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H.R. 600, The FHA Seller-Financed Downpayment Reform Act of 2009 (22 comments ↓)
H.R. 600 would revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act.
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CSCH
February 25, 2009, 4:33pm (report abuse)I oppose H.R. 600 because it is all part of the crazy irresponsible lending practices that led to the foreclosures and economic mess we\'re in now. Congress was right when it banned them in 2008, and HUD was right to try and ban them too. The housing industry\'s lobbying for this bill is self-serving and has nothing to do with \"The Dream of Homeownership,\" and everything to do with profit. Prices were artificially inflated during the bubble, construction in many instances was shoddy, and home warranties were illusory, and loans were in many cases toxic. Mortgage fraud was rampant--FBI found 80% of the time the fraud was done BY THE INDUSTRY. DPA\'s are nothing but money laundering and they need to stay gone.
CSCH
February 25, 2009, 4:33pm (report abuse)I oppose H.R. 600 because it is all part of the crazy irresponsible lending practices that led to the foreclosures and economic mess we're in now. Congress was right when it banned them in 2008, and HUD was right to try and ban them too. The housing industry's lobbying for this bill is self-serving and has nothing to do with "The Dream of Homeownership," and everything to do with profit. Prices were artificially inflated during the bubble, construction in many instances was shoddy, and home warranties were illusory, and loans were in many cases toxic. Mortgage fraud was rampant--FBI found 80% of the time the fraud was done BY THE INDUSTRY. DPA's are nothing but money laundering and they need to stay gone.
Johan
February 26, 2009, 1:40pm (report abuse)Must be an echo in here! I suppose you oppose economic growth and that you support spending trillions of dollars on useless programs that provide no benefit whatsoever to the housing industry! Not one penny of government spending will ever reach the first time home buyer; DPA will enable millions of Americans to buy a home without one cent of taxpayer money.
joe the plumber
March 10, 2009, 9:16pm (report abuse)the down payment providers pocketed millions of dollars. they provided no value to the home purhaser other than an inflated home price whcih they used to fund their grsnt fee. scam artists!
Bill payer and tax+ payer
March 11, 2009, 6:31am (report abuse)I have decided that my vote would swing in favor. You see I pay taxes (I beleive more than my share) and I pay bills on time and always. Since loosing my job I have dwindled down my savings and sold everything of value to ensure on time and never late. Now I found a good job and have to move quickly. I could rent or buy. If I rent cheap and save for downpayment I am putting my welfare on the line. If I rent to own I am subject to terms that aren't favorable should something go arise. Now why should I be punished for working multiple jobs and doing absolutely what ever it takes to ensure I keep my good name and credit. Maybe right this second I could use a hand. I never asked for one before. Have you?
Debbie the Accountant
March 24, 2009, 11:50am (report abuse)I suppose H.R. 600. Why is the President and Congress once again bailing out the big Corporations and not us the US citizens that work everday and pay taxes. I thought it was suppose to be about change. And if you do your research this bill or any prvious one like it has nothing to do with the housing crisis. It was the lenders approving any and everybody with no income verifications, 105% loans, etc. The program has guidelines, must have good credit, income to qualify for assitance. FHA has strict guidelines. This is a great program to help credit worthy people help to obtain a home. So i don\'t see why any tax payer would even consider saying NO to this bill. Does cost the tax payers a cent, helps the housing crisis, boosts the economy and less no forget the most important factor helping another american to achieve their piece of the American Dream by getting alittle help to buy a house.
Marsha Thompson
March 26, 2009, 8:26am (report abuse)I support the HR600 Bill.
AMA
March 26, 2009, 8:45am (report abuse)Count my vote in full support of HR-600.
Moses
March 26, 2009, 11:48am (report abuse)In this time of economic upheaval I am fully in support of a program that does not cost the government any money and generates money FOR the government in the form of property taxes. Yes for HR 600
MPA
March 26, 2009, 12:56pm (report abuse)Support HR-600--Downpayment Programs cost taxpayers ZERO dollars and can help get us out of this current housing crisis...help keep these valuable programs alive!!
Sal
March 26, 2009, 2:22pm (report abuse)HR 600 will save a lot of jobs, stop a lot of foreclosures in my community, and therefore stablize my own home value. Count me in full support.
Aidan
March 27, 2009, 10:10am (report abuse)I am strongly in favor of this bill, ZERO dollars from the government and taxpayers to help people and it can help us with the current housing crisis. By stopping this program you are contributing to unemployment as well. So again count me in for full support of this bill!!!
Link
March 28, 2009, 12:59pm (report abuse)I support H.R.600 Our economy will do nothing but benefit from it.
Raphael
March 29, 2009, 7:46pm (report abuse)I support H.R. 600. Down Payment Assistance should be reformed and should never have been eliminated. Homeowners need the option of this program and so does our economy.
Flora
March 30, 2009, 7:59am (report abuse)I support bringing back DPA. There was never any evidence that DPA led to higher foreclosures. DPAs serve only buyers qualified by brokers so any undeserving buyers who squeaked by were the fault of the lenders. Nevertheless, there are important reforms in this bill that DPAs have requested for years. Let's give them a chance to work.
Charlotte
March 30, 2009, 7:13pm (report abuse)I support H.R.600. DPA\'s have made the dream of homeownership a reality for many deserving people & did it without a dime of government funding. Only an uninformed person who doesn\'t understand the purpose, mission, & benefits of DPA would oppose. SAVE DPA!!!!
Debbie the Accountant
March 31, 2009, 3:29pm (report abuse)If you support H.R. 600 then please contact the committee for House Financial Services. Write, call, email. This bill was introduced to the house on 01/16/09 and nothing else has been done since that day. As I understand it the bill has not even come up for discussion as of today. Support DPA.
IndyDave
April 4, 2009, 3:33pm (report abuse)Any failure on the part of DPA was the result of appraisers not accurately appraising property and lenders not using common sense. If the down payment assistance does not create a "real world" positive equity position...it is a scam. It is fraud and such people should be in jail. However, if a 10% assistance creates a 10% equity position for the lender, it has done its job and help an individual into a home. Let the free market work and allow me to use my money how I please.
Ronilynn
April 5, 2009, 10:23pm (report abuse)I support HR 600. A combination of failures and corruption on the part of bankers, politicians and manipulating factors on Wall Street triggered the current housing crisis, not DPA. Support HR 600!
SeanP
April 23, 2009, 11:39am (report abuse)A small amendment to this bill would make both sides happy. Seller Concessions on FHA loans are currently 6% of the purchase price, regardless if there is down payment assistance from a non-profit or not. If an FHA purchase involves a non-profit for the down payment, change the maximum Seller concession to 3% instead of allowing 6%. Conventional loans allow only 3% seller concessions on most transactions. This would keep the total concessions from a seller within limits of what FHA currently allows. A simple fix to the problem.
TiffanyVW
May 18, 2009, 1:57pm (report abuse)As a real estate agent who has seen the good that down payment assistance can do, I FULLY support H.R. 600. Not one of the clients who purchased a home with me who used down payment assistance have been foreclosed on. All of them met the requirements to purchase a home, but lacked a down payment.
H.R. 600 would enable thousands of home buyers who meet the lending requirements to purchase a home but lack the down payment become home owners. This would help stimulate the economy and stabilize the housing market with out any cost to tax payers!
babo adam
September 21, 2009, 2:54am (report abuse)I am in support of this bill if buyer have at least FICO 0f 720. First time home buyers do not have down payments and they can get it from the sellers who are willing to help. Zero assistance from GOVT. It is good a good bill.