Check out this REIC propagada from Fannie Mae (yes, the same Fannie Mae who'll end up costing the US taxpayers trillions)
Watch them pull at your heartstrings, and try to sell you the American Dream.
The Dream is dead (for now) folks. Buying no longer makes financial sense. And for millions of families who got suckered to buy at the peak, they'll now lose everything.
Thank you Fannie Mae!
February 08, 2007
Fannie Mae video: Suckering people into the worst financial mistake of their lives by playing to the nesting instincts of women
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22 comments:
That's ok. Once the foreclosure takes place the sows can continue spewing out larvae in a ghetto apartment.
I just puked.
I managed to watch this to the end and you know there is actually some good info, like where the guy who makes 50K a year is told he can only qualify for a 125k mortgage.
Of course he is going to have to save a little money for the move to North Dakota.
What year was this made anyway?
But Keith, home ownership is the American way, just like driving a SUV, getting fat at McDonalds, and leaving debt for your great great grandchildren to clean up. . .we want it all NOW - with a cherry on top!. . .how can you say no to such nice people. . .
BTW - I TOLD everyone this would be a red letter day - first HSBC melts down, then the Marketwatch.com home page looks like Housing Panic - 5 stories about housing meltdown!. . .and THEN Anna Nicole dies!!. . .another American Icon down . . .where will it end???
"...I can own for less then the rental".
HAHAHAHAHAHAHAHAHA
How about property taxes, and 10% depreciation for 5 consecutive years, and a new roof, and building insurance, and then #$%@ - my mortgage payments just reset and the reset was more than my previous rent!
America and $US - the party is so over (ask HSBC)
that made my mind up..honey, plan the open house round up for this weekend!
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http://www.realtor.org/press_room/news_releases/2007/realtors_protect_homebuyers_predatory_lending.html
here we've got the NAR claiming to be very interested in protecting the home buyers from predatory lenders... the same lenders that were "making the numbers work" for all those transaction that the NAR members were doing the last few years to get people into houses they couldn't possibly afford.
Does anyone remember the movie "scarface" when Tony shot Robert Loggia toward the end, and then the greasy cop turned to Tony and explained how he had told Loggia's character all along that he shouldn't mess w/ Tony?!?!
Yeah... the hypocrisy at the NAR in light of the hearings is kinda like that.
As for this video... fine! Let's sucker in the last few and get this over with already!
"I see families, I see barbeques"
Uh, I see foreclosure and divorce quite frankly
Sold in july 2006 in seattle,looks like I got out just in the nick of time,with 19years worth of equity and put the money in the bank. Whats wrong with an apartment.
Not only are they suckering women, they're suckering stupid men who buy a house as a status symbol in order to attract women. This is VERY dumb because the only women who are overly interested in whether or not a man owns a house are the golddiggers who are looking to take that house in a divorce.
Just to clarify, this is from the Fannie mae Foundation. Not Fannie Mae. My sister and Brother in lAw worked there. There mission ios to get people in to buying houses. It is their mission.
HAHAHA
Keith,
Now I have dumb ass REALTORWHORES leaving notes at my rental door about how it is more cost effective to rent. I live in Irvine,CA my rent is $1500. They use a $1850 rent which is not true. The other lie they use which is a new tactic is showing a 5% appreciation every year in your profit. Well actually we are down 5% in the last six months. Where do they find these idiot realtorwhores.
How doyou build equity with a payment option ARM? Especially when prices are dropping
You should see all the single chicks with homes in foreclosure now...
$50,000 / 12 = $4,167 * 0.28 = $1,167 PITI
10 years on the job - why shouldn't this guy get a $150k loan again? Borrowering 95% LTV in San Debubble or Inventory Arizona might not be the wisest decision but I don't think that is what is going on here. I'm just curious why promoting home ownership is such a big deal here?
Spare me!
I want to vomit!
Son, $150k of debt doesn't equal "ownership".
"You should see all the single chicks with homes in foreclosure now..."
Where? I'm looking forward to the next bubble: cheap poon.
This (video) is so cynical. Clearly aimed at (disadvantaged) minority buyers, who because of their economic experiences and background are the most vulnerable.
It is the opposite of what it portends to be ( infomercial offering insight and education to the disadvantaged, and therefor inexperienced would be buyer,)It is in-fact actually exploiting this group of people for the same reasons.
Congrats to Anon in Seattle who sold out just in time.
Feel sorry for those who missed the boat, happy for those who were smart and *didn't* miss the selling boat, and *extremely**happy** for those who will be able to buy a home with a sane price once this mess is over with.
My sincere hope is that Fannie/Freddie will cease to exist so that housing can once again become affordable.
Do not vote for politicians who support Fannie and Freddie!!
Ok, Gary I understand the bank places a lien on the title, but any equity in the home is more "ownership" than you'll ever recieve by living in an apartment. And guess what happens when that lien is paid? You have to start somehwere.
Of course they could just put away $180-200/mo for 30 years into a money market account, rent in the meantime and have $150,000 then. It'll be interesting to see what $150k buys in 2037 though.
It's simple math, numbers that's all. Can you afford it or can you not? Fannie Mae has the strictest lending guidelines in the industry, moreso than Freddie, FHA, VA etc.
Again - if they were being swaded to borrow Option ARM in San Diego on a 500sq ft out-house it'd be one thing, but they're getting the same loan my parents got in 1973 and guess what Gary, they do OWN their home.
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