NAR Clowns Applauding Congressional Bailout of Irresponsible Borrowers
No surprise here. These people have no shame.
Idiotic remarks of the day:
NAR President Pat V. Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt. “While some homeowners are faced with mortgage payments they can no longer afford as their adjustable subprime loans reset, a reformed FHA is positioned to offer borrowers a safer mortgage alternative and help bring stability to local markets and local economies.”
Hey Pat, would it be too much for you to explain just exactly WHY people can't afford homes without those gimicky loans or the government bailout? Hint: it's because you Realtors talked them into spending more than they could afford, convincing them they deserved to "own (i.e. rent from a bank) rather than be a "renter." And you hyped up prices beyond reason with your inane and inaccurate babble about housing as an "investment."
"Eliminating the 3 percent minimum down payment will help many buyers into homes..."
Phew. Because that's what we need more of: people to aren't affluent enough or responsible enough to save a measly 3% for a down payment, taking on big loans, with the government guaranteeing the payoff.
When the masses grab for the pitchforks and light up the torches, I'll be sure to hand them a map to NAR's HQ.