Landlords - Dec 10, 2004
Get Real About Real Estate - Dec 09, 2004
Can There Be Too Many Homeowners? - Dec 06, 2004
Selling Your Home - Dec 06, 2004
Conforming Mortgage Loan Limits Rise For 2005 - Dec 04, 2004
12 Tips For Wise Use Of Equity - Dec 01, 2004
Housing Wealth Reverberates - Nov 30, 2004
More Mortgages To Be 'Conforming' - Nov 30, 2004
Realtors Engage In Turf Battle With Discounters - Nov 28, 2004
Expanding The American Dream Commitment - Nov 26, 2004
'Tis the Season to Fix Up Your House - Nov 26, 2004
Sell Your Home — Fast - Nov 26, 2004
Most Expensive Gated Communities In America 2004 - Nov 26, 2004
Exchanging Real Estate Tax Free - Nov 25, 2004
Home Equity For The Holidays? OK, With Caution. - Nov 25, 2004
Does It Pay To Save? - Nov 23, 2004
The High Earner/Poor Saver - Nov 20, 2004
Six-Figure Zip Codes - Nov 20, 2004
Buyer's Home Feature Preferences Reflect Lifestyles - Nov 16, 2004
Pattern of Strong Home-Price Gains Continues in Most Metro Areas - Nov 16, 2004
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