Freddie Mac-No Politics (FMCC)

[thewills]

That's going back to what i mentioned earlier. You get a mortgage based on your income. That solves the whole issue. So Joe schmo sits down at the bank and gets rejected on his 250 000 dollar mortgage because he makes 20k a year.
It is wrong and irresponsible for someone to lend a person that kind of money because he made his cell phone payments and his credit card with a 500 dollar limit on time. That puts people into debt slavery and leaves nothing left over. Boom hot water tank goes innate house 2000 dollar bill, that person is now officially toast.
Its not right based on credit to expect people to walk such a fine financial line every month for 20-25 years.

If all they can afford is a 1 bedroom condo for 70 000 then that's it. That's the way it works you can't spend money you don't make. Best off reinvesting in themselves to increase their income for the bigger house they want.