{"id":195002,"date":"2008-08-04T17:30:00","date_gmt":"2008-08-04T22:30:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/08\/04\/bad-legislation\/"},"modified":"2008-08-04T17:30:00","modified_gmt":"2008-08-04T22:30:00","slug":"bad-legislation","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/08\/04\/bad-legislation\/","title":{"rendered":"Bad Legislation"},"content":{"rendered":"<p>Tanta has noted that, &#8220;some of the bigger economic illiterates in Congress,&#8221; have <a href=\"http:\/\/calculatedrisk.blogspot.com\/2008\/08\/fha-personal-accounts.html\">sponsored a bill to restore the Downpayment Assistance Program<\/a> (DAP). (previous posts <a href=\"http:\/\/40yrs.blogspot.com\/search?q=dap\">here<\/a>)<\/p>\n<p>Basically, it allows a seller to supply the down payment to the buyer in exchange for a higher sales price, allowing people who won&#8217;t make a down payment to get an FHA approved loan, which require a down payment.<\/p>\n<p>They funnel the money through a DAP company, and all is forgiven.<\/p>\n<p>The default rate on DAP loans is at least <span style=\"font-weight:bold;\">three times<\/span> those with down payments.<\/p>\n<p>This is something that, &#8220;builders, real estate lobbies, and DAP companies,&#8221; are lobbying for, big time.<\/p>\n<p>The Congresscritters in question also do not understand insurance apparently, details at link.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tanta has noted that, &#8220;some of the bigger economic illiterates in Congress,&#8221; have sponsored a bill to restore the Downpayment Assistance Program (DAP). (previous posts here) Basically, it allows a seller to supply the down payment to the buyer in exchange for a higher sales price, allowing people who won&#8217;t make a down payment to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,1088,985],"tags":[],"class_list":["post-195002","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-real-estate","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195002"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195002"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195002\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}