XPost: alt.politics.usa.congress, alt.atheism, talk.politics.misc   
   XPost: alt.politics.usa.democrats, talk.abortion   
   From: RegulationReform@USA.com   
      
   On 1/6/2020 3:16 PM, Regulation Of Commerce wrote:   
   > 250 Year Fixed, No Doc, 100% Loan-To-Value, Conforming Loans are needed.   
   >   
   > A 250 year fixed payment is equal to an Interest-Only payment.   
   >   
   > We can still have teaser rates for the first 5-10 years, to build equity and   
   then   
   > refinance.   
   >   
   > The 5/1's are still a time bomb waiting to happen, as soon as the housing   
   market   
   > falls again.   
   >   
   > Mortgages with adjustable payments are a time bomb waiting to happen, as   
   soon as   
   > the housing market falls again.   
   >   
   > The payment must stay the same for the life of the loan, though the rate can   
   change.   
   >   
   > The 250 Year Fixed, 100% Loan-To-Value, Conforming Loans are needed, No Doc   
   for   
   > primary loan, doesn't have to be a residence, one could rent as a vacation   
   property.   
   >   
   > No two years of employment proven.  Buy at will, to live in or rent as   
   vacation   
   > property.   
   >   
      
      
   When there is a decedent, property passes to an heir.  The heir must refinance.   
   The property is reappraised before any refinancing.  Structures may last 100's   
   of   
   years with repairs.  The question is not different from refinancing a 100+ year   
   old structure which exist in Europe, like a castle.  Vs. a manufactured home.    
   So   
   even if the structure isn't going to last 250 years, the life of the borrower   
   isn't going to last either, limiting the actual term of the loan to their   
   lifetime, over which the structure likely will last, but reducing the payment   
   to   
   an interest-only payment, which was the entire point of the idea, the 250 year   
   fixed notion additionally clarifies there is no notion of paying off the loan.   
      
   I'm not a troll, and this is a real solution to our housing problem which will   
   eliminate renting, and allow everyone to buy today.   
      
   250 Year Fixed, No Doc, 100% LTV, Primary Conforming Loans Are Needed.   
      
   The payment must stay the same for the life of the loan.  Teaser rates will   
   allow   
   refinancing into new teaser rates every 5-10 years, and build equity, getting   
   loan   
   to value down to 95%, as a 5-year 3% teaser, on a 4% 250-year fixed, will   
   equate   
   to a blended 3.98% over 250 years, but the entire savings will be in the first   
   5   
   years because of the mandated same payment.   
      
   (For a 10-year 3% teaser, the blended rate would be 3.96%, and the LTV would be   
   90% after 10 years.)   
      
   This is a much better solution than 5/1, 10/1 ARMs, and adjustable payment   
   mortgages should be outlawed, - but adjustable *rate* mortgages should be   
   encouraged on behalf of consumers.   
      
   How come we don't have teaser rates on 30-year fixed today?  Just buffoonery?   
   Couldn't conceive of it?  Well, this is a better idea.  Yes, I'm smart.  Deal   
   with it.   
      
      
   You'd think the bank would not be with adjustable payments.  The bank's just   
   making a bet.  If it wins, it wins.  If it looses, the taxpayers bail it out.   
      
   But then why not just lend more risky, like lower rates for everybody, and   
   higher   
   or 100% LTVs anyhow.   
      
   Is the bank really just so stupid it doesn't realize the folly of a 5/1 ARM?   
      
   It's trying to make something out of nothing, and solve the housing problem   
   that   
   way.  But it's a joke.  A 5/1 ARM's a bet.  And it's a bet that will leave   
   somebody homeless.  At least with a 100%-LTV 250-year fixed payment, the   
   payment   
   stays the same.  And the interest-only equivalent low payment lets people buy   
   today.  Something you couldn't achieve with a 30-year fixed.  Their bad   
   solution   
   of a temporary low rate with adjustable payments, or interest-only payments   
   for 10   
   years or less, is not a sound solution for perpetual home ownership.  The   
   American   
   people deserve a better answer.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)