La casa senza pagare deposito - gz
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By: GZ on Mercoledì 18 Dicembre 2002 02:18
Riprendo questo topic perchè per me internet è utile come "connessione" a quello che si è scritto o altri scrivono su un argomento in modo da non cominciare sempre da capo e da capire man mano "a puntate" il soggetto (se tutti cercassero di ricollegarsi a quello che si è detto in precedenza su un soggetto sarebbe preferibile...)
Il topic è "dove sta il denaro" alla fine, dove e quanti sono i soldi. Si continuano a inventare nuovi modi per "liquidificare" il sistema economico a mettere liquidità in mano alla gente. E' facile dire che tutto alla fine è destinato a crollare come un castello di carte truccate, ma intanto quello che succede è che ad es in America
in diversi casi NON PAGHI PIU' NEMMENO UN DEPOSITO DEL 5% PER COMPRARE CASA
ci sono ora programmi di "aiuto" finanziati da entità non profit a cui partecipano i costruttori che forniscono i soldi per il deposito a chi non lo può o vuole pagare, sono già circa un milione e mezzo di persone che in pratica già pagano solo la rata del mutuo e deposito ZERO, è come se pagassi l'affitto...
Si sta diffondendo a macchia d'olio per spingere la gente a comprare casa in tutti i modi. A lungo termine indebolisce il sistema finanziario ovviamente, ma a breve è un bello stimolo
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Apparently, we were not alone in being disturbed by Tuesday’s excellent Wall Street Journal article by Patrick Barta and Queena Sook Kim – Home Buyers’ Down Payments Are Now Paid by Some Builders - reporting on the proliferation of “Down Payment Assistance Programs” (DPAs). For those that read the story, I decided it was worth digging a bit deeper. For those that missed it, let me do a brief summary. The Federal Housing Administration (FHA) a few years back changed its provisions to allow “non-profit” organization gifts to be used as the 3% down payment required of qualifying home buyers. This loophole has spurred the creation of hundreds of “non-profit” groups, many funded by the homebuilders, which have become major providers of downpayments for scores of cash-short homebuyers. And while history tells us rather clearly that borrowers putting no money at risk are quite poor mortgage Credits, the government guarantee (along with an over-liquefied marketplace) allows today’s holders of the rapidly expanding quantities of these mortgages to sleep soundly at night. Still, this is one more extraordinary example of a dangerous mortgage market distortion that is progressive, self-reinforcing and, once unleashed, virtually impossible to reign in.
Looking back, it didn’t take long before the idea germinated that these “Non-Profits” could fund their “Gift” pool with “Donations” from interested homebuilders and home sellers. Wow…what incredible profit potential! Cash-strapped renters are afforded the opportunity to rise to the status of proud homeowners. Builders would now enjoy an enlarged pool of prospective buyers, with the not insignificant benefit of having many so anxious at the opportunity of homeownership to be enticed by even the difficult-to-sell and least desirable properties (and they’re willing to pay asking price!). Anxious home sellers, as well, have an enticing avenue to attract a new class of “motivated” buyers. The “Non-Profits” would garner fees to the tune of between $800 and 1% of sales price per transaction. And, not to be overlooked, Wall Street would have more FHA mortgages to sell (and package into Ginnie Mae and other MBS, CDOs and various instruments). What could possibly add more fuel to the unfolding explosion of subprime mortgage lending and the blow-off stage of the Mortgage Finance Bubble? And, of course, what’s good for The American Dream is good for the economy! This is but one more frustrating and recurring Bubble dilemma of seemingly “What’s not to like?” … but eventual collapse.
Nehemiah, the “Non-Profit” highlighted by the WSJ, was the first to introduce the Downpayment Assistance Program (DPA). From National Mortgage News: “The non-profit was started in 1994 with $5,000 in seed money out of a small church in Sacramento pastored by the father of the founder…” But the DPA ball didn’t get rolling until 1996, reportedly after Nehemiah’s founder Don Harris received a call from a “frustrated real estate developer” facing difficulties selling foreclosed townhouses from a recently purchased complex. According to the American Banker (Erick Bergquist), “The conversation got Mr. Harris, who is also a real estate lawyer, wondering: What if he could help get people into homes through down payment donations, or gifts, from private industry? After researching federal law, he found a mechanism that lets charitable organizations make such gifts.”
From the December 2001 Dallas Business Journal: “…The biggest challenge is convincing buyers and real estate agents that Nehemiah is for real. ‘They think it’s a scam, that it’s too good to be true… Here you have the government, a faith-based group and industry all coming together to do good. It’s an ideal situation, but it doesn’t happen very often.’ Last week, Harris’ Sacramento congregation…dedicated its new $12 million (1,000 seat) mixed-use development, funded completely by the Nehemiah program it inspired.” The entrepreneur Mr. Harris has since moved on to real estate development, now partnering with Nehemiah.
Since its founding, Nehemiah has gifted downpayments for as many as 180,000 (another source recently had the number at 130,000) mortgages valued in excess of $13 billion (as of July). It did not take Harris or others long to recognize that this government loophole afforded an extraordinary Big Business opportunity, and to state that these programs have proliferated is an understatement. From the Salt Lake City Tribune (Lesley Mitchell): “Each program operates a little differently, but all are designed to help buyers find a way around a federal law that prohibits sellers from providing down payments to buyers.”
From Mortgage Banking, December 2002: “In a conversation with this columnist (Neil J Morse) at the MBA Annual Convention, (Nehemiah’s president) Syphax said the program’s founding philosophy has been widely embraced. ‘We went from being heretics to being imitated,’ said Syphax, referring to low- and no-down-payment financing programs now commonly offered by Fannie Mae, Freddie Mac and major lenders. However, Syphax said, there are still ‘pockets of opposition to our purpose’ from those ‘who continue to believe that if a prospective borrower does not have sufficient funds for a down payment, they must not be quite ready to own.’ According to Syphax, the issue boils down to ‘how much risk society is willing to take on to build its urban centers.’” Back in May, “The Federal Housing Finance Board…appointed Scott C Syphax, President and CEO of the Nehemiah Corporation of California, to the Board of Directors of the Federal Home Loan Bank of San Francisco.”
While data is sparse, the best I can gather is that the FHA insures about 1.4 million mortgages annually. Some in the industry believe that as many as 20% of new FHA loans are now using various DPA programs. So, taking 280,000 loans at, let’s say, an average of $150,000 (this is likely too conservative), comes up with $42 billion of new DPA mortgages each year. Big Business, indeed, as the taxpayer and the integrity of the mortgage marketplace absorb the considerable risk. Though it appears these programs are increasingly assisting conventional mortgage borrowers in supplementing required minimal (3% in the case of Fannie, Freddie and others) downpayments.
il resto su
www.prudentbear.com/creditbubblebulletin.asp
Modificato da - gz on 12/18/2002 1:22:4