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Just read this on houston chronicle.

http://www.chron.com/disp/story.mpl/met ... 77344.html" onclick="window.open(this.href);return false;

I thought you are suppose to achieve your dream on your own? I cannot fathom the idea of taxpayer helping people with not good enough credit score to buy their house. Note the bank manager of amegy bank thinks this is a good program, I wonder why...

Rewarding folks for behaving irresponsibly with their credit?!

Absurd.
Ridiculous.
Ludicrous.

Punish the savers and reward the fiscally irresponsible. Sadly, it's nothing new. Look at the national debt.

I am stunned at the idiocy of this proposal. Do people ever learn? Low credit scores are generally not the result of a single bad decision (unless there was significant money involved). They are more a result of habitual bad financial decisions. Why on earth would you give money to someone who doesn't know how to manage it and then, on top of that, give them a loan for an asset that is likely beyond there actual means. What do they think will be the end result of all this? Seriously!

This does make for a nice back door to the Dems favorite social program though. Forcing banks to give home loans to people who can't really afford the asset blew up in their face. SO...lets pay off their debt to raise their credit score so it appears they meet the necessary qualifications. Genius!

Enough already.

Dave

Nope they pulled it before they got eaten alive!!

http://www.chron.com/disp/discuss.mpl/m ... 77344.html" onclick="window.open(this.href);return false;

1234 comments pretty much told em they had better stop and apologize or us Houstonians will break out the tar and feathers!

Thanks for the update, that's good to hear. I'm still furious that we have idiots who come up with such a stupid idea as city officials.

While I don't agree with this idea I have to say I think the credit rating system in this country is an absolute SCAM. I make a good salary so I seldom if ever get loans. I even have bought a lot of my vehicles cash only financing the more expensive ones I have owned. I don't like credit cards so I don't have one. I never had a student loan instead I joined the military. So since I worked hard, paid with cash, and seldom ever burrowed money I have a medium credit score. So when I go to get a loan for a house I have to either pay really high interest or I don't get approved. Even though I can show them that I have little to no bills and make good money. I then show them my nice truck that is only 2 years old and show them that it's paid for. They don't care because this magical number is not what they say it should be.

Your credit score is not a good mark of how you pay back money but instead a mark of how you pay back INTEREST.

AEA wrote:

and now, 2 years later, look where this got us. It wasn't just Houston banks being fools.

gregthehand wrote:Your credit score is not a good mark of how you pay back money but instead a mark of how you pay back INTEREST.

I disagree. If they "seldom if ever get loans" then they don't have a track record of paying back loans.