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"Origins of the Indebted American Homeowner" - Bloomberg

Discussion in 'General Real Estate and Real Estate Finance' started by Mike Kennedy, Apr 23, 2012.

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  1. Mike Kennedy

    Mike Kennedy Elite Member

    247
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    "Not long after the economic crisis began, the president's landmark Conference on Homeownership reported that "down payments of 10 percent, 5 percent, and even nothing down" had become common practice in the home-mortgage market. Reliance on second mortgages and novel financing terms, the report noted, were also widespread..............Although these developments sound all too familiar, this Conference on Homeownership was held in 1931 and the president sponsoring it was Herbert Hoover,"

    http://www.bloomberg.com/news/2012-04-20/origins-of-the-indebted-american-homeowner.html
     
    Last edited: Apr 23, 2012
  2. Restrain

    Restrain Elite Member

    41
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I knew an agent in my home town who was the first to sell using FHA loans. He had to work hard to get the gross loan package, which allowed him to sell and finance homes. But he was able to get people into homes when banks were not lending. Made him a lot of goodwill in the community as well as return business that he used throughout his entire career.
     
  3. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    608
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Letting folks encumber a property with a second, when the 1st cannot be serviced well, is asking for trouble and imho, those "home equity loans" ought to have to take a haircut or just buy out the 1st, and most of them know that the value is so low and they lent too much, there is no equity left.
     
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