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"They're Back" - We Have Learned Nothing In 10 Years!!
They're back!!
BBVA Compass helping low- and moderate-income borrowers overcome barriers to homeownership
- New HOME program helps qualifying borrowers meet down payment, closing costs
- It's part of bank's effort to support low- and moderate-income individuals, neighborhoods
February 26, 2015
BBVA Compass announced today the launch of its Home Ownership Made Easier, or HOME, program, which helps low- and moderate-income borrowers overcome one of the most significant barriers to homeownership — saving enough cash to cover down payment and closing costs.
HOME allows qualifying borrowers to finance up to 100 percent of a home's value, with the bank contributing up to $4,500 toward certain closing costs. The program is part of BBVA Compass' recent pledge to put $11 billion in lending, investments and services toward supporting low- and moderate-income individuals and neighborhoods, and will also include a free online homebuyer education course to help prepare borrowers for the responsibility of managing a home loan.
"We've built a comprehensive program that will help many people across our footprint realize the dream of homeownership — something that may have seemed unattainable to them in the past," said Eduardo Castaneda, executive director of real estate lending for BBVA Compass. "The financing and closing cost assistance, and the essential homebuyer education, will help ensure they enjoy the benefits of their new home for years to come."
* * *
Other benefits of the bank's HOME program:
Borrowers can move into a new residence with as little as $500 of their own funds.
The HOME mortgage is also available to borrowers with higher incomes if they're financing properties in low- or moderate-income census tracts.
WTF! - $500 buys you a house (on massive leverage) AND rich people can fund 100% if the houses they are slumlording buying are in relatively poor areas.
* * *
How do you qualify for a 100% LTV mortgage...
To qualify for the HOME Program, certain eligibility requirements must be met. Those eligibility requirements include, but are not limited to
1) the property must either be located in a low-to-moderate income census tract (https://www.ffiec.gov/geocode/), or
(2) the applicants on the loan cannot have an income greater than 80% of the HUD median income for the area.
So to be clear... BBVA will lend you 100% of the valkue of your home (and pay you $4500) if you are relatively poor and live in a relatively poor area...
Brilliant!!
h/t @RudyHavenstein
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What could go wrong? What are you? Racists?
Yo, obama mansions for all bitchez!
They are doing everything they can to support the market...the end is closer than most people realize.
I wants me won o dem wit da negative u pays my ass rates n' a 100 year 0% mah pimp mobile credit sheeet, yo!
We've learned everything we need to learn. We write boat loads of this toxic crap we get big bonuses. It's all legal. And last time nobody got fined or went to prison. Where do I sign up to write loans?
It's only Fair !
It's free money, create your own mortgage company and write your own loans.
Besides, there's a reason why ECB money printing extends all the way through 2016.
I got a post card in the mail last summer: "Zero-down interest-only loans are back!" All I could do was shake my head. THe mortgage broker places someone in a loan and then collects the commission. After that, they couldn't give a rat's ass whether the person can make the payments or the house burns to the ground.
"It's free - just swipe your EBT"
https://www.youtube.com/watch?v=xLTTX35LNJo
"Each qualifying purchase is accompanied with a free pair of Air Jordans."
prepare to bail...
The rest of us, as usual...
Palm Springs here i come!!!
I'm in! How can I buy some of the repackaged, derivatized, uncollateralized tranches - you know - the class A stuff! I need a fix, been jonesing since 2006!!
Contact any Moodys or Fitch agent. Just don't call Egan-Jones.
You'll have to outbid Fannie and Freddie.
"It was the most memorable time of my life. It was a touching moment because I never thought this day would ever happen. I won't have to worry about putting gas in my car. I won't have to worry about paying my mortgage. You know, if I help him, he's gonna help me."
https://www.youtube.com/watch?v=Bg98BvqUvCc
ObamansionsTM
Time to bake the donuts.
Er, time to by the SPY puts.
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Its called the govt is backing the program..... Or Spain is trying to suck some revenue out of the US before it looses the election in the spring to those crazy commies.
I'm running out of rocks to climb under.
"Borrowers can move into a new residence with as little as $500 of their own funds."
BBVA will lend you 100% of the valkue of your home (and pay you $4500) if you are relatively poor and live in a relatively poor area...
Then default. Live rent free for + 2 years. End up getting money instead.
Well, there are negative-interest rate mortgages already. Surely this is just taking the idea a step further? :)
All those recently imported illiterate Central American monkeys are gonna need a place to live.
