Feds to Guarrantee Million Dollar Condos in Manhanntan

teapartysamurai

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Mar 27, 2010
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Feds to Guarantee Million Dollar Condos in Manhattan - Big Government

Whitney Gollinger, marketing chief for a Manhattan condo building with an outdoor movie theater and panoramic city views, is highlighting a different amenity to spur sales: the financial backing of the federal government.
The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments are listed at $820,000 to $3 million.


“It’s a government seal of approval,” said Gollinger, a director at the Developments Group of New York-based brokerage Prudential Douglas Elliman Real Estate. “We need as many sales tools as we can have these days, and it’s one more tool.”

The FHA, created in 1934 to make homeownership attainable for low- to moderate-income Americans, is now providing a lifeline to new Manhattan luxury condominiums after sales stalled. Buildings featuring pet spas, concierges and rooftop lounges are applying for agency backing to unlock bank financing for purchasers. The FHA guarantees that if a homebuyer defaults on his mortgage, the agency will pay it.


Read it all here: Manhattan Luxury Condos Try FHA Backing in `Game Changer' - Bloomberg

There's your tax dollars at work. While Democrats tell you it's greedy to want to keep more of what you earn, because tax dollars help the poor--look where your money REALLY goes to help!

My question is which Congressman or Washington Bureacrat didn't want to pay full price on one of these condos to spur this latest little outrage????

:mad:
 

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