Re: community mortgages?

A quick Google indicates that that is not the common meaning of
"community mortgages". The primary meaning is where banks, through
misguided altruism, customize mortgages for police officers and
teachers so that they can live in a particular city where real estate
values have gotten very high.

The other hit I got was some deal in the Phillipines run by NGO's where
the government makes the loans, which sounds like a good way to siphon
off government money into the bank accounts of crooks.

What you describe doesn't have any reasoning behind it, why on earth
would people pool their money to pay off someone else's mortgage ?
That's why we have banks, where we pool (save) our money and then the
bank lends it out. If my neighbor can't pay off his mortgage I don't
give enough of a cr@p to lend him MY money, perhaps he should quit
drinking and smoking, and get steady a job instead of sitting on his
ass.

I woul dlike to see hte guovernment do less to jack up housing prices.
FHA, Fannie Mae, Freddie Mac, all tend to work for the benefit of
developers. And that $250,000 tax exemption did nothing but fuel
housing inflation, which is the opposite of what our society should be
aiming for - we should keep housing prices low so everyone who wants
to, can buy their own place.

.

Relevant Pages

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