Quote:Story I loathe Fox News but it has the story.....

 

<p style="font-size:17px;font-family:'Helvetica Neue', Helvetica, Arial, sans-serif;">"WASHINGTON –  A proposal in Seattle meant to increase homeownership among Muslims by offering financing compliant with strict Islamic law -- known as Sharia -- is gaining ground in the latest test for local leaders trying to accommodate diverse religious beliefs.

<p style="font-size:17px;font-family:'Helvetica Neue', Helvetica, Arial, sans-serif;">"We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs," Seattle Mayor Ed Murray said during a press conference July 13.  

<p style="font-size:17px;font-family:'Helvetica Neue', Helvetica, Arial, sans-serif;">"Sharia," which comes from the Koran and means "the right path," prohibits the payment of interest -- the primary way lenders earn. Many of Seattle's 30,000 practicing Muslims, therefore, are hard-pressed to find Sharia-compliant financing options when buying homes, making large purchases or starting a business." 

<p style="font-size:17px;font-family:'Helvetica Neue', Helvetica, Arial, sans-serif;">What are your thoughts? 

 

I don't know why you "loathe" FOX News, but that's an entirely different topic.

 

I personally think that it's a bad idea.  If it's what I think it is, it would be government forcing lenders to offer this product.  The problem is, traditional mortgages are often done in terms of 15 or 30 years.  What were the interest rates 15 years ago and 30 years ago?  What are they today?  There is no way to determine what the "value" of a loan will be over the course of that much time to a lender.

 

Also, mortgage lenders are private business.  The are free to choose who they will loan money to, how much interest they will charge and the terms that they agree to.  They should not be forced to change the way that they do business in order to accommodate someone simply for their religious belief.

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