This is like the Greek situation. Who is more afraid of a Greek default; the indebted or the lender? These clever bastards spend all their time finding new ways to put money in the hands of the masses so they can convince them to spend it on worthless junk; with interest. When they run out of schemes, the debt based consumer economy dies. Usury dies. We need to call them on it. When we run out of liquidity, they're finished. The emperor wears no clothes.
With that $$$ buy gold/silver
"BBVA Compass announced today the launch of its Home Ownership Made Easier, or HOME, program, which helps low- and moderate-income borrowers overcome one of the most significant barriers to homeownership — saving enough cash to cover down payment and closing costs."
Um, no that would be cracking that monthly nut.
Well, we've learned that ZH is infested with a lot of Pooty Fanboiz.
As you will see in the comments immediately following.
eh? I think you got the wrong thread.
Eduardo Castenda..........ok, I know it seems raysist, but it's a bit similiar to a quote from a Rothschild or Rockefeller, just a little different scenario.
This guy is likely juiced in to help move things along for the less, um...er....documented? Down trodden?
NO JOB - NO PROBLEM
NO INCOME - NO PROBLEM
JUST SIGN THE DAMN CONTRACT!
HELP WANTED - SPANISH SPEAKING BROKERS
isn't BBVA a spanish bank?
Provident metals have now aligned somehow w/BBVA.
Compass is based in Brimingham, Alabama. BBVA bought them in 2007.
BBVA?
Big Black Vagina Accommodations?
Wells Fargo wasn't "supportive" of the Precious Metals industry.
Of course the banksters don't learn. If it's not their money why should they?
a mere $11B, meh, just be glad it isn't $11T.
Maybe NAR can get the street people into homes and the government can foot the bill.
Nice 2300 sq ft homes for recent illegals.
The Federal Reserve can just print and buy moar US treasuries.
>>>
and the government can foot the bill
<<<
So BBVA pools the mortgages, gets a gov't guarantee (to encourage home ownership in poorer communities), and then sells off the pool - so no risk left on BBVA's books, and the gov. g'tee means little risk taken by the pool buyers.
Of course, the US taxpayer will get it in the shorts if there isn't much inflation before the next bust...
Watson
Free homes for illegals.
"Free homes for illegals."
....with a cherry on top...
http://www.washingtontimes.com/news/2015/mar/2/irs-defends-refunds-illeg...
Well, of course. Paying the help enough that they could actually pay rent honestly would defeat the purpose of importing illegals help.
Make the taxpayers pay for Carmen's house. That's what taxpayers are for.
(Rest assured that Carmen's employers don't pay taxes. They bankroll congressional campaigns.)
It's not like the risk management team at BBVA isn't packed with math PhDs whose models would say this is not a sound allocation of the lending portfolio on a default risk basis.
So the driving force for this idiocy the CEO or Board trying to squeeze few extra bps across the bottom line over the next few quarters before everything blows up (again), or is it the Sharpton/Waters/Holder/Obozo crowd of DC house niggers trying enslave more field niggers for the bankers?
Government pension funds can be used to paydown $6 trillion of the $18 trillion, right?
Are government pension funds solvent?
When are interest rates going up?
LOLOL...........
Breach of contract!
LOLOLOLOL....................
Scott Walker for President?
LOLOLOLOLOLOLOLOL.....................................
America the tragedy.
Central bank market intervention world-wide, active currency debasement, negative interest rates, lending to anyone who can fog a mirror.
What we are witnessing is the grand finale of the world's central banks to keep the biggest asset bubble in history from collapsing.
This is nothing but sheer desperation.
Good comment, but I think the tulip mania still is the biggest asset bubble.
Rome, circa 475.
They still have carbon dioxide to monitize
so they have a while
then it's on to C02 before you turn blue
Casino Americana.
Place your bets.
Please borrow as much as you like.
We are programed to receive.
Recycling the deadbeats back into the game is just too damn clever. If foreclosed in 2008, your 7 years has expired and you get to play again. Gawd ... what a psycho frickin bizness plan.
Home ownership is a constitutional... no wait!..a god-given right!...and it you don't agree then you are a filthy racist!!!
Well the earth is our home and we all own it.
SO
...
..
.
ergo human beings have a right to a home.
No one said anything about a roof, running water, and air-conditioning tho ^^ . . .
On that note, I do think all human beings should at this point be given the right to all knowledge . . . text-books being copyrighted material makes no sense to me . . . its like trying to patent "math" or the "alphabet" 500$ text-books are rediculous . . .
A right to 'have' a home, but not 'own one', especially using other peoples money....
Do you seriously think people should spend hundreds or thousands of hours of their time, and spend wads of their own money to write and publish, and distribute reading materials for free??
