FNMA--Redliner or Friendly Neighborhood Social Engineer

[Elliott]

In todays news....

"Associate Press by David Caruso

Philadelphia---Hoping to ease traffic and revive older suburbs,
Fannie Mae is offering bigger mortgages to people who buy
homes near train stations and bus stops and agree to own just
one car.

After a modest debut in a few cities, the program was
introduced this week in Philadelphia.

Buyers who purchase a home within a quarter-mile of a bus
line or a half-mile of a train can qualify for a
mortgage as much as 8 percent larger than they
could get under a traditional loan.

The program is based on studies showing that people
who commute on public transportation can save $200
to $250 a month compared with the cost of owning,
maintaining and insuring an automobile."


More money to those cities, less to the rest of
the U.S. More price pushing in urban areas,
more votes to those encumbant congress people,
greasing the skids of Congress. As American
as home, apple pie, and Fannie Mae.


elliott

 

[Richard Carlsen]

Social engineering appears to be alive and well and living in America.

It is amazing how these people can come up with ideas to spend our tax money to achieve their goals of redistribution of wealth.

 

[wyecoyote]

What is to stop people from owning one car and having there friends or family "buy" another car and leave it at their house?

 

[xmrdfghap]

It is amazing how these people can come up with ideas to spend our tax money to achieve their goals of redistribution of wealth.

I am a bit perplexed, what tax money does FNMA use? I thought it was investor funded. Could it be, that it is, in actual fact, a reasonably researched program? One that shows that people who do ride trains and buses actually have lower transportation costs than people who have two or three cars on the road all day? Insurance alone, for one extra car, with a teenager in the home, will run an additional $1200 a year. Not counting gas, oil, tires, repairs, etc.

Rather than social engineering, it appears to me that they are attempting to identify those people who live more economically and adjust their lending limits to reflect those economies.

 

[Richard Carlsen]

I'm not comfortable with government agencies identifying people who live more economically and then rewarding them for the way they choose to live. That in itself smacks of social engineering and intrusive governmental action beyond what the constitution calls for.

The next thing you know they will be giving tax breaks to people who don’t eat butter or eggs or red meat because some bureaucrat thinks we would all be healthier eating that way.

 

[xmrdfghap]

I'm not comfortable with government agencies identifying people who live more economically and then rewarding them for the way they choose to live.

I am not disagreeing with you, but what government agency is involved?

 

[Richard Carlsen]

UNK!

Excuse me for now. I still have more reports to write so we can leave on vacation. I really shouldn't be checking these e-mails but I'm expecting one from my son.

Later

Richard

 

[The Bob]

Check it out


http://www.fanniemaewatch.com/

 

[Karl]

??? Now if I buy a home next to the Railroad Tracks or Bus Line. Can I have another home in the country to get away from all the Noise & Hustle & Busly of my over financed home next to Railroad or Bus Station?

 

[Elliott]

I wonder how the homeowner across the street
from the "bus zone" boundary is going to feel when he
learns he had to put 8% more down than
the eco-neighbor, and doesn't have the
money to send his kid to college.

Its just a distortion in the market intended
for someone's self-interest rather than a
general benefit to society.

elliott