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2009-03-09 Home Front: Culture Wars
Minn. state agency offers Islamic mortgages
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Posted by Deacon Blues 2009-03-09 00:00|| || Front Page|| [11126 views ]  Top

#1 I assume this means they don't get to deduct mortgage interest on their 1040.
Posted by Spot">Spot  2009-03-09 08:32||   2009-03-09 08:32|| Front Page Top

#2 I ment to add this as well. My thoughts;
government distorts the lending market again. Is it a legitimate function of American government, at the state or federal level, to set itself up as a lender just to help a religious sect get around its own set of beliefs?
Posted by Deacon Blues 2009-03-09 08:35||   2009-03-09 08:35|| Front Page Top

#3 "It is great news for the country, and it really sends a great signal that the United States is our country,"

Well, no, not really. If you refuse to take out a normal mortgage to buy a house you've not really become a part of this country.
Posted by Parabellum 2009-03-09 08:37||   2009-03-09 08:37|| Front Page Top

#4 How do you think they became owners of all the Stop'n Robs? (nobody listens to Joe Biden, bloody nobody) This is just another business development venue for the banks. In any case, why fault the banks? Our universities and colleges have been courting these murdering wonks for decades. Great Britistan here we come!
Posted by Besoeker  2009-03-09 08:39||   2009-03-09 08:39|| Front Page Top

#5 I'm not faulting the Banks.This particular program was set up by the Minnesota Government expressly for a "religious" group. If Banks want to do it, fine by me but State and Federal Governments have no business catering to ANY religion.
Posted by Deacon Blues 2009-03-09 08:47||   2009-03-09 08:47|| Front Page Top

#6 Ah, a summer house on the beach in Somalia. It's the "Somalian Dream"...
Posted by tu3031 2009-03-09 10:13||   2009-03-09 10:13|| Front Page Top

#7 So it's basically a scheme to charge interest but not actually call it that.
Exactly. Allah doesn't like interest, but he approves of overcharging. Interest rates were too difficult to calculate in the 7th century.
Posted by Darrell 2009-03-09 10:33||   2009-03-09 10:33|| Front Page Top

#8 Can I get in on this? I'm not a Muslim but I thought descrimination on the basis of religion was Un-Constitutional.

Yes you can. I know the program manager that put this together and making it "Sharia but not Sharia" was the most difficult part of creating the product. And yes, constitutional issues were a major part of creating this thing.

As for Taxpayer risk, Minnesota Housing Finance Agency is self financing and makes a profit. Which makes it relatively red tape free, and one of the better state agencies to work for. Of course, if enough of these guys walk away from their homes, the taxpayer will be stuck holding the bill. But that's also true of Citibank.

Al
Posted by Frozen Al 2009-03-09 11:58||   2009-03-09 11:58|| Front Page Top

#9 Thanks for the clarification, Al.
Posted by Deacon Blues 2009-03-09 12:09||   2009-03-09 12:09|| Front Page Top

#10 For many Minnesota Muslims, it's been virtually impossible to buy a home, because Islamic law forbids the paying or charging of interest.

I would have thought this was a feature and not a bug but I guess that's just me.
Posted by Ebbang Uluque6305 2009-03-09 14:43||   2009-03-09 14:43|| Front Page Top

#11 This process would never stand up to an appraisal.
Posted by Icerigger">Icerigger  2009-03-09 15:44||   2009-03-09 15:44|| Front Page Top

#12 Icerigger, that's why the State buys the house first.
Posted by Deacon Blues 2009-03-09 15:49||   2009-03-09 15:49|| Front Page Top

#13 after some thought, Islamic banking only has to NOT charge interest, so call it something else,and do it.
Posted by Redneck Jim 2009-03-09 18:26||   2009-03-09 18:26|| Front Page Top

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