Many who write books, especially those who write books that require vast amounts of time doing research, like books of knowledge, do it for a living...not a hobby!
Start writing. I can't wait to get your free edition!
And we have now come full circle. Amazing how a once great nation and economic powerhouse has lowered itself to that of a third world country with no remorse for all its ills and transgressions. Not one real Bankster is in jail and probably never will be.
AmeriKa!
FUCK YEAH. THAT'S WHY ITS CALLED FREE ENTERPRISE. NOBODY PAYS FOR NUFFIN
except the rapidly vanishing middle class taxpayer footing the bill for everything
YEP, the banksters get your enterprise for free!!!
Serfdom for everyone is so progressive.
"So to be clear... BBVA will lend you 100% of the valkue of your home (and pay you $4500) if you are relatively poor and live in a relatively poor area..." -- Not quite, the applicant can be making up to 80% of the average income for that area. This is encouraging a low-wage working person to become another rent-seeking fuck. "Living the dream..."
The money isn't worth anything, does it really matter if they loan out 100% of the homes value with no down payment or only 80% of the homes value with a down payment?
What difference does that 20% down payment really make?
If the buyer gets foreclosed on, the bank ends up with a free house AND collects on an insurance policy against the loan.
If the buyer pays the "loan" the bank ends up with free money on a loan it created with money it never had to lend in the first place
Pay or Not the bank ends up with "free shit".
So quite frankly, from a banks perspective, when you have the ability to issue unlimited credit, who the fuck cares if the loans work out??? especially when you are assured a "bailout" ontop of your gains from the loss. . . pfft
Its all just one big joke, and the only ones who don't get it are the ones who will down-vote this.
yep....bankster exceptionalism......
maybe i can buy one pay the mortgage for a year. let them foreclose.. and just live in the house the next 7 yrs or so rent free...
What are you crazy ??......Why would you ever make 12 payments ??
/s.
i know a guy been living in his foreclosed house for over 6 yrs..
Frankly, I'm surprised it took this long, as this type of credit IS NOW NECESSARY FOR CONSUMPTION AND ECONOMIC GROWTH. Without cheap and easy credit, there is little to sustain all of the leverage. This is what has replaced all of the "real" jobs we had twenty plus years ago. Besides, WHAT COULD GO WRONG? If {when} it goes into default, just dump it on the taxpayers like before. Rinse, lather, repeat.
Ghetto Loans v2.0
Predator Bankers Make 'Ghetto Loans' for 'Mud People'
And as an added bonus, you get free Lumber Liquidators supplied laminate flooring and Chinese drywall!
Cape Coral, FL was a disaster zone. We opted for canal land property. Land developer knocked on door. We sold it. By large, it would have cost 30k to replace drywall, air vents and all piping. Not worth it as investment. Once mold is infested in house, you're fucked. The chinese drywall trashed alot of beautiful homes in Cape Coral. Always stick with 18 x 18 tile flooring in Florida. Winks..Home Depot fucked up by selling wood flour planks with a decal and no UV protection for sunlight bleaching.
Does it apply to me if I'm here illegally?
Especially you!
If you are illegal you also get an Obamacar and furniture made with used condoms from the study of hookers in China.
Enjoy
You probably get to cut to the front of the line.
Introduction to Mortgage Loans
This is just splendid, splendid I tell you.
I can just smell the roasting CDO's in the morning. Smells like, victory !!
So short BBVA in Aug/Sept of 2016? or is another genius going to rate the insurance on those loans AAA again?
starting to think i might need to start cashing-in...
EL LOCO EDWARDO SEZ:
No credito? No problema
Poquito Dinero? No Problemo
No Trabajo/ NO PROBLEMO
Andale Ariba,- Comprar Bareto- Rapido Credito
Se Habla Espanole
Been trying to sell my rentals for the last year. No bites. NEED to off load before the next bust because the minorities and trash won't be able to afford both the rent and utilities together.
I put this ad for financing in my listing. "HOPE" it facilitates my selling it.
LMAO
Find another realtor. We dumped a house in Ohio and condo in Myrtle Beach last month. We still have the other place on N. Ocean Blvd, will be there in April.
We had an all talk, no results realtor for four months. Sure, we received bids that were 15-20% under asking price. Contract expired, found a new realtor in Myrtle Beach and it was sold within ten days at our asking price. Find a new Realtor. After you sell, find a new market. We bought into HHI Forest Beach place as new investment.
Subprime 2.0 ?
Geez just at a time that I'm watching a documentary about the origin of the financial crisis of 2008...
