Downpayment Money-Launderers Astroturf Support For Their Taxpayer-Robbing Programs

In response to my commentary on H.R. 600, several comments were made in support of seller-funded down payment assistance (SFDPA) programs and Nehemiah. Why these comments are special is because they originated from I.P. addresses belonging to Nehemiah Corporation of America. Yes, you heard that right. They all came from Nehemiah Corp of America.

Ed. note: Seller-funded downpayment companies like Nehemiah and Global Direct Sales (Grant America) are firing up the propaganda machine in hopes to get H.R. 600 passed (formerly H.R. 6694), a bill that would re-open loopholes to allow sellers to finance the downpayments of their own buyers using FHA government loans (that is, taxpayer-insured). Read more about it here. We have nicknamed this practice "FHA subprime", and the companies that arrange these loans "foreclosure mills". By their own best numbers, 20% of these loans have historically headed to delinquency. We argue that is going to get much worse now that we are in a housing bear market and a severe recession.