minnesota offering muslims "interest free mortgages".....lol

[gardenweasel]

http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0



""To help close the home ownership gap among Muslim immigrants, the state's housing agency is launching a new program offering Islamic mortgages.""..

let me see if i understand this.,,the state agency is launching a program of interest free mortgage loans for muslims in minnesota?...

that's insanity....first, "everybody" sells their house at a higher price than they paid unless they`re insane.......i would assume these loans are funded by taxpayers, either at the state level, or through a federal program the housing agency is participating in....

so taxpayers who are NOT eligible for these loans are funding them, while struggling with their own, non-interest free, mortgages?...

preferential treatment for one group, based on religion?... oh well...so much for separation of church and state...

everyone involved in this should be in prison....


a long 4 years...maybe 8?....oh boy!!....

 

[rusty]

Agree with this on.Funny how the state gets a higher price ,while the muslims get no add. enterest :shrug: .

Im gonna change my religion.Maybe I can qualify.What a joke!

 

[BobbyBlueChip]

Did you read the article? Is Math that hard? or when you see the word muslim does everything just go dark?

 

[gardenweasel]

Did you read the article? Is Math that hard? or when you see the word muslim does everything just go dark?

hey!..theres that old chestnut,bbc!!..long time no see....:00x30

""The African Development Center, with support from the state's housing agency, is now offering Islamic mortgages as a way to help close the home ownership gap among Muslim immigrants.""

theres the catch...taxpayer support...this is freddie and fannie mae in hajibs(i.e. loans based on religious beliefs)...

are you serious?....you really think that they are figuring up the interest on a house and adding it upfront onto the price?.....and even on the extremely long chance that this is true(yeah right),these loans are funded by taxpayers...does the average citizen have the option of partaking of this "innovative loan procedure" if they so choose?.....or is it exclusionary?......

why do religious groups get special preference?...where`s all your separation of church and state rhetoric?....what`s the timetable on sharia law replacing the constitution,wubby?...

economic help based on income?..maybe...that`s one thing...but based on religion?...

unh unh..:nono:

btw,wouldn`t be the least bit surprised to hear that keith ellison has his mitts on this in some way,shape or form....pretty nifty when you figure that minny has a projected $4.8 billion deficit in the next two years, which equals nearly 14 percent of the whole budget....

allah ackbar!!!

 

[marine]

Did you read the article? Is Math that hard? or when you see the word muslim does everything just go dark?

"The deal is identical to a thirty-year fixed-rate loan, except there's no additional interest, because the higher up front price factors in payments that would have been made over the life of a traditional mortgage."

do the math and tell me how much interest you'd pay on a 30 yr fixed rate mortgage.

On a 165,000 loan at 6% for 30 yrs, you would pay a little over 190k in interest.

So we are to believe that these folks buying a house thru this program just paid 355k for a 165k home in this lump of a market?

I'll even say - mortgage interest is deductible so lets factor that in as well....but they cant deduct it cuz they aint paying it.. so we'll knock off another couple bucks and say 300k for a 165k house.

so tell me, how does a loan for 185% LTV get approved?
:0corn

 

[StevieD]

I am still trying to figure out how they slip it past their God? Maybe he ain't good with math.:shrug:

 

[bryanz]

http://minnesota.publicradio.org/display/web/2009/02/28/islamicfinancing/?refid=0



so taxpayers who are NOT eligible for these loans are funding them, while struggling with their own, non-interest free, mortgages?...

Tax payers that are not eligible for many things fund many programs. ....Most tax payers never receive anything from the government, other than a refund.... do you think there are any tax paying Americans, that happen to be Muslims ? There could be a few, right ? Please, talk about over reaction... did you wet yourself ?
I just saying, get a grip ! DID YOU READ THE STORY... I'm typing SLLLLLOOOOWWWW.. THE HIGHER UP FRONT PRICE FACTORS IN THE PAYMENTS THAT WOULD HAVE BEEN MADE OVER THE LIFE OF A TRADITIONAL LOAN.

 

[rusty]

Tax payers that are not eligible for many things fund many programs. ....Most tax payers nerver receive anything from the government, other than a refund.... do you think there are any tax paying Americans, that happen to be Muslims ? There could be a few, right ? Please, talk about over reaction... did you wet yourself ?
I just saying, get a grip ! DID YOU READ THE STORY... I'm typing SLLLLLOOOOWWWW.. THE HIGHER UP FRONT PRICE FACTORS IN THE PAYMENTS THAT WOULD HAVE BEEN MADE OVER THE LIFE OF A TRADITIONAL LOAN.

So then there not gettn. crushed by paying P.I.M. like most Americans.Whats your point?

 

[bryanz]

"The deal is identical to a thirty-year fixed-rate loan, except there's no additional interest, because the higher up front price factors in payments that would have been made over the life of a traditional mortgage."

do the math and tell me how much interest you'd pay on a 30 yr fixed rate mortgage.

On a 165,000 loan at 6% for 30 yrs, you would pay a little over 190k in interest.

