Reply to How the US is subsidizing high-risk homebuyers

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In theory, this is to help poor people.

In practice, quite different.

As a very young teacher, I began working with an extremely low salary.
I had a roommate--a friend from college--we made the same amount of money.

I had car payments.  She did not.  She had an old car that her parents had given her.  They also gave her a trip to Europe for college graduation.

Four years later:

I had paid off my car and continued to put the allotment in savings.
I had a Master's Degree by going to school at night and in the summer--much of which was paid for by the school system.  
The Master's Degree came with a salary increase.

Roommate:
Bought new car, so had car payments,
Constantly in debt and writing bad checks.
She did not have a Master's Degree--though she had the same opporutunity.to have the school system contribute to a Master's Degree--which would have increased her salary.

Why did she write bad checks?
When we ate out together, she always chose whatever she wanted.  She never considered the cost.
I always looked at the prices first.  "Read the menu from right to left."

She spent money on frivolous things--very expensive non-prescription sunglasses, for example.  If she liked a pair of sandals, she bought thee pair in different colors.  Even though she couldn't pay her bills, she would write a check for what she wanted.
Her credit rating would be poor because she did not pay her bills.

Do you really think a person with a poor credit rating is a good risk for a mortgage?  That you should be rewarded for poor choices?

I understand trying to help people who are struggling.  But, the credit rating reflects more than income.  It is an indicator of risk.[/quote]

Best post in this thread.[/quote]

Nope. Tired old cliche. “Poor people didn’t work as hard” is true in some cases but not universally. [/quote]

The people who benefit the most are middle class people who are financially undisciplined.  Poor people don't really buy homes.  [/quote]

This. You still need enough income to qualify for the loan and a down payment. This benefits people with good salaries who missed payment or carry huge balances [/quote]

And, face greater risk of foreclosure.  Makes no sense.[/quote]

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