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Musk wants to abolish consumer agency that has been a ‘model of efficiency’
(www.commondreams.org)
this post was submitted on 29 Nov 2024
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On the other hand, it's because of the CPFB that one must have absolutely sterling credit to even think about getting a mortgage. Prior to the 2008 housing crisis that led to its creation, banks were handing out mortgages like Halloween candy, all anyone had to do was walk up and say "Trick or Treat!". Didn't matter whether or not the person getting the mortgage made enough money to even pay the interest, the mortgage and the house were both there for the taking.
Look, I've made some bad choices in life. I'm in my 30's, I live with my girlfriend and her mother, and my credit only just recently got above 600. But because of the rules the CPFB put in place, I'll be laughed out of ANY bank if I walk in and ask for a mortgage for just a bare plot of land with nothing on it. And maybe I'm being selfish, but the CPFB hasn't done dick to make home ownership more affordable, or to keep private equity from snatching up all available inventory.
For houses, most people's barrier is the downpayment. Loans on raw land are more risky, because it's not immediately going to be someone's home (which people will go to extremes not to lose), and there's no guarantee a home will ever be finished there. All things being equal, it's usually cheaper to buy an older home than to build one (to code). I guess an exception would be buying land, having utilities ran, septic tank/well installed, and driveway and pad poured for a trailer, then getting an old trailer and fixing it up (all assuming zoning allows). Even that would be more expensive than buying a plot with an old trailer already on it though. But, I guess you can't use a lot of downpayment/mortgage assistance programs on trailers either.