Poorfags are upset about this

>Poorfags are upset about this

kek

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>poor people buying houses they can't afford causes a global recession
>leftists cry when we try to limit it

> lets pretend the housing mortgage premium crash never happened
JUST

$500 is fucking chump change , if you dont have expendable income to cover the $500 difference you shouldn't be buying a fucking house

Housing bubble in a nutshell
>government eases lending requirements in attempt to encourage
>no doc loans
>literally just need signature and declare sans proof how much you make
>Tyrone declares he makes tree nundid fitty towsand because his mixtape will got platinum
>get a 450k house in HOA community
>(((bankers))) approve his loan at 103%
>3 months later house is foreclosed
>(((bankers))) return the listing so Tyrones neighbor Jamarqiuos can buy it
>Jamarqiuos too has a mixtape dropping
>rinse and repeat

don't you mean for house flippers to scam
minorities to squat in neighbourhoods they can not afford
and greedy jew bankers to give loans like usury

Then when rates get raised significantly, wealthy people buy up all the houses for pennies on the dollar so they can rent those houses to Tyrones baby momma for those section 8 dollars.

>poor
>buying a house
??

this. This is literally saying
>"what? without that $500 I'll never be able to pay my mortgage!"

A whopping $29 dollars a month in savings. What a monster. Meanwhile it was said that the plan was suspended indefinitely so that they can review the risks and outcomes of it to make sure it doesn't cause some sort of imbalance because the an was allegedly thrown together in haste.

Exactly this

>trying to stop another sub prime crisis and mortgage bubble is bad

The leftists really are the toadies of wall street

>$15,000 plus interest you could have paid off is nothing
>500 other replies talking about loans
don't you guys have cartoons to watch

>i could have bought a house if it wasn't for that extra $4.17 a month over the life of the mortgage

FUCKING MONSTER

On a $200k mortgage, the savings would be roughly $29 dollars. Over a 30 yr mortgage the savings equates to just over $10k. If you can't afford to pay the $29 dollars a month, don't mortgage a $200k home. It's pretty fucking simple. Don't you have 3 credit card bills and a layaway payment to make?

>b b but its different this time, that wont happen again

We live in a disgustingly debt soaked economy and leftists want to keep it that way

This

Only idiots who bite off more than can chew complain and gripe. Just like college, not everyone is meant to own a home. So go cry, because this is reality and obama is gone.

maybe you shouldnt be buying a house if youre poor

idk

The left wants you to be in debt when it comes to everything cars, homes, education, etc. Even healthcare is horrendous under them, premiums went up $4500 for famalam

Our insurance and financial sectors are scams that have been fully endorsed by neoliberals since Carter

But then the left couldn't fuel a housing bubble that makes real estate unaffordable

>Market collapses due to poor people buying homes they couldn't afford
>Obama tries to lower taxes that potentially allows poor people to buy homes they can't afford (probably in an attempt to destroy Trump's presidential term)
>Trump puts a hold on the tax cut to allow his team to study the effects for themselves to make sure that the global economy won't crash again

TRUMP IS A MONSTER AND HATES POOR PEOPLE AND IS A RACIST!!!

They want real estate to crash under Trump so they can say "wow what a great real estate developer" and say "I told you so" meanwhile Obamacare has been fucking middle America when it comes to their wallets

doesn't he know that over half of Americans don't even have $500 in savings?

half the country is irresponsible losers who need to find a new homeland.

>usatoday.com/story/news/politics/2017/01/20/trumps-first-executive-action-cancel-obamas-mortgage-premium-cuts/96853446/
>In the first hour of Trump's presidency, the U.S. Department of Housing and Urban Development sent a letter to lenders, real estate brokers and closing agents suspending the 0.25 percentage point premium rate cut for Federal Housing Administration-backed loans

I'm a poorfag, and I've never gotten an FHA loan. So doesn't that mean this doesn't effect me?

Is this one of those handouts from whites to blacks? Because I'm white.

the same poorfags who voted for Trump

Right before Carson was even in hearings as HUD secretary, Julian Castro and the rest of the Obama administration made a cut of .25% to the rates, that is completely unsustainable and the Trump administration is only rolling them back, before they even go into effect.

tl;dr complete absolute horse shit from fake news, once again.

>5% of your home's value is nothing
Where are you even getting those numbers from? 500 a year would be 15k, not counting the interest you accrue by paying for insurance instead of paying down your principal.

Trying to say that this is nothing is fuckin nonsense. This thread is full of retards acting like it's nothing, which it isn't.

