no welfare payments on this farm!!!!!!!! | not picking on pknoeber here, but with all the bragging about the fha loans done and acting like it was the best thing in the world and it saved some farmer, i throw a differant angle to it. farmer A and Farmer B. Farmer A works hard and is conservative and saves his money, caculates his risk and manages that risk. doesnt buy the new pickup, doesnt buy the new house, works the second job, tells his kids no when others are saying yes. Farmer A applies for a FHA loan and is denied because he is to well off. Farmer B, does pretty much the opposite, spends foollishly, buys a new pickup every year, has the $400000 house, takes extreme risks and then looses his but trying to get rich. Farmer B goes to FHA and becasue he is denied credit by other banks, he is elegable for a low intrest loan, which is hardly ever denied, and gets to save his farm. Farmer A has been saving and working his but off wiating for the opportunity to buy another farm. Guess what this opportunity would have been to buy farmer B's farm but no uncle sam has to reward farmer B for his bad behavior by giving him a second chance with money at lower intrest rates and in some case during the 80's even just forgive the debt. this gives farmer B who did not do the right thing the advantge over the hard working conservative farmer A. Uncle sam gets the pitty vote casue they saved a farmer but I see it another way, they destroyed a opportunity for a conservative farmer. i am sure some on here will argue this but it is fact, the farmer A could have had a chance to buy a farm at possibly a discounted price, and in my opinion he earned that by having good credit, and savings saved up to buy it. this opportunity is destroyed by FHA,
SO that is just step one of how FHA ruins ag. that farmer B has been bailed out once and knows they will not say no again. he is already given a unfair advantage and has a proven history of wreckless spending and not saving. Do you think farmer B will change, heck no, farmer B will take even more chances and more risk and save less casue he knows he will be bailed out by FHA if he goes bad. Farmer B will just keep speculating in riskey ways untill he hits a jackpot. Farmer A then sits back and says why am I living this conservative life and doing the right thing when FHA gives his competitor the unfair advantage over him. Farmer A has been conservative all his life, saved and it has done nothing but hurt him. When the time comes to where he could take advantage of all his savings, it is taken away by FHA loaning a unfair loan to the careless farmer B. Pretty soon farmer A decides to become a risk taker and cashes in his savings account for the new pickup and new house and starts making very riskey ventures untill he needs bailed out by uncle sam and his famous FHA loan. If you wonder why this country is where it is I hope this post has explained why it is.
Not trying to offend anyone, but when FHA looks at something like they are helping the farmer, dont forget how they are hurting 3 other farmers who were doing the right thing. Reward failure all in the name of cheap food supply!!!!! |
uncle sam rewarding bad behavior threw fha loans
