Sunday, March 08, 2009

Sharia law in Minnesota

Oh boy. Un-freaking-believable. Not only have banks over in Minneapolis/St Paul come up with lending programs for Muslims, now the State of Minnesota is getting into the act. From Hot Air blog:
How does it work? The state buys the home and then sells it to the buyer at an inflated price, more or less masking the market interest rate as principle. They they set a 30-year payment schedule where the family pays down the debt, but without any interest. The state makes a profit eventually, and people get to buy homes rather than rent.
If you read the comments from the original post, they bring up all the questions that I had. Number 1 problem: When they default, the State of Minnesota (that means the taxpayers) are on the hook. The other biggie for me: What happens when the wife comes in to sign the loan documents and she's covered head to toe, and you can't see her face? How do you know it's really her? Most banks I know won't let you in the door with your face covered. Think about it: if you're there to rob the bank, the cameras usually get a good pic of your mug. But if you have a burka on? Not so much.

This is a bunch of bullshit. This is how we got in this mess in the first place! Keep the government out of the loan market, for heaven's sake.