>Obama's HUD Secretary Julian Castro said on Jan. 9 that the premiums would be cut to share with U.S. homeowners recent gains in FHA's Mutual Mortgage Insurance Fund
hey look I used my brain and found a real reason for nobody to cry about it, it's a rule that was made less than two weeks ago. Thanks faggots, keep talking about how a republican increase of $500 is nothing when the obamacare tax is civil war.

wish you had posted 30 seconds earlier but thanks for being sane on a board full of idiots

fpbp

Are you retarded?
The housing mortgage crisis was the unintended result of banks lending larger amounts than appropriate to more risky mortgages.

The issue now will be that poor people will just have no house which means it's going to be a constant issue for them to try to get any stability.

>risky mortgages

Yes, those mortgages were given mostly to poor people who could only afford adjustable rate mortgages. Once the rates started going up, they began defaulting, which caused rates to go up more, which caused more defaults, etc.

I thought he was going to stand for the little guy, Schmumpfkins?

Instability doesn't come from not buying a house. It comes from earning too little and/or spending too much. They need to roll back their expectations and live within their means. Welfare covers the gaps on necessities, it's not meant to free up your income so you can afford to get it turnt up every weekend.

It hasn't gone into effect and 0.25% is so insignificant on a loan that you wouldn't notice it at all.

>houses they can't afford
But you see Trump is going to fix the economy and give everyone high-paying jobs. So there's no need to worry about this anymore.

It will drive down real estate prices making housing more affordable ( so will kicking out millions of illegals who drive up housing prices)

Thank you based trump

>implying poor people can afford houses

Making it easier for poor people to get mortgages makes it easier for them to become debt slaves

>hey, giving out loans to people who couldn't pay them back caused the world's economy to nearly collapse
>let's keep on doing it!

If you're a homeowner and you can't afford to live in your home because of a $500 yearly difference, you shouldn't be owning a home.

A real estate crash isn't going to happen until we stop the banks from making horrible loans and stop mass immigration

That is the only way we can avoid turning into Canada where a dilapidated 4 bedroom house costs $2 million

Its an extra $500 a year

Its blown way out of proportion

That's the difference between leftists and us. We don't want to be handed high paying jobs. We just want the opportunity to work towards such a job.

Good this will stymie dysgenics.

This. At least buy a fucking trailer or one of those cuckhouses so you don't look like a complete failure.

Yes you should only buy a house if you can afford it. Fucking jew morgue contracts man.

Look! An entire department that doesn't need to exist! Why the fuck is the federal government in the insurance business to begin with?

... what is this shit?

At the very least there should be tight credit standards

Before the Carter administration it was unheard of to give mortgages to people without jobs

Under Bush/Clinton it became common

If you can't afford $500 you can't afford a house and should not be buying one.
>The issue now will be that poor people will just have no house
Only the retarded ones that try to live way above their means. The real poor people either already have housing or are homeless. They're talking about the niggers who get free loans to buy nice houses and drive down the prices of the neighborhoods they move to.

FYI during the housing bubble Wall Street made NINJA loans meaning, no inxome, no job or assets.

In other words they gave out loans to anyone with a pulse just to drive up real estate prices and expand the bubble

And leftists are complaining about stopping that

Anyone who bought a home in the housing crisis deserves whatever financial trouble they have today.

>Yes you should only buy a house if you can afford it.
You say this like it's a ridiculous thing to say.
People who can barely get by can't afford to pay back a mortgage and miss payments constantly.
If you want another housing bubble go right ahead but it was a catastrophe last time.

>Obama
>tries to lower taxes

It's $500 per year assuming market prices won't drop, and they most certainly will.

Did you not read what you just said? That is exactly what said. The government forced the banks to make loans to people that couldn't afford them.

Why the fuck is that nigger so petty?

Shouldnt he be making a swift transition for Trump instead of looking for ways to fuck shit up not only for him but the entire country and potentially the whole fucking world?

>We just want the opportunity to work towards such a job.
Not buying it. You had that opportunity. It's called being relevant in the contemporary job market. I taught myself how to program and make a fat rate with no college degree. In lieu of that you can learn another trade or open a business. You sat around and waited for factory and coal jobs to hopefully fall into your laps.

this is literally blue-pilled. the very definition of blue-pilled. you are blaming the tools for the crime.

Suspending a decrease is not the same as an increase.

You dumb fucking kikes.

Poor people buying houses is what led to the 2008 market crash in the first place.

If you are legitimately poor, buying a hosue is your LAST concern.

If you are thinking of buying a home you are not poor.

If you are poor you are concerned with getting enough food and making rent and your heat bill.

