Joe Biden is once again taking a ‘wrecking ball’ to America’s housing market

[excalibur]

The Joe Biden motto: Another day, another way to do harm.

The mess just keeps on going. And some of you cheer this guy on only because you were told to believe that Trump is a bad man.

Would you be willing to save a few hundred dollars on a car purchase if the seller seemed squirrely and didn’t have the title to the car?

Unfortunately, you will be on the hook for Joe Biden’s latest vote buying scheme to subsidize mortgages for houses with shaky titles.

In his State of the Union address, Biden proclaimed, “My administration is also eliminating title insurance on federally backed mortgages.” What could possibly go wrong?

Title insurance protects homeowners against financial loss if there is a defect in the title to their property.

“Wrecking ball benevolence” — my phrase in a 2004 Barron’s article that was quoted in a 2017 federal appeals court decision — leveled the housing sector.

As Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee, declared in 2013, “Rank cronyism, Enron-style accounting and outright financial fraud made [Fannie and Freddie] so powerful and unaccountable that they were able to wreck our economy.”

Despite the debacles earlier in this century, Team Biden is championing “no clean title, no problem” mortgage loans.

Biden policymakers believe they are so smart that they can turbo-charge housing demand while removing the guardrails — and nothing bad will happen (except Biden’s reelection).

In lieu of title insurance, the Biden administration will approve granting subsidized mortgages based on “attorney opinion letters” that assert a lawyer believes someone owns a house.

Such form letters can now be purchased for $199 in some locales. This sounds on par with the $99 online deals selling “emotional support animal letters” people exploit to “prove” they need their dog, cat, kangaroo or squirrel with them at all times.

Having a page of pablum on fancy law-firm letterhead will be no competition for a clean deed — or a tangled land dispute that could go back generations.

A recent report by FundingShield found that home title fraud risk “reached an all-time high” late last year.

The title insurance waiver is part of a blizzard of housing interventions to portray Biden as a savior.

But foolish federal policies have made homes less affordable than ever before.

...​

Joe Biden is once again taking a ‘wrecking ball’ to America’s housing market

Joe Biden is wrecking the housing market by ditching things such as proper title insurance.

nypost.com

 

[John Edgar Slow Horses]

The housing market is fine, Biden is not hurting it, and excalibur merely pisses on his own feet.

 

[two_iron]

Joseph Stolen says it's your privilege to pay for his fuckups. He's got 6 opulent mansions and if you don't open up 22 shell companies and extort $100 Million from foreign countries that need our aid.... well, that's YOUR fucking fault.

 

[1srelluc]

LOL....That's why I'm wanting to sell mom's house before the election....Hey, maybe FJB will be good for something after all!

I swear though, I saw a older and small home on a dinky lot with a new for sale sign on it the other day. I passed by there this morning and there was a "under contract" shingle already hanging under it.

I told the wife and she looked it up....235K!

I men WTF, and it was only 2-BR/1 bath. It's crazy out there.....And I plan to take full advantage.....Don't low-ball me, I know what I got.

 

[Hollie]

The Joe Biden motto: Another day, another way to do harm.

The mess just keeps on going. And some of you cheer this guy on only because you were told to believe that Trump is a bad man.

Would you be willing to save a few hundred dollars on a car purchase if the seller seemed squirrely and didn’t have the title to the car?​

​

Unfortunately, you will be on the hook for Joe Biden’s latest vote buying scheme to subsidize mortgages for houses with shaky titles.​

​

In his State of the Union address, Biden proclaimed, “My administration is also eliminating title insurance on federally backed mortgages.” What could possibly go wrong?​

​

Title insurance protects homeowners against financial loss if there is a defect in the title to their property.​

​

“Wrecking ball benevolence” — my phrase in a 2004 Barron’s article that was quoted in a 2017 federal appeals court decision — leveled the housing sector.​

​

As Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee, declared in 2013, “Rank cronyism, Enron-style accounting and outright financial fraud made [Fannie and Freddie] so powerful and unaccountable that they were able to wreck our economy.”​

​

Despite the debacles earlier in this century, Team Biden is championing “no clean title, no problem” mortgage loans.​

​

Biden policymakers believe they are so smart that they can turbo-charge housing demand while removing the guardrails — and nothing bad will happen (except Biden’s reelection). ​

​

In lieu of title insurance, the Biden administration will approve granting subsidized mortgages based on “attorney opinion letters” that assert a lawyer believes someone owns a house.​

​

Such form letters can now be purchased for $199 in some locales. This sounds on par with the $99 online deals selling “emotional support animal letters” people exploit to “prove” they need their dog, cat, kangaroo or squirrel with them at all times.​

​

Having a page of pablum on fancy law-firm letterhead will be no competition for a clean deed — or a tangled land dispute that could go back generations.​

​

A recent report by FundingShield found that home title fraud risk “reached an all-time high” late last year.​

​

The title insurance waiver is part of a blizzard of housing interventions to portray Biden as a savior.​

​

But foolish federal policies have made homes less affordable than ever before.​

​

...​

Joe Biden is once again taking a ‘wrecking ball’ to America’s housing market

Joe Biden is wrecking the housing market by ditching things such as proper title insurance.

nypost.com

Dem / Marxist mismanagement and incompetence relative to the econony will push interest rates higher thus making homeownership even less affordable.

 

[pknopp]

I never understood this concept. It has always seemed a scam to me. You pay someone to research a title but then you have to buy insurance to make sure they did their job.

No, they should be on the hook if they didn't do their job.

 

[Hollie]

LOL....That's why I'm wanting to sell mom's house before the election....Hey, maybe FJB will be good for something after all!

