Don't let the subprime mess fool you

  • Follow Letters

As the president of the Augusta Mortgage Bankers Association, I feel compelled to respond to the "Subprime, subpar" editorial of Sept. 17.

The true issues are being confused. No doubt, those with poor credit or the inability to document their income are going to find it difficult or impossible to obtain a loan. However, customers with average credit who are seeking a conforming conventional loan, $417,000 or less, or a Federal Housing Administration or Veterans Administration loan, are not adversely affected by underwriting guidelines.

Government-sponsored agencies such as Fannie Mae and Freddie Mac still offer programs that allow 100-percent financing for low- to moderate-income borrowers. These agencies also offer fixed-rate programs with as little as 5 percent down. Neither requires the credit of a saint.

The FHA, which offers low fixed-rate loans of up to $200,160 in our area, is available with 3 percent down. VA loans provide 100-percent financing to active or retired military. Neither requires the credit of a saint.

Areas that were experiencing rapid appreciation, such as Florida and California, are the areas hit hardest with foreclosures and mortgage delinquencies. People speculated on the appreciation to continue; when it did not, they realized they could not afford the homes, nor can they sell them because values have retreated.

We are fortunate to have a strong local mortgage bankers association, and excellent conservative leadership in those who run our banks and mortgage companies. We never "bought into" the theory of buying more house than you can afford, and "hope" appreciation will bail you out later. No doubt, there has been tremendous turmoil in the subprime market, but do not confuse this with the conforming loans offered by local, reputable lenders.

Members of the Augusta MBA work diligently to inform consumers that it is possible to obtain a mortgage and you do not have to have the credit of a saint to receive it.

Frank Lee, Augusta

Comments (8) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
fd1962
26
Points
fd1962 09/25/07 - 12:19 am
0
0
INVITATION TO A RECEPTION...
Unpublished

INVITATION TO A RECEPTION... For all interested Reader's Comment participants and friends,
an evening of association (non-partisan / non-religious / non-confrontational, please) and fun created to allow us to personally meet fellow online participants of the forums here, plus honor especially any among us who are veterans of military services or active military personnel. A couple months ago, a thread participant mentioned the shabby reception he had received thirty-five years earlier as a returning soldier from Vietnam: not one person of 150 on an Atlanta Delta jet would volunteer their seat to a uniformed veteran on stand-by for the day's last flight into Augusta, so he could return to his family after a year's absence. Some of us would like to make a small attempt to offset that injustice by righting this wrong with a more memorable, contemporary welcome home. The veteran involved is flying in from San Francisco for this occasion, planned on Friday evening October 5th, from 7PM to midnight. Sympathetic souls are encouraged to join us for this event, which is planned to be low-key in a comfortable location. For all details and directions, just contact me at the following anonymous email address, emmers-69469@mypacks.net, (yes, that is a hyphen in there), and specify how you'd like me to furnish you the information. RSVP's will be appreciated for planning purposes. Come and have an interesting evening. EVERYONE WELCOME, though we MAY have to limit the number of guests due to space. Thanks, co-host 't of i', for your encouragement and assistance.

shivas
2
Points
shivas 09/25/07 - 06:00 am
0
0
I have a hard time with

I have a hard time with throwing a party for someone who is bitter that someone else did not give-up something for him because he's a veteran. Sounds like he believes he is entitled to perks. You join the military with the idea you will fight for your country for the honor of doing so not that someone will pay you back with something extra. My Lt.Col buddy of 30 years would be very upset with this type of thinking, and would never entertain the idea of asking someone to give-up their seat. Let me know when you want to throw that party for the Gilbert Manor residents who really need our support.

Bizarro
13
Points
Bizarro 09/25/07 - 06:43 am
0
0
It ain't about some military

It ain't about some military injustice or perks just human decency. Why not help both? I am not selective. There are a lot of bitter people who need a ray of sunshine. The world can drag you down quite easily. I "read" lots of bitter people on these posts. I see too many frowns. The people who live in Gilbert Manor are less fortunate than some and more fortunate than many. Whatever my circumstance I have learned to count my blessings, and where I am at directly correlates with my choices and chance. I think it is a good idea, and I agree it would be nice if the idea were contagious. What was that movie "Pass it forward" or something like that. You don't have to agree just care.

shivas
2
Points
shivas 09/25/07 - 07:08 am
0
0
I hear your point Bizarro.

I hear your point Bizarro. My point is it seems as if this person feels unappreciated for someone not giving up their airline seat for him because he's in the military. Sounds like this person felt it was his entitlement that someone would do that, and that feels a little childish to me, as well as generalizing this experience that no one appreciates his services to the country. Perhaps he was displaying this attitude in the airport and that's the reason people did not respond to his favor. For those individuals that did not give up their seat, does that make them unpatriotic or unappreciative?

LynxRHot
0
Points
LynxRHot 09/25/07 - 07:39 am
0
0
The Gilbert Manor residents

The Gilbert Manor residents need to get a job and work like the rest of the Richmond County taxpayers. For those who are physically or mentally unable to work, I feel pity. But for the majority who just choose to remain in poverty, I have none. As for the soldier not being offered a seat, I can only imagine how "slapped in the face" he must have felt to have put his life on the line and then to not receive even the simplest expression of gratitude. Although I wouldn't have wanted to give up my seat to someone either (as selfish as that may seem). I was too young to know what all happened during and immediately after the Vietnam War, but from what I've learned in history, all of the surviving Vietnam vets were poorly treated upon their return to the US. They all deserve to have that wrong rectified!

Bizarro
13
Points
Bizarro 09/25/07 - 07:41 am
0
0
Shivas, I get your point upon

Shivas, I get your point upon clarification. Sorry if I misunderstood your intent as malicious. There are other ways to express your gratitude nor does not giving up a seat equate with being unpartriotic. I am working on my second coffee so the brain should engage any minute now.

fd1962
26
Points
fd1962 09/25/07 - 07:42 am
0
0
Shivas, your comments are
Unpublished

Shivas, your comments are uncharacteristically trivial, even for a johnny-come-lately. Sorry, we'll have to leave the Biafra babies, Dafur refugees, and Katrina unfortunates to Your devices for the time being. This is just an open house, in part, to express some simple gratitude to an often marginalized segment of our population, veterans and active military, who might choose to socialize 'agenda-free' for an evening. Nothing more.

Bizarro
13
Points
Bizarro 09/25/07 - 07:45 am
0
0
fd1962 I bet the event will

fd1962 I bet the event will produce more harmony and agreements that disagreements. I think the written word often leads to miscommunication. Socialize agenda free-I like that and I wish our politicians could do that.

jack
10
Points
jack 09/25/07 - 09:33 am
0
0
Your usual drivel, Shivas (I

Your usual drivel, Shivas (I believee you forgot the "t" in your name). I don't believe the vet who stated he did not get a welcome home of any kind (or even a kind word), was not expecting anything but what we all got coming from Vietnam-obscenities shouted at tus and/or spit at the airport if we were in uniform.

t of i
25
Points
t of i 09/25/07 - 01:39 pm
0
0
Shivas, it would help if you

Shivas, it would help if you would go back and read the thread before jumping to conclusions about what someone was or is expecting. If you are interested I'll find it for you, if not I won't waste my time.

Back to Top

Top headlines

Venue change sought in Aiken police slaying

Judge Clifton Newman told attorneys for Stephon Carter that a motion to move the venue or select jurors outside Aiken County was premature. Carter is accused of killing Public Safety Officer ...
Search Augusta jobs