NOW on PBS - Cities filing suit against lenders and banks,,,

[benld74]

Memphis -Reverse redlining is going to be used, and damn do they have a case. Hopefully more are helped through this than just lawyers. Cleveland, Baltimore both using Federal Fair Housing act. THey have a case as well.
Check local listings for the show. I have n link, am watching it now

[David Dunham]

1. Banks DO NEED TO ONLY LEND TO PEOPLE WHO MAKE DOWNPAYMENTS

The days of nothing down mortgages have to stop even if it means that fewer people can buy homes.

[Hydra]

2. And that's the problem

They won't pay us, but want us to buy things- hence, credit. We took that as far as it could go, and they still won't pay us.

[AwakeAtLast]

3. Don't lump everyone into one group

VA loans have been no-down-payment for quite some time. My husband earned his right for a no-down-payment loan.

I do agree there needs to be tighter regulations in the loan process, though.

[Hello_Kitty]

4. They have a very low default rate too. eom

[Hello_Kitty]

5. People need WAGES that enable them to save up a down payment

The days of low pay and being misled into thinking you can "invest" your way into prosperity need to be over.

[Donnachaidh]

6. They also need to STOP lending to the multiple house-flippers

who really didn't have credit, but held a piece of paper on questionable dwellings. It isn't JUST the no-down payment folks who were screwing around. Mortgage brokers learned to be creative to fill THEIR pockets. too.