This taxpayer/voter is outraged!!! This woman, Bernadine Shimon has the audacity to seek another loan for yet another house, when she has previously demonstrated she is unable to afford/keep the first house she had, AND had to declare bankruptcy???? It is time for taxpayers to stop ragging on their congressional reps and start getting on these taxpayers that are the problem. The System, FHA is too big to handle; however, going after one irresponsible and voluntarity arrogant tazpayer who is ripping off the system might be the way to go. I sugges those who know this woman get on her case, as well as the FHA's and demand they withdraw this loan from this woman, and turn her over to the local housing authority. She has no business owning another home, and since she is in bankruptcy she needs to live frugally. She is one example of a User. At what point do we the People say anything about or to those who simply add to the problem, with no thought of helping to solve it by doing what many are forced to do - sacrifice. Ms. Shimon, is simply one who would never sacrifice; she is like way too many these days.
Nope, sacrifice is not in their vocabulary. Berndine doesnt feel she needs to forgo anything, instead keeping up the facade in front of her kids, that she is a good mother. To me she is not fit since she cannot make responsible financial decisions and is a moral failure to her children by not showing them that despite losses, we have to live on less, but things will get better. But not at the expense of the financially hurting taxpayer. This taxpayer voters wants her loan revoked .She is not worthy in the eyes of the taxpayers.

I am in the business of buying and selling homes. If a buyer has to come up with 5 to 10 percent down to purchase homes like recommended then we will see more decreases in sales. Here's the solution: thoroughly check credit score and employment. Thats it. a credit score will show you very quickly if the buyer is going to make the payment or not. pay checks and employment will show if this person can afford the home. As with the case of Bernadine Shimon i guaranttee her credit report was just breezed over by some commission hungry mortgage broker. I have sold many homes using the fha program. It works for the majority of the buyers. There are thousands of credit worthy potential homebuyers out there that just dont have large downpayments. Making it mandatory to put 5 to 10% down will keep them out of the market and hurt sales even further

froma.......excellent column......refreshingly objective, factually accurate...........tx much........cyb

Why is a decrease in home sales a bad thing if the decrease is due to those who should have never had bought one?

If a paltry 5% down is a deal-breaker the sale should not take place. OWNING A HOME IS NOT A RIGHT!!! Say whaaat? Say OWNING A HOME IS NOT A RIGHT!!!! And letting those like Ms. Shimon get back in to one IS NOT helping the economy. And sadly, it's hurting her. Sheez, she cashed out her retirement.

With all do respect Paul, a minimum 5% down will not - WILL NOT - keep people out of the market. Oh, they may not get what they want, want, want today. Heck, they may even have to postpone trading in their '09 Escalade for 6 months to save up the down, but no, don't give us the con that 5% will keep 'em out.

Brokers no longer have any interest in the homebuyers' welfare. It's partly because it's done across country electronically. Paul, you cash your commission and never have to look me in the eye for the next 20 years knowing I could never ever have been able to make that mortgage payment. I went to you because I thought you were a professional and would do what was right for me.

Here' the solution: The lender needs to be on the hook for 10% of the principal for 3 years and the broker 1.5% for 3 years, the latter's obligation being exempt from bankruptcy relief.

It's best we not discuss "some commission hungry mortgage broker."