Holden Lewis of Bankrate’s Mortgage Matters lets loose this week on Congress’s plan to “improve” the Federal Housing Administration.
He’s not happy.
This week, the House passed H.R. 1852, known colloquially as “FHA modernization” and officially as the “Expanding American Homeownership Act of 2007.”
Because, you know, today’s high mortgage delinquency and foreclosure rates are a sign that we need to expand homeownership and denigrate renting.
The bill was the idea of Reps. Maxine Waters of California and Barney Frank of Massachusetts, a pair of reliable liberals who ought to know better. It calls for:
* Zero down payments on FHA-insured mortgages.
* Rescuing subprime borrowers who are at risk of foreclosure.
* Raising the FHA loan limit to almost $850,000 in the most expensive markets.
I know what you’re sputtering: “But … but … but we got into this foreclosure mess because so many people got huge mortgages without making substantial down payments,” you’re saying, red-faced. Hey, I’m just reporting the news, not making it.
The Mortgage Bankers Association’s chairman says: “The FHA is a critical partner for industry that needs to be revamped, which is why FHA modernization has long been a top MBA priority. The FHA is an important tool that can help some distressed borrowers who are having trouble paying their current mortgages avoid foreclosure.”
An even better “tool” would have been a rubber stamp that read, in big, red letters, “Loan Denied.”
That pretty much nails the issue.
(Holden, sorry for copying so much of your post, but it was just too good to leave anything out!)
Source: Mortgage Matters – By Holden Lewis, Bankrate.com (second item)
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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
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