Robbing Peter to Pay Paul; And You & I are Peter! Part XIII!
We have been saying this for a long time, but who listens? Back during the bubble, all the banks were doing 1st & 2nd mortgages for 100%, "liar loans", sub-prime, etc.
After the mortgage and real estate meltdown who became the number 1 lender for buyers with little or no down payment? FHA became the sub-prime lender of choice. Is it any wonder to read news like this?
FHA loans post higher delinquencies, foreclosures
"For the year ending March 31, FHA-backed loans 90 days or more delinquent increased nearly 27 percent, while foreclosures went up nearly 17 percent. Meanwhile, bank loans saw delinquencies decrease by 39 percent and foreclosures fall nearly 10 percent.
FHA-backed loans tend to be attractive to first-time homebuyers since they offer low 3.5 percent downpayments, and require lower credit scores and incomes to qualify."
Of course we know who will pay for the defaulted FHA loans! You and me!
More Robbing of Peter to Pay Paul!
Robbing Peter to Pay Paul; And You & I are Peter! Part XI!
Robbing Peter to Pay Paul; And You & I are Peter! Part X!
Robbing Peter to Pay Paul; And You & I are Peter! Part VIII!
RobRobbing Peter to Pay Paul; And You & I are Peter! Part VII!
Robbing Peter to Pay Paul; And You & I are Peter! Part VI!
Robbing Peter to Pay Paul; And You & I are Peter! Part V!
Robbing Peter to Pay Paul; And You & I are Peter! Part IV
Robbing Peter to Pay Paul; And You & I are Peter! Part III; Or is it a Short Sale Rant?
Robbing Peter to Pay Paul; And You & I are Peter! Part II
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