Page 6 - Down Payments News Today

Different thing. >> gregg: 900 square feet im up to. look, during the recession homes receded in terms of their size. in our they are growing, could that be a harbinger of a growing economy? >> it might be. but so few people can afford mortgages. they cant qualify for mortgages. there is a very small percentage that can. those tend to be richer people who dont need a mortgage so they can put money down or they have higher credit scores. its amazing what is required to refinance. mortgage rates i...

Of getting a mortgage is overly complicated there are hidden clauses and complex terms. >> yeah. jenna: he didnt use the words victims, i dont want to put words in the presidents mouth that the consumer was hurt badly of irresponsible actions by others. where does consumer responsibility, lie, steve, when we look at recovering from this financial crisis and how should we be looking at that? >> that is a really great question. the president, he didnt use the word victim but i will. i think he des...

To the lack of fundling for new home construction and the lack of the ability for consumers to get home loans without huge down payments. my question do you today is what will you do to protect americans rights own their own homes and restore the housing industry that is critical to our economy? >> well, thank you members. let me see how much i enjoy charleston. this is one of the most beautiful cities in the world. it is great to be with you today. your question about housing is a question peop...

To the lack of fundling for new home construction and the lack of the ability for consumers to get home loans without huge down payments. my question do you today is what will you do to protect americans rights own their own homes and restore the housing industry that is critical to our economy? >> well, thank you members. let me see how much i enjoy charleston. this is one of the most beautiful cities in the world. it is great to be with you today. your question about housing is a question peop...

Home construction and the lack of the ability for consumers to get home loans without huge down payments. my question do you today is what will you do to protect americans rights own their own homes and restore the housing industry that is critical to our economy? >> well, thank you members. let me see how much i enjoy charleston. this is one of the most beautiful cities in the world. it is great to be with you today. your question about housing is a question people are concerned about. sometime...

The underlying securities will be, the investors, but the entities themselves if they get into trouble, they will fail, go away. its not the taxpayers that have to pick up the tab. >> neil: congressman campbell, isnt it possible, though you dont want this, that we will still be looking at the government on the hook for mortgages that could go bad? >> but, neil, for the government be on the hook youd have to burn through the downpayments, and were going to require good, solid down payments. >> ne...

Up? >> we have regulations now going into effect that makes it tougher. they have to have more reserves and capital. they will show they are never going to take any risk makes it harder for people to get loans. i know people with good credit scores and decent down payments. >> it will cost you more to borrow. the small company wont be able to borrow. >> thats where the jobs come from. everybody says lets get the jobs lending again. martha: we have a lot of things on different fronts. we are wait...

Mortgage today that mortgage is being basically purchased by the government or backed by the government and then put into these securities and thats what keeps the money flowing. thats what makes it appealing to lenders to keep lending this money. the problem is that the government -- the safeguards were way too low because a lot of people felt, well, the government is backing me so we dont have to worry about it. that created this thing we know called moral hazard and those mortgages turned out...

Closings will be the big issue of next year. >> greta: it used to be the federal government could inspire us. the thrill of possibly going to the moon which we did. exciting, thrilling. how we get these unfulfilled promises. take the stimulus bill last february we were told it would bring us down to 8%. we are hovering around 9.5 thats a generous number it doesnt take into account the people so uninspired theyve left the market. mms not doing its job so weve got the oil spill. theres nothing we ...

10% down payments or larger if your credit score drops below 580, actually below 620 you start having more impact. john: so if your credit score is really low youre a bad risk. people used to pay 20%. >> in most cases low credit score means bad risk, in most cases. john: so why have the taxpayer lend the money? >> the problem is if youre the mayor of a city, how are you going to get schoolteachers police officers firefighters to work this those communities if theyre going to be never able to buy...