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Half of local FHA borrowers made $100,000-plus [OC-Register]

By DaveM_Renter   Follow   Tue, 22 May 2012, 6:00pm   826 views   9 comments
In Santa Monica CA 90402   Watch (1)   Share   Quote   Permalink   Like   Dislike  

http://lansner.ocregister.com/2012/05/22/half-of-local-fha-borrowers-made-100000-plus/162943/

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1. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   1   9:23pm Tue 22 May 2012   Share   Quote   Permalink   Like   Dislike   I won't care to read any of the OC register reports on housing.

2. FortWayne Follow Befriend (13) 106 threads 3,863 comments

   2   8:37am Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   It's the "give me" generation effect. They are unable to save money at all.

3. PockyClipsNow Follow Befriend 19 threads 1,536 comments Los Angeles, CA

   3   10:27am Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   OK so in 2001 FHA loan cap was I think 180k and fannie/fraudie loan cap was 220k. Now both are 729k Government has almost completely taken over ALL MORTGAGE LENDING it used to be 50% of loans were VA,FHA,FANNIE,FRAUDIE now those are 96% of all mortgage loans written. This is soviet america for sure. fudge the forms correctly and 'get something'. Then it goes south and fudge more forms and 'get more' (loans,loan mods, s-8, welfare,food stamps, student aid, student loans, etc)

4. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

   4   12:12pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   FortWayne says It's the "give me" generation effect. They are unable to save money at all. How many iPhones do these kids need? How many BMWs do their parents need? FHA should be abolished or the limit should be set back down to $250,000 in high priced areas, and $150,000 everywhere else.

5. bmwman91 Follow Befriend (8) 38 threads 1,606 comments Mountain View, CA bmwman91's website Premium

   5   12:22pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   Goran_K says FHA should be abolished or the limit should be set back down to $250,000 in high priced areas, and $150,000 everywhere else. But, HOW WILL PEOPLE AFFORD HOMES?!?!??!?!!??!? (never mind that affordability is a function of price, not availability of easy credit...nothing to see here, keep moving folks)

6. CaptainShuddup Follow Befriend (1) 300 threads 5,288 comments

   6   1:13pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike (1)   Goran_K says FHA should be abolished or the limit should be set back down to $250,000 in high priced areas, and $150,000 everywhere else. Well I think if you're making money to live in the "High priced" area, then they should be on their own. it should be a cap across the board. Good news bad news, you qualify for an FHA loan, but if you want to live near the "good schools" you'll have to find other options. Parents living in good school communities should not be subsidized by the government. Unless we make all schools equal, which I thought at one time, that was the idea.

7. drtor Follow Befriend (2) 4 threads 119 comments

   7   1:17pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   OC has nothing on us in the Bay Area. I found the original report (it is worth reading) link below. In SF county *79%* of FHA borrowers made more than $100k and 45% made more than $150k. Well good to know my tax dollars go to those in need. http://business.gwu.edu/creua/research-papers/files/FHA2012Q1.pdf

8. drtor Follow Befriend (2) 4 threads 119 comments

   8   1:21pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   CaptainShuddup says Goran_K says FHA should be abolished or the limit should be set back down to $250,000 in high priced areas, and $150,000 everywhere else. Well I think if you're making money to live in the "High priced" area, then they should be on their own. it Incidentally, the professors who wrote the report basically also argued in favor of dramatic cuts in FHA limits.

9. jaz5 Follow Befriend 3 threads 32 comments

   9   3:26pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   so let me get this straight... these people are making $100,000-150,000/yr but can't afford more than a 3.5% downpayment? Isn't that a huge red flag right there? I mean, upfront MIP itself on a $700,000 home is 10 grand!