New hope for Amerdream? Vote NO!

Just got this from Ameridream...

Doesn't Al Green get it? Ameridream doesn't help homeowners. They hurt the economy. They allow people who shouldn't be able to get a mortgage, get a worse one than if they had borrowed from a family member. This hurt all of us, people!

Just to remind you...

1) A buyer is not allowed to accept money from the seller
2) A buyer is allowed to accept money (for a downpayment) from a non-profit.
3) Ameridream is a recognized non-profit.
4) The seller increases the price of the house of the amount of the proposed "gift". The seller then gives Ameridream a "donation" which is of this gift amount. Ameridream takes a cut and then passes on the "gift" money to the unlucky buyer. They now have a house that might be difficult to appraise later and they have a mortgage that they often can't afford.

There's a reason why mortgage companies and the government want home owners to pay a downpayment. This gives them a "piece of the rock" so to speak. They own a part of the house and are less likely to walk away from it if they experience difficulty in paying their mortgage.

Al Green deserves a call or an email from you to not help these types of companies steal from the American economy. Is anybody paying attention to the mortgage crisis. This is one of the reasons it's bad!

Here's the email.
We have been informed that a bill to reinstate reformed downpayment assistance will be introduced as early as tomorrow. The bill is expected to be introduced by Congressman Al Green (TX) with bipartisan support. The bill will have the same language as unanimously passed last year by the House Financial Services Committee.

We will keep you informed as we continue to support efforts to reinstate downpayment assistance.

AmeriDream

"Doing things right for America's homebuyers"