Islamo Mortgage?
by Mortgage Rates on Tuesday, September 28th, 2010 | 9 Comments
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Funny, Interest Is also a Sin in Christianity as well. “Interest..it’s a Jew Thing” LoL.
I think it is a slap in the face to the rest of Quebec. If you refuse to pay interest, then don’t buy – rent.
I believe it is illegal to give someone better lending terms due to race or religion in the US.
No bank would ever give anyone an interest free mortgage.
No that is un-Constitutional, they cannot favor any religion, if the Muslims don’t have to pay interest then why should I have to pay interest?!?!
Well I would read the book below if you want to know how America feels about that.
If they put that in place here, you would see a lot of people converting to Islam.
Quebec has done many absurd things, but this is really unbelievable. Unless you are a hardcore Muslim, this would make little difference. Only the hardcore muslims adhere so strictly to the faith that they don’t get mortgages. So this foolishness only applies to the extremists.
This is NOT true. It’s illegal here and it’s illegal there.
Please provide a link next time instead of spreading false and inflammatory remarks.
In the US there is a long tradition of usury laws. Laws that limit maximum interest that may be charged by a lender. Those laws have been almost completely gutted in favor of the free market. During the era of usury laws, a typical (legal) dodge would be for a person wanting to borrow money at excessive rates, would then form a partnership, corporation, or other type of binding legal agreement that has the effect of paying off the loan at an otherwise usurious rate. Since an ownership relationship is established for the duration of the loan, the usury laws do not apply.
The same type of thing is done in the Islamic world, except they consider any interest at all to be in effect usurious.
If you consider a mortgage to pass the title and deed to the new owner upon sale, and the payments simply prearranged set number of coupons at a set price to be paid at a future time, then is interest on a loan really a factor? Only the Imam knows for sure. Deeds of trust which are what is used to buy and sell real estate in the US West (generally) are more obviously loans since the buyer does not take title until the property is paid off. I do not see that there will be changes in US state laws with regard to real estate transactions to accommodate Islam. I do see a marketing opportunity for land contract resellers specializing in Islamic customers who want to remain in compliance within the framework of existing US law.