Would you like an Interest-FREE mortgage??? Become a Muslim

[Ken Neeley]

University Bank, Freddie Mac agree to back $100 million in loans for Islamic home buyers



By Tom Henderson

Feb. 21, 2006 12:03 PM



University Bank of Ann Arbor announced Monday that it has entered into an agreement with Freddie Mac to back up to $100 million in non-interest mortgage loans for Islamic home buyers.



This will allow University Bank (Nasdaq: UNIB) to expand its loan program in the Muslim community and to offer a wider variety of loan packages, said Stephen Ranzini, the bank
http://www.detroitbusiness.com/cgi-bin/news.pl?newsId=8005

 

[TOMMY RICH]

???????:angry:?????????

 

[Jeffrey Durham]

Hey, how about us Christians.. Give us a break...

 

[Jeffrey Durham]

Amen Mike.....

 

[Edward Lea.]

Now wait a damn minute. That's a pretty darn handy little item to be in a religions rules. The Mormons should insist on their right to have more than one wife then. The Indians should be allowed to perform the "Naked Maiden" rain dance in public then. :lol::lol:

 

[Greg Meyer]

I have to step in here.... These are not "freebies"... But, Islamic law fobids charging or paying "interest"... The changes allowed by Freddie Mac "characterize" these "arrangements" as leases... This one is not a problem, there is no government subsidy or "handout". It does allow the federal system to guarantee the loan just line FNMA or HUD admnistered loan programs for qualified buyers... This only changes the rules and customs... No financial gain or loss.

 

[Bruce Freeman]

OK but the point or point's depending on the loan are still fair game? Nobody provides a home loan for nothing? There has to be some kind of fee or charge that's ok to make since? The bank is not a public service so they have to get something? If not, I need to convert to save the extra $3??,???.00 I pay in interest also?

BF

P.S I just reread this again and had an evil thought. The next muslim who calls about a credit card is going to get an ear full.. Real

Thanks Ken, i just came up with a plan to play there own game..

 

[Larry Harp]

"Harpo's Law" forbids paying intrest too...problem nobody obeys my laws.



Harpo

 

[Greg Meyer]

I will clarify... (1) This is not a freebie.... (2) What we would think of as "interest" is charged in the bank's purchase of the property (the loan) and the "lease back" (interest and principal payment) of the house... The "downpayment is characterized as an option payment and a formula is used to state the amount of the lease payment that is credited to "principal" reducing the payoff anount... Financially it works exactly like a loan... But it is written so as to be "legal" under Islamic Law... Federal regualtions had to be rewritten to allow these arrangements to come under the umbrella of FNMA and HUD rules, etc.



This is no different than companies electing to "lease" equipment as an "off balance sheet" method of financing...

 

[Bruce Freeman]

OK, so it's just how it's written? The banks are going to make big $$$'s on this. Because in therory, they don't make any profit until the payments exceed the purchase price of the home? They will be able to write these loans off as loss's until that point?

BF

 

[Edward Lea.]

Jeez. People have to make things complicated all the time don't they.

 

[JR F]

All I can say Is I never have voted for a Reopublican.....Time for a Big Change..And the heck of It I probably get more benefits from the republicans than anyone, But the country Is getting Screwed...Look at It Now...Better be careful coming Into the Ports, Ole Allie Babba may just blow your ass offf.......

JR

 

[Aaron Scott2]

So the bank changes thier language in their contracts to be "legal" under Islamic law? We are in the United States of America, are we not?

 

[Gene B]

You're right Mo. Every company has to change it's "product" to attract new customers. Coke had to make diet Coke for all the ....umm......overweight among us.



Gene

 

[C C]

It's the medias wording of the change that causes so much commotion.