I've been approved for a conventional loan in amount X. Actually buying a home at Amount X would be more expensive than I can afford monthly, so I'm interested in a manufactured home on some land that goes for over 30K less than Amount X. But because of my credit score and the fact that it's a manufactured home, I am not able to buy it because Fannie Mae bullshit or whatever. I have also already put an offer in on a manufactured home that was Amount X minus about $20K. (more land). It was not accepted, which is fine, but what makes THAT one different than THIS one?
Have come to the realization that unless we buy a <$100K property, we'll be paying more per month than we do now, due to insurance because of my mediocre credit score. Since I'm not eligible for a modular, that means "handyman specials" or townhomes in skeevy complexes.
So, finally found some decent looking townhomes for sale under 90k. Wanted to take a look, my realtor called their realtor blah blah blah. Turns out that for some complicated reason I don't understand, a conventional loan won't work, you need a special loan and AT LEAST TWENTY PERCENT DOWN. Which ends up being at least $16K. Who the fuck has that much "extra' money laying around and is looking for cheap ass townhomes?
My "conventional loan" has proven to be useless, because it won't cover manufactured homes and some townhomes, and I cannot afford monthly payments on a proper house without cutting other expenses to the bone.
The homebuying experience is rapidly losing its lustre, and the mortgage industry is nearly as fucked up as the medical insurance industry.
Prof. Richard Wolff explains that Trump's plan to re-privatize the mortgage loan companies Freddie Mac and Fannie Mae opens the door to the factors that caused the 2008 financial crisis
Over a decade ago, we started a database to track TARP, the 2008 bailout of the financial system. It turns out bailouts are forever, and we’re still updating the damn thing. So, recently, we decided to give it a makeover.
Our bailout database laid it all out as clearly as we could understand it. But it got harder. The Obama administration transformed the TARP into a mind-numbing array of acronyms, and we did our best to tell a PPIP from a AIFP (you don’t want to know). As the years went on and billions continued to flow back and forth, we remained vigilant. And, well, it turns out that bailouts are forever. We’re still updating the damn thing. So, recently, we decided to give it a makeover.
....
...
...
Overall, the TARP remains in the black, though just barely. The Treasury realized large profits on its investments in the country’s largest banks and AIG, and those have balanced out the losses and subsidies. As of today, we show a narrow profit of about $1 billion for the TARP (though it should be noted these figures haven’t been adjusted for inflation).
The bailout of Fannie and Freddie, however, is a different story. After the government essentially took over the companies to stabilize the housing market in 2008, the Treasury pumped in nearly $200 billion over the following years. While the companies haven’t yet repaid any of the principal, they have been making sizeable dividend payments every quarter. Those now total $306 billion.
For years, Washington has tied itself in knots over the question of how to resolve the takeover of Fannie and Freddie. For now, the companies continue sending a few billion to the Treasury every quarter, which at least has the happy result of reducing the country’s now $1 trillion annual budget deficit a little bit.
So, go ahead, take a look at what your old friends have been up to. The financial crisis is long over, but the response might never be.
Kushner Cos., the real estate firm owned by the family of President Donald Trump’s son-in-law Jared Kushner, has sought financing from federally-owned lenders for its biggest purchase in a decade.
Profiting from Jared’s position? Profiting from Trump’s presidency?
Context #KushnerSwamp — Kushner #ExecutiveTime
Jared only “partially divested himself“ from Kushner Cos.
In 2017, Kushner Cos. received loans after White House meetings between Jared and Joshua Harris, a founder of Apollo Global Management, advising Trump administration officials on infrastructure policy
Joshua Kushner now heads Kushner Companies LLC
BUT Jared and Josh Kushner bought a Manhattan hotel in Nov 2018 using Kushner Cos.
2 Degrees of Separation #TrumpSwamp #Ivanka
Fannie Mae and Freddie Mac are under the control of the Federal Housing Finance Agency (FHFA) because of their role in the Financial Crisis of 2007 (2nd great recession)
Trump’s nominee Mark Calabria, the chief economist for Vice President Mike Pence is expected to be confirmed by the Senate. In the meantime, Trump appointed Joseph Otting as the acting director to run the FHFA and oversee Fannie Mae and Freddie Mac.
The company has been in talks with Fannie Mae and Freddie Mac about a loan for a $1.15 billion purchase of apartments in Maryland and Virginia, according to two people familiar with the discussions, who asked not to be named discussing a private transaction.
...
Kushner Cos. had more than $500 million in loans from Fannie and Freddie at that time. Government-backed financing on this latest deal could more than double that figure.
PR
“As part of an ethics agreement he has and has followed, Mr. Kushner has had no role in the Kushner Companies or its activities since joining the government over two years ago,” Mirijanian said. “He is walled off from any business or investment decisions and has no idea or knowledge of these activities."
“The election has not changed Kushner Companies’ relationship with Fannie Mae and Freddie Mac,” Fannie and Freddie spokesperson 2017
Nothing to worry about?
Kushner’s Family Business Received Loans After White House Meetings - NYTimes Feb 2018
Trump’s and Kushner’s companies are doing business together. That’s alarming. - Vox March 2018
Keeping With Family Tradition, Jared Kushner Won’t Cut His Business Ties - Mother Jones March 2017
George Martin Fell Brown | May 21st 2017 | Socialist Alternative
Big business is increasingly taking over the housing sector – social rented as well as private ownership. The results have been devastating as tenants face sky-high rents, fewer rights, worsening conditions, and government policies of aggressive deregulation. PAUL KERSHAW reviews two books linking the current housing crisis with globalisation and the financial markets. Originally published […]
→READ MORE←
Get your Latest News From The Leftist Front on LeftPress.news
→ Support Us On Patreon! ←
