"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Wednesday, April 22, 2015

The Next Real Estate Bubble is Ready to Burst

Ka-Boom Goes the Bubble

  • Drop your pants, bend over and enjoy it.  The 2008 real estate bubble that nearly took down the entire banking system and nation is coming again courtesy of the same moronic Dems and Repubs running the insane asylum. 
  • Neither party has any interest in proper banking regulations.  All Washington wants is to keep the party going with endless debt, zero interest rates and zero down home loans.  When everything goes to Hell they will simply print money to cover their losses and then start the cycle all over again.

(Los Angeles Times)  -  Want to buy your first home with little or nothing down and maybe get a refund on part of your realty agent's commission?

Here's one way: Consider joining a credit union that is aggressively expanding its mortgage business. Credit unions have been increasing their presence in housing — more than quadrupling their share of total mortgage market volume in the last nine years, according to the National Assn. of Federal Credit Unions — by offering deals you simply can't find at most banks.

Case in point: The country's largest credit union, Navy Federal, closed more than $1 billion in home purchase loans during the month of March alone.

  • So how is Navy Federal pulling in hordes of young first-timers? By offering loans that address their needs — zero-down payments, no private mortgage insurance premiums, plus the standard low-down payment menus of the Federal Housing Administration (3.5% minimum) and the Department of Veterans Affairs (zero minimum) loans.

  • North Carolina's State Employees' Credit Union offers qualified members up to 100% financing on mortgages as large as $400,000 with no private mortgage insurance premium payments. The interest rate as of mid-April: 4.25% on a 30-year term that has a rate adjustment after five years. For buyers who need help on closing costs, the program can lend them an additional $2,000, pushing the loan-to-value ratio beyond 100%.

  • NASA Federal Credit Union, which is open not only to NASA-related employees but to members of 900 "partner" companies and associations, offers zero-down mortgages up to $650,000 with no private mortgage insurance plus a $1,000 "lender credit" toward closing costs if the home purchase doesn't go to settlement by the contract date.

  • Still other credit unions help new home buyers with their expenses by refunding portions of real estate agents' commissions. The Boeing Employees' Credit Union, which is open to all residents and workers in the state of Washington — not just Boeing employees — gives purchasers the option of receiving a 20% cash refund of their real estate agent's commission plus a $250 credit toward mortgage closing costs.

Read More . . . .

It's Back to the Future Folks.
Government of, by and for the banks.
It is like Bush never left the White House.

Blast from the Past 2008 cartoons.

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