[StBernard] Time for a reiteration

[Westley Annis]

Sometimes things stated go by so fast that no one stops to think about what
was said.  A perfect example of that took place today (January 4th) when an
association of community banks announced they are looking at revising
lending standards to require a higher down payment to get a mortgage loan.
A 20% down payment has been recommended, but lender Wells Fargo has
suggested the down payment be even higher at 30%.  Here's what a
spokesperson said.

 

"We feel increasing the down payment can make it possible for otheres to get
a mortgage than can't afford such a higher down payment."

 

Time for reiteration.  Let me rephrase what the spokesperson said in longer,
but simpler wording so every understands exactly what it is they are trying
to do:

 

"We think people who could afford a higher down payment need to be required
to do so, because this way we can take some of that money and give it to
other borrowers with bad credit and have no business being given a loan, so
they can too can be given a loan to buy a house.  In other words, what we
bankers want is to have our own form of "redistribution of wealth."

 

Now, why did they have a problem wording it like that?  It's because if you
realized what they were really up to they know the public would be
bombarding the phone lines of their Congressmen.  So contact your
Congressional rep and U.S. Senators and let them know you are against any
move by the banking and mortgage industry that would allow them to use any
part of a down payment you make on a loan to be used to fund somebody else's
down payment (or inability to make one).  Remind them this is how we got in
this mess in the first place.

 

-          John