Uh, how many flights to go in the Space Shuttle program?
Wall Street Journal (4/29 ’11): “We Have Liftoff: No Money Down Is Back”
The NASA Federal Credit Union earlier this month launched a special promotion that allows borrowers to make no down payment for a primary home purchase of up to $650,000, or just 5% down on a loan up to $850,000. // The deal applies only in Maryland, Virginia and Washington, D.C. Borrowers can also do refinance loans up to $650,000 with just 5% down and up to $850,000 with 10% down. The credit union will offer adjustable rate loans and 15-year fixed rate loans, and it will keep those loans on its balance sheet.
And here’s one from the rookie space cadets over at Province House …
Halifax Chronicle-Herald (4/30 ’11) “NDP budget passes despite criticisms”
[The budget] contains $30 million in bursaries for post-secondary students and a new debt cap of $28,560. Any money a student borrows over the cap for a four-year degree program will be forgiven.
Three guesses how that’s going to distort university fees and tuition, not to mention the pressure to extend the program to colleges and graduate schools. Hat tip to Mrs M (the other taxpayer at Doom North on the hook for this goofiness from Planet X) for the dig. A few more gory details became available today at the official government student assistance site:
… Eligibility will be assessed by the Nova Scotia Student Assistance office upon graduation. …
So you go into hock first and you find out later if you get the cap. That’s gonna be real popular with the graduates who’ve guessed wrong!
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UPDATE: Igor and I were just brainstorming a few ways that the local institutions can shake some serious loonies out of this money tree. How about an MSV “death march” combined B.A./B.Ed — 4 years x 48 wks/yr, cramming six years of fees and tuition into four. The provincial subsidy might be close to 50 percent 
Expect a few bizarre announcements to come out of A&A buildings by mid-June.
Ohio Fraudclosure
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The author must also be a rookie, AND an idiot at that. They don’t have a refinance available for 5% down payment, doofus. It’s called a 95% refinance. That oversight shows you know nothing about the industry.
idiot? perhaps … rookie? alas no, and I wish people would stop referring to financial services as an “industry;” since U of Iowa booted up their Writers’ Workshop in ’36 American **poetry** could call itself an industry, but surely not mortgage finance, unless the fabrication of a $6+ trillion cavitation bubble could be considered positive production.
… by the way, Nick also welcomes comments