I am developing an App named "Just Call Sablo" where all illegals could pay me "a small fee", and I will do all the necessary paperwork for them.
They don't even have to leave their adobe, sans plumbing shack outside of Mexico City before they buy their house in the US of A. ! We will arrange your transportation from the Border. Special deal for you if you have more than 3 kids with you when you arrive. They don't have to be all your own either.
Technology brings efficiency and value to society, thats why the feckin NASDAQ is at 5000... bitchez.
Any mention of how long it takes for the foreclosure process to complete? Sounds like a great opportunity to save some money.
(3) The applicant must lie about income and assets.
I got an Obozo phone and the EITC refund, do I qualify?
Sign right here.
Congratulations on your new home.
90 days running on the clock if you want to prosecute anyone from the last mortgage fraud.
The new mortgage fraud is about to begin.
SERFDOM IS TRENDY.
You have to have a real good tan to own one of these companies...
thats right...
all u bitches pay for my house..
and i mean right mother fuckin now - bitch!
When these folks default they get a tax bill, no?
I aint gonna miss this one. Thanks for the heads up!
Will apply in the morning!!!!!!!!!!
I'd seriously consider this offer; the Fed buys me a house now, and I pay them back later in grossly devalued dollars. But only if it's on a nice piece of land, so my family and I don't starve to death in our free house.
My dad tells me inflation is no big deal. Well yeah, because he was short the dollar all through the 1970s. His salary rose with inflation while his monthly house payment was fixed at $127. With a 6% mortgage, it was better to leave money in the bank than pay off the house.
Perhaps you should read AMEX new penalty ARP clause effective April 21, 2015. 29.24%. This APR will vary with the market based on Prime Rate. We are ammending the calculating APR's and DPR's section of how rates and fees of your agreement by replaceing the APRs and Daily Periodic Rates [DPRS] for penalty within the following.
Prime + margin = 25.99%
APR = 20.24%
DPR = 0.0801%
It's another (what if) emergency card. We owe nothing, nor do we use it. This cardmember agreement change arrived in the mail today, FYI.
DaveA, your Dad's 6% interest rate was during the peanut picking billy beer Carter years. Ask your dad what the rate was on his Master Charge credit card?
1973 Master Charge credit card commercial
DaveA, I was just an infant back then. My grandparent’s went thru the great depression. During that era in the Master Card plastic money, you were considered a piece of shit that couldn’t afford putting a meal on the table. Nothing is different today. Even Great Grandma taught/warned me, all have passed away. Their great wisdom still prevails in 2015 and beyond.
Getting poor folks into debt is a really good idea.
Return of the NINIJAs Part II No Job, No Income and cash back at settlement. All you unemployed food stamp recipients get in line.
Coming soon...the YBWP loan. You Buy, We Pay...that's right! You buy it, move in, and we make all your monthly payments!
You just keep the lawn mowed and your mouth shut.
Wouldn't want anything to 'spook' the market now, would we?
CDOs are also baaaaaack!
http://michaelekelley.com/2015/01/28/remember-cdos-theyre-baaaack/
In case you missd the details of the last Yellen Fed report:
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
Here is how to prepare for next recession.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Thanks
No, its the TLSFFTY Loan. Take Loan Squat Free For Two Years before bank can actually evict you before sheriffs sale. Free rent for two years means Ameicans can start saving money again!
Actually, They will call it the Mestizos Reform Act to jump start Libor losses.
Amnesty Banker to illegal buying new home.
Sorry for piss poor translation, rusty. Think I have a few words ass backwards. English is best for me..
On and on and on we go --- bleating about how stupid/corrupt the Fed is....
Are you all a bunch of thick fucks or what?
Clearly this is going to blow the whole system up --- actually the whole world up...
Yet you stunned dunces sing the same tune day after day year after year ...
Do you think Soros wants to eat dog food? What about Dimon? How about Lloyd B?
Because guess what --- that's what is going to happen to them when this house of cards goes to pieces.
So WHY are they doing this????
You can keep on moaning and bitching and banging your thicks skulls against the brick wall --- or you can read this -- and you can then understand that we are fighting for our lives here....
THE PERFECT STORM (see p. 59 onwards)
The economy is a surplus energy equation, not a monetary one, and growth in output (and in the global population) since the Industrial Revolution has resulted from the harnessing of ever-greater quantities of energy. But the critical relationship between energy production and the energy cost of extraction is now deteriorating so rapidly that the economy as we have known it for more than two centuries is beginning to unravel. http://ftalphaville.ft.com/files/2013/01/Perfect-Storm-LR.pdf