patrick.net

In all reality there shouldn't be a need to put any money down. The house should be worth what the house is worth regardless if it's paid back or not.
If you can't pay the house, the bank should be able to get their money back by reselling it out from under you. Is it fair? Well is foreclosing on someone, selling the house for less than the buyer paid, and placing a judgement on the buyer for the rest, is that fair? No it's not fair at all. It's done on purpose and the investor that gets the cherry deal on the property, were shell companies from the bank during the 2008 collapse.

The banks should NOT be lending money on housing stock that has a volatile wild swing in the first place. If housing values doubled in a few years, then Lenders should made by the FEDs to suspend normal Home Mortgages.

Every one bitches about the poor sap buying house, and are worrying about how much or how little they put down. While these creepy investors are getting houses practically for free. It makes no sense at all. I certainly don't get it. It's all part of the bigger affliction everyone worried about how much the other guy is making while they sit on their lazy sorry asses and bitch. It's selective outrage over income inequality with a new twist and nothing more.

So there is hope to get $3M for my shack after all.

Tenpoundbass says

In all reality there shouldn't be a need to put any money down. The house should be worth what the house is worth regardless if it's paid back or not.
If you can't pay the house, the bank should be able to get their money back by reselling it out from under you. Is it fair? Well is foreclosing on someone, selling the house for less than the buyer paid, and placing a judgement on the buyer for the rest, is that fair? No it's not fair at all. It's done on purpose and the investor that gets the cherry deal on the property, were shell companies from the bank during the 2008 collapse.

The banks should NOT be lending money on housing stock that has a volatile wild swing in the first place. If housing values doubled in a few years, then Lenders should made by the FEDs to suspend normal Home Mortgages.

Every one bitches about the poor sap buying house, and are worrying about how much or how little they put down. While these creepy investors are getting houses practically fo...

I have no problem with 0% down, other than that we all know what happens next - banks go broke and come crying to government for rescue, which is done on backs of taxpayers.
Want no regulations - be prepared to eat 100% of losses and fucking JUMP when your bank goes broke.

OccasionalCortex says

You mean that they haven't already waived this rule?

Not 100% sure, but rule is already waived for Fannie and Freddie, and not private banks.

From what I understand the rule is waived as long as the bank keeps a 5% interest in the loan. Obviously they've found some suckers out there to do away with even this.

By way of review, here is the Goldman Sachs money machine formula. And it was not at all executed only by Goldman Sachs, but they did it best of all, including the bail-out cherry on the top.

Suck up every mortgage you can from the issuers, and bundle them into mortgage backed securities (MBS). This includes NINJA loans, loans on over-inflated property values, loans to illegals, the deceased, etc. Bribe the ratings agencies to give the toxic MBS triple A ratings, as safe as US Treasuries, but with a better yield. Sell the MBS to widows and orphans funds, investment funds, pension funds, touting their sterling rating. As you know what crap these are, take out credit default swaps (CDS) on them, a type of insurance. In fact, tell your friends who don't own the MBS to speculate on their crash to take out CDS as well. In fact, overload the main stupid issuer of the CDS, the incompetently run AIG, with so many CDS obligations, that it goes under when the housing market crashes and the MBS lose tremendous value. In bundling these toxic mortgages into MBS and selling them, you make lots and lots of money. And when the housing market tanks, you make lots and lots of money on the CDS insurance. (And I know CDS technically isn't insurance, but it pays out like it.) The head of Goldman Sachs responsible for this fraud, Hank Paulson, makes lots and lots of money.

The housing market crashes, oh surprise. Hank Paulson becomes the US Treasury Secretary, and engineers the bailout of AIG so Goldman Sachs, and his friends and cronies can have their bets paid off by the US taxpayer. The incompetent fools who work at AIG - no worries - Obama says they get their bonuses. The criminal banks get bailed out. The stock market crashes and millions lose their jobs. And folks lose their homes.

Don't like this? Fuck you! What you gonna do about it, little man?