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The return to Mass. of no money down mortgages

 
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Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Wed Aug 11, 2010 12:29 pm GMT    Post subject: The return to Mass. of no money down mortgages Reply with quote

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Description: The return to Mass. of no money down mortgages
URL: http://www.boston.com/realestate/news/blogs/renow/2010/08/just_what_we_ne.html
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=3128

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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011

PostPosted: Thu Aug 12, 2010 3:02 pm GMT    Post subject: Reply with quote

That's nuts. If you can't come up with 3.5%, don't buy a house!!! The current 3.5% is stupid low already.

It isn't clear how widespread this will be though. The article says "The initiative is small, reaching just a few hundred people so far. But it is looking to expand." I'd like to know more about what is required for it to expand. Still, it's mind boggling that that some policy makers think encouraging people with no money in the bank to buy a house is a good idea.
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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Thu Aug 12, 2010 4:36 pm GMT    Post subject: Reply with quote

The people that do this are not stupid. I agree this is a terrible idea but is probably more indicative of how desperate they are.
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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011

PostPosted: Thu Aug 12, 2010 5:21 pm GMT    Post subject: Reply with quote

I was referring to the policy makers when I said stupid, but buying a house if you don't have a few thousand bucks in the bank isn't exactly a brilliant move.

And what do you mean by desperate? Desperate to buy a house? Are they living on the street or something?
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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Thu Aug 12, 2010 6:33 pm GMT    Post subject: Reply with quote

I meant that the policy makes are not stupid and that they must be desperate about the economy to roll out something so dumb.
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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011

PostPosted: Thu Aug 12, 2010 6:40 pm GMT    Post subject: Reply with quote

Ah, gotcha. I agree!
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PostPosted: Fri Aug 13, 2010 12:46 pm GMT    Post subject: Reply with quote

This is a dead cat bouncing. No amount of $$$ thrown in the housing/mortgage is going to help to prop up the market.
This is not even a drop in the bucket.
Prepare for the second leg down, save your money and rent.
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CL
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PostPosted: Mon Aug 16, 2010 5:46 pm GMT    Post subject: Reply with quote

It's interesting in that after the bubble boom and bust, it seems that the policy makers are trying to manufacture another bubble using extremely lax credit policy, with very low cost (rate), very high availability (low/no downpayment), and no committment to reform Fannie and Freddie. Like it or not, the end result is probably another bubble boom and bust.

The behavior of the housing market will be marked with more volatility and less relevance to intrinsic valuation, and thus timing in/out of market become more important.
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