So we are to believe that these folks buying a house thru this program just paid 355k for a 165k home in this lump of a market?

I'll even say - mortgage interest is deductible so lets factor that in as well....but they cant deduct it cuz they aint paying it.. so we'll knock off another couple bucks and say 300k for a 165k house.

so tell me, how does a loan for 185% LTV get approved?
:0corn

No where does it say that interest was not factored in... plus the banks have not lost any money... translation : interest is part of the higher up front cost... The banks are making money, thats huge in America after bush/cheney .... these people in this program are qualified and are paying their bills... WTF is the problem ?

 

[rusty]

No where does it say that interest was not factored in... plus the banks have not lost any money... translation : interest is part of the higher up front cost... The banks are making money, thats huge in America after bush/cheney .... these people in this program are qualified and are paying their bills... WTF is the problem ?

Why are they offered SPECIAL loans?
Cause of there religion?Just ant right.
If there US citizens follow the guidelines for a home mortgage.

There gettn. special treatment and with the way things are now this is ahelping hand to a religious prefrence.Pleaseeee!!

 

[bryanz]

So then there not gettn. crushed by paying P.I.M. like most Americans.Whats your point?

whats your point ? Some how you are better off, if others get chrushed ? That makes you feel better ? Don't let Rush hear you say that...

 

[rusty]

whats your point ? Some how you are better off, if others get chrushed ? That makes you feel better ? Don't let Rush hear you say that...

Just trying to look at things with blinders OFF.
Just seems to be another minority gettn pref. treatment to me...based on religion.

 

[bryanz]

Why are they offered SPECIAL loans?
Cause of there religion?Just ant right.
If there US citizens follow the guidelines for a home mortgage.

There gettn. special treatment and with the way things are now this is ahelping hand to a religious prefrence.Pleaseeee!!

they are not getting special treatment... it looks like semantics to me.... the structure of the loan is different...Take out the word interest, they are taking it, in the ___ up front..

 

[rusty]

they are not getting special treatment... it looks like semantics to me.... the structure of the loan is different...Take out the word interest, they are taking in the ___ up front..

Good pt.
Just gets me steaming when reading that they "cause of our religion".If you dont like whats offered here then leave.May sound narrow-minded,but thats my take.

Yanks?Sox next month,plus Tampa.
Should be a good race this season.

 

[bryanz]

Just trying to look at things with blinders OFF.
Just seems to be another minority gettn pref. treatment to me...based on religion.

I know what you mean, get rid of those minorities and all of our problems are fixed.. don't worry about American politicians, bankers, power,wealth, media... go after a guy trying to make his life better.... I could be wrong but I think your focus is off...

 

[bryanz]

Good pt.
Just gets me steaming when reading that they "cause of our religion".If you dont like whats offered here then leave.May sound narrow-minded,but thats my take.

Yanks?Sox next month,plus Tampa.
Should be a good race this season.

think the rays will be better than last yr... yanks & bos may be playing for the card...... :142smilie

 

[BobbyBlueChip]

I'm just going by what the article states which is, a marine quoted "The deal is identical to a thirty-year fixed-rate loan, except there's no additional interest, because the higher up front price factors in payments that would have been made over the life of a traditional mortgage."

- if you don't believe the article, that's a different story, but it seems that all we have here is government providing a bridge to ensure that a bank can collect interest on a loan, a builder can sell a home, and a transient who wouldn't buy the home or pay interest can settle down in a community. What a win, win, win, win.

But since it involves government intervention and a muslim . . . some people have a problem with it

 

[WhatsHisNuts]

why do religious groups get special preference?

\:mj06:

 

[gardenweasel]

- if you don't believe the article, that's a different story, but it seems that all we have here is government providing a bridge to ensure that a bank can collect interest on a loan, a builder can sell a home, and a """transient""" who wouldn't buy the home or pay interest can settle down in a community. What a win, win, win, win.

marine was pointing out how ludicrous the concept was and the fact that you`d have to be a liberal dupe to believe it...

a" transient"?.....no,it`s called a "renter"...like,"fcking rent an apartment until you can bring yourself to assimilate into the country you CHOSE to live in"...play by the rules like every other hard working swinging dick that doesn`t get preferrential treatment based on their religion...

it`s a ludicrous double standard...and may not even be constitutional...i can just imagine the aclu if this deal was cut for christians or joos...

but because they`re muslims,this falls right between "is pluto a planet" and "paper or plastic" on the aclu`s "things that matter to us" list....

what`s next?....cab drivers refusing to transport blind people with seeing eye dogs because muslims consider dogs dirty?....

installing foot washing stations?...

/oops,sorry...that`s already happening...

what about other religions?...should we make separate rules for each one?...you liberals are all over western religions and separation of church and state...but when it comes to anything non-western,you`re benevolent to a fault....more than willing to talk out of both sides of your mouths and make exceptions....

what a bunch of hypocrites liberals are...

 

[BobbyBlueChip]

"or when you see the word muslim does everything just go dark?"

I think you answered my question.

/going to bed contemplating the difference between interest and "extra muslim value" on house