This shit is stupid. The Gov. needs to stop perpetuating this idea that people on min wage working less than full time can/should be able to afford a permanent home/property.

Im poor and im not worried about thtis BS, cause im not worried about buying up homes/property...

Their idea of "poor" is idiot middle class people or even more idiot poor people.

it's good what trump did. easing/subsidizing this is how 2008 happened!

If this was the other way around it'd be touted as
>heroic democrat stops predatory lenders from targeting the poor and vulnerable

Season 7 isnt until spring.

homes should be cheap, dumbass
They should ofc be able to own a permanent home + a car

You think POOR PEOPLE in third world countries pay rent? No they live in shack towns

The problem with the US is that you have politicians who pump up housing costs deliberately, and deliberately shit on poorer housing because they are retards
As well, the only kosher way of segregation is by pricing shitskins out

QFT

Maybe they should put off buying a house.

FUCKING THIS

WHY ARE PEOPLE BITCHING ABOUT IT

FUCKDAMNSHITCUNTS

And if I wanted to live in/own a shack I COULD.

I dont want to... so i pay rent. I cant afford a permanent, WELL BUILT home.

Fucking leafs man.

Robert Rubin made the rules that banks could loan to anyone black even if they had a terrible credit rating and Rubin was a wallstreet insider from Harvard and a Goldman VP

>All civilized people should spend half their annual income paying rent

how about
fuck you & fuck your retarded thinking
There is no reason why housing should be a speculative investment industry with perpetually increasing prices

Given that Obama made it completely impossible I question the reality that it is "harder".

Where do you think the cost of a home comes from?

You have to pay for the materials
Pay for the land it's built on
Pay the workers to build it
Pay the inspectors to inspect it
Pay the yearly taxes for it being there

That's why houses are so fucking expensive, because of leftist bullshit that keeps feeding the beast.

Of course we need to end speculation and loose lending and mass immigration

That is what makes housing unaffordable

No

Housing is expensive because of loose lending policies and mass immigration

You have everything completely backwards. The land itself is skyrocketing in value a vacant lot in a major city today will cost ten times what it did a few decades ago.

Your rent/mortgage should never be more than a quarter of your income. Your car should never cost more than half your annual income.

So leftist bullshit allows more people in to drive up costs? Sounds like I'm still right.

Seriously, this. $500 a year comes out to, what, $40 a month? If $40 a month is the difference between being able to afford a house or not, then you probably couldn't afford the house in the first place.

Good job, Mr President. Why burden the poor with a mortgage? They need to educate and possibly sacrifice one generation to accomplish that.

I can afford the 500 dollar loss,but it doesn't mean it's not fucking bullshit.

It's not just that
It's rampant regulation about WHAT you can build and HOW you can build
Armies of bureaucrats
Zoning is a huge part of it
Very wasteful land usage in regards to useless green space/ suboptimal roadways/wide shoulders

>Obama tries to lower taxes
Yeah thats bullshit..

>pay inspectors to inspect it
no retard, you pay for building permits, inspectors come over free of charge to assess things are built properly. You dont pay inspectors.

Writings on the wall that chocolate potus's legacy will be ruining the Democratic party and there never being another black president so he's been salty as fuck.

Just look at recinding wet foot dry foot to punish the Cubans for voting Trump.
>Ironically giving Trump an easy win by reinstating it or a clear path to normalizing Cuba relations without having to worry about the entirety of Cuba moving to Miami

decades of easy credit is the reason home prices are so fucking retarded now-a-days.

Like my grandparents mortgage on their townhouse from back in the 80s had an interest rate of 15%... but it was 15,000 dollars. (just under 42K adjusted to inflation), but now a-days a comparable condo costs about 200,000 dollars.

So interest rates are 1/5th of what they used to be, and home prices are 5+ times as much.

Easy consumer credit has made houses harder to get. not fucking easier.

200,000 ? lol
where do you live
Try finding a decent condo under 500,000

>we just change the name so it's not the same

normalizing cuban relations?
He should "regime change" cuba

Winnipeg. You can still get detached houses in city limits for under 200 here, but they are all in shit areas.

>poor people shouldn't be able to afford houses
>raising mortgages makes people less likely to fault on it (???)

The lengths you cucks will go to to defend the faggot you put in the White House is insane. Mental gymnastics far, FAR more impressive than tumblrina's. Can't wait for the upcoming 4 years and the inevitable Sup Forums implosion.

You can't teach idiots to have common sense. I didn't buy a home until I had 30% of the value of the home in cash, minus other savings. Talking to my agent it was amazing people couldn't afford a $400 fix or something.