willydo

Scary Foreclosure Numbers, Scarier Prospects

It says the govt money will be used to "help provide down payment assistance and help with closing costs for qualified buyers". Well, they are NOT qualified buyers if they can't even put down a payment and share closing cost. If they are that poor, we are just setting the taxpayers up for more defaults. That's what got us into this mess in the first place; people living beyond their means.
In less insane times, the lenders actually checked and varified that the buyer was putting up the down payment himself because if not, it was an indication he was not qualified and also would not have anything in the house so he could just walk away. I'm afraid we have not learned from this fiasco at all.