Robbing Peter to Pay Paul; And You & I are Peter! Part XIII!

Robbing Peter to Pay PaulWe 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 IX! FHA Could Be ‘Fannie, Freddie, the Sequel’! Have We Not Been Saying This?