I swear though, I saw a older and small home on a dinky lot with a new for sale sign on it the other day. I passed by there this morning and there was a "under contract" shingle already hanging under it.

I told the wife and she looked it up....235K!

I men WTF, and it was only 2-BR/1 bath. It's crazy out there.....And I plan to take full advantage.....Don't low-ball me, I know what I got.

It just never occurred to the coma patient occupying the White House that uncontrolled federal deficits and flooding the country with millions of illegals would drive up both interest rates and demand for housing making housing more expensive.

 

[LAUGHatLEFTISTS]

The housing market is fine. Just ask Barney Frank.

 

[IM2]

More silly right wing bs.

 

[JoeB131]

LOL....That's why I'm wanting to sell mom's house before the election....Hey, maybe FJB will be good for something after all!

I swear though, I saw a older and small home on a dinky lot with a new for sale sign on it the other day. I passed by there this morning and there was a "under contract" shingle already hanging under it.

I told the wife and she looked it up....235K!

I men WTF, and it was only 2-BR/1 bath. It's crazy out there.....And I plan to take full advantage.....Don't low-ball me, I know what I got.

Housing is finally recovering from Bush's Recession. That's actually kind of nice.

I know the condo I bought in 2021 for 155K is now worth 190K. This is actually kind of awesome in that it increases my net worth for when I retire.

 

[excalibur]

More silly right wing bs.

More trolling.

 

[excalibur]

Housing is finally recovering from Bush's Recession. That's actually kind of nice.

I know the condo I bought in 2021 for 155K is now worth 190K. This is actually kind of awesome in that it increases my net worth for when I retire.

LOL

Thanks to Fannie and Freddie, play things for Democrats. That's' what really happened, feds involvement.

As Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee, declared in 2013, “Rank cronyism, Enron-style accounting and outright financial fraud made [Fannie and Freddie] so powerful and unaccountable that they were able to wreck our economy.”​

 

[Lisa558]

The housing market is fine, Biden is not hurting it, and excalibur merely pisses on his own feet.

Except that people can’t afford houses, and there‘s very little inventory.

 

[1srelluc]

Except that people can’t afford houses, and there‘s very little inventory.

I'm thinking that the little house I saw sold as a investment property due to the high rent in my AO.

I suspect someone will get somewhere between $1700 and $1800 a month rent....That's about 25K a year.

 

[jotathought]

I never understood this concept. It has always seemed a scam to me. You pay someone to research a title but then you have to buy insurance to make sure they did their job.

No, they should be on the hook if they didn't do their job.

They are on the hook if they didn't do their job .. but their can be title defects that weren't recorded .. like unpaid liens, boundary disputes, encumbrances etc .. it protects the buyer from these scenarios, whereas the Title company is liable for mistakes they make -- and many will use priors for a house / real-estate lot that has sold many times.

 

[Chillicothe]

"I passed by there this morning and there was a "under contract" shingle already hanging under it."

-------------------------------------------------------------
Yupper, sure sign of a 'wrecked' housing market when houses are snapped up pronto.
Wonder what a successful housing market would look like?

 

[Lisa558]

I'm thinking that the little house I saw sold as a investment property due to the high rent in my AO.

I suspect someone will get somewhere between $1700 and $1800 a month rent....That's about 25K a year.

Yeah, but the buyer has to pay the mortgage, with high interest these days. Even a little $200,000 house would be around $1500 a month, including property tax. He’d barely break even.

Unless of course it was a cash deal. But then he’d be losing the 5% he could get if he kept the money in the bank, which would be $10,000. So he’d only net $15k a year. Then consider maintenance, property insurance, and maybe you’d net $10k. I personally wouldn’t want the headaches of being a landlord for $10k a year.

 

[1srelluc]

-------------------------------------------------------------
Yupper, sure sign of a 'wrecked' housing market when houses are snapped up pronto.
Wonder what a successful housing market would look like?

I really don't care, I got mine, I'm just hoping to sell the extra one and make bank before the music stops.

The last housing bubble that popped did not bother me nary a bit other than half (or better) of my subdivision changed hands.

LOL.... There were moving vans going past the house for a good six months afterwards.....Even then the houses lasted on the market no longer than what it took to repaint them on the inside. Prices never really went down either. My AO rebounded quickly.

 

[Lisa558]

-------------------------------------------------------------
Yupper, sure sign of a 'wrecked' housing market when houses are snapped up pronto.
Wonder what a successful housing market would look like?

They’re snapped up pronto because the inventory is so low. Not much is coming on the market.

It’s a bad market when people are trapped into keeping their houses because they don’t want to give up their 3% mortgage, and when people who won’t to buy have few options and can barely afford to buy a tiny house.

 

[1srelluc]

Yeah, but the buyer has to pay the mortgage, with high interest these days. Even a little $200,000 house would be around $1500 a month, including property tax. He’d barely break even.

Unless of course it was a cash deal. But then he’d be losing the 5% he could get if he kept the money in the bank, which would be $10,000. So he’d only net $15k a year. Then consider maintenance, property insurance, and maybe you’d net $10k. I personally wouldn’t want the headaches of being a landlord for $10k a year.

Investment companies are buying-up older homes in my AO and renting them.....If you were one-at-a-timing then it would not make sense but if you have 50 rentals clearing your company 10K a year each it makes a lot of sense.

Hell I've already had a "vulture" offer for the house and the lot next to it by a local builder who wants to tear the house down and put three duplexes on the lots but I think I can do better selling the house in this market and then holding on to the lot for a while and see how things play out.