James Gentry

I am confused. If most people in the industry agree that qualifying unqualified buyers is one of the big reasons we are in this trouble now, how can getting people into loans that cant afford the down payment be any different? When this started, people were screaming that in the old days you had to have 20% down to buy and that gave you a vested interest in making those payments even during hard times. Everyone was saying it was the no downs, stated loans, crooked loan under-writers and overall greed that were the evils of the industry. Now those same people are pushing for the gov to continue to give people a tax credit (a gift from you and me that we will never be repaid) and make it easier to qualify? How are these ideas any different from the very ones that got us here? If you want to buy a home, save up the down payment and use a formula to determine what monthly payments you can afford and then by a house that fits into that scenario. Why is that so hard to understand? I for one no longer wish to finance other peoples home purchases. look at what is happening with the FHA right now. Get ready to bail them out too. Once the government controls all the loans, right now only 80%, how long before the need for agents will be gone? Follow the dots people. Those begging for hand outs are destroying their own future along with all other agents.