← Autodidact Archive · Original Dissent · Valley Forge
Thread ID: 12027 | Posts: 13 | Started: 2004-01-25
2004-01-25 18:06 | User Profile
*The hits just keep on coming folks -- this time it's a new Bush housing program designed to help millions of Coloreds achieve the American dream: leaving the ghettos and moving into White suburbia. Coming soon to your neighborhood. *
Who'll use no-down program By Gregory J. Wilcox Staff Writer
Last Wednesday, the federal Housing and Urban Development Department proposed a zero-down payment mortgage program for first-time buyers.
The department characterized the plan as its most significant initiative in more than a decade, part of the Bush administration's commitment to [helping Coloreds achieve - ed. note.] the American dream.
"Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," HUD Acting Secretary Alphonso Jackson said in a statement.
He also noted that the president has pledged to create 5.5 million new minority homeowners this decade, "and this historic initiative will help meet this goal."
Time will judge that assessment.
Programs similar to this abound in the marketplace. And helping people buy their first house is a noble endeavor that also juices the economy. Here are some key elements of the plan.
It would be available for first-time buyers meeting the FHA's underwriting requirements, but don't have money for a down payment. HUD estimates that about 150,000 families will use the program in the first year.
Most will be consumers who could easily afford a monthly payment, but simply not had the opportunity to save for a down payment.
Families who qualify for the zero down would be charged a modestly higher insurance premium on their home loan. For a $100,000 mortgage, a borrower would pay approximately $50 a month more than a regular FHA borrower. The higher premium will completely cover the costs of the program, meaning it has no additional cost to taxpayers.
Plod past the hyperbole to the details and the economic oomph tends to diminish, especially in markets like Southern California.
"We do have loan limits," explained Lemar Wooley, a HUD spokesman in Washington.
For high-cost areas like Southern California the limit is $290,319 and the "regular floor" -- in HUD-speak -- is $160,176.
Some families around here will probably benefit from HUD's plan if it is implemented. But there won't be many.
In the San Fernando Valley the median price of a previously owned single-family home is now a record $413,000.
In Los Angeles County, the median price for any kind of home is a record $345,000.
"Well, with a loan limit of $290,000, it will help a few. It will not help a great deal (here) because there aren't a lot of properties priced under $300,000," said Jim Link, executive vice president of the Southland Regional Association of Realtors.
Most of the good will be done in outlying areas, like the Antelope Valley and the Inland Empire counties of Riverside and San Bernardino.
For example, in December the median price in Riverside County was a record $272,000 and in San Bernardino it was a record $215,000.
Still, this kind of program with the purchase limit where it is, probably won't mean much economically for the Golden State.
"Everything helps. Unfortunately in California, our home prices are so high that it makes it a little bit more difficult to utilize (the program) than in other parts of the country," said Leslie Appleton-Young, vice president and chief economist at the California Association of Realtors. "But we are definitely looking forward to anything HUD can do to make things better, even if it's for a few families."
[url]http://www.dailynews.com/Stories/0,1413,200~21661~1913487,00.html[/url]
2004-01-25 18:22 | User Profile
High housing prices is the only defence left against the blacks and browns moving in en masse.
2004-01-25 19:22 | User Profile
Agreed madrussian. It's interesting how the non-white population will get as close as they can to these communities. The once all White community finally falters, the non-whites move in en-masse. I see this all over the South.
2004-01-26 02:04 | User Profile
Now, this program will give 5K to even white trash, too, right? So it's not just for minorities.
My wife & I are looking for housing. no doubt, we're in a housing bubble. UNREAL prices. That 5K would be nice for us, but nobody owes us anything. I mean, it's not like I"ll declare bankruptcy, like LInder did, or anythign like that...
Jay
2004-01-26 02:35 | User Profile
[QUOTE=jay]Now, this program will give 5K to even white trash, too, right? So it's not just for minorities.
My wife & I are looking for housing. no doubt, we're in a housing bubble. UNREAL prices. That 5K would be nice for us, but nobody owes us anything. I mean, it's not like I"ll declare bankruptcy, like LInder did, or anythign like that...
Jay[/QUOTE]
You consider poor White people to be trash?
2004-01-26 16:33 | User Profile
[QUOTE=Valley Forge]You consider poor White people to be trash?[/QUOTE]
Linder certainly is.
2004-01-26 21:12 | User Profile
[QUOTE=Valley Forge]You consider poor White people to be trash?[/QUOTE] If they vote for one or more politicians who steal money from working people to buy votes...yes, that's trashy. Mandatory charity is still stealing.
2004-01-27 00:30 | User Profile
[QUOTE=Valley Forge]You consider poor White people to be trash?[/QUOTE]
Yeah, I consider people like Roseanne Barr and Jessica Lynch to be white trash. On the other hand, my grandfather was a poor man - but a proud one, who lived a good upstanding life with a wife and 3 kids.
now back to the qeustion: is this program NOT inclusive of poor whites, too? If it is, the premise of this thread is somewhat....uh....disengenuous.
-Jay
2004-01-27 01:44 | User Profile
Yeah, I consider people like Roseanne Barr and Jessica Lynch to be white trash. On the other hand, my grandfather was a poor man - but a proud one, who lived a good upstanding life with a wife and 3 kids.
Whenever anti-White bigots start talking about "White Trash," they're usually talking about people like your grandfather Jay -- that's why I avoid using the term.
now back to the qeustion: is this program NOT inclusive of poor whites, too? If it is, the premise of this thread is somewhat....uh....disengenuous.
Come on now, do you seriously believe the intent of this program is to help poor whites? Do you? If your answer to that question is yes, then there really are only two possibilities -- you're either being disingenous yourself -- or you're too dull to understand the words of Bush's own HUD secretary, who said:
Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities,"* HUD Acting Secretary Alphonso Jackson said in a statement.
He also noted that the president has pledged to create 5.5 million new minority homeowners this decade, "*
So which is it?
2004-01-27 14:50 | User Profile
[QUOTE=Valley Forge]Whenever anti-White bigots start talking about "White Trash," they're usually talking about people like your grandfather Jay -- that's why I avoid using the term.
Come on now, do you seriously believe the intent of this program is to help poor whites? Do you? If your answer to that question is yes, then there really are only two possibilities -- you're either being disingenous yourself -- or you're too dull to understand the words of Bush's own HUD secretary, who said:
So which is it?[/QUOTE]
That's a good question. I made a [URL=http://forums.originaldissent.com/showpost.php?p=69983&postcount=13]post[/URL] about this on Jan. 8 and I included a link to Denny Hastert's gov't [URL=http://speaker.house.gov/library/econ/031001minorities.shtml]website[/URL] and it specifically says that the purpose of this bill is to increase minority home ownership, so they are certainly trying to discourage Whites from applying. Whether or not Whites are forbidden by law from applying, I don't know.
2004-01-28 00:37 | User Profile
[QUOTE=Valley Forge]Whenever anti-White bigots start talking about "White Trash," they're usually talking about people like your grandfather Jay -- that's why I avoid using the term.
No, I don't follow you here. My grandfather was well-spoken and polite. I doubt even Jesse JackAss would call him white trash.
Come on now, do you seriously believe the intent of this program is to help poor whites? Do you?
No, it's to help minorities. I'm with you there. However, I posted this link on another board and had to answer to the fact it DOES allow poor whites to get housing, too. That's my point here.
2004-02-09 13:20 | User Profile
[QUOTE=jay]No, it's to help minorities. I'm with you there. However, I posted this link on another board and had to answer to the fact it DOES allow poor whites to get housing, too. That's my point here.[/QUOTE]
Do you have a link to the other board? When I look at what Hastert said about this it seems pretty clear that this reparations scheme is for non-Whites only. Here's what he said, in a press release titled Speaker Hastert (R-IL) Touts Law Closing the Homeownership Gap for *Minorities: “While more than two-thirds of all Americans own their home, less than half of all African-American and Hispanic families do not. By passing this bill, the Republican House is working with President Bush to close this homeownership gap.*
If you substituted the word women for African-American and Hispanic families, very few males would think that this program was for their benefit.
2004-02-09 22:49 | User Profile
Banks are not in the business of giving away money. There is nothing altruistic about a bank. The 'Gubmint' is probably guarantor of all these 'special' loans to minorities... meaning, if the 'minorities' default, the Gubmint pays off the loan, assumes ownership and sells it at auction for a fraction of what it is worth... super.
And where do you think all the money is coming from to back up the Gubmint?
If you said: "Out of my friggin pocket", give yourself a cookie and move to the front of the class.
Another example of Whites supporting everyone else who is too lazy, stupid, irresponsible or shiftless to actually make an effort to educate themselves (don't give me that crap about schools being biased), get a JOB, earn some MONEY to build up your CREDIT RATING to get a LOAN and buy a damn house... If millions of other people can do it, so can they. I don't want my extraconstitutional taxes going to support millions of lazy freeloaders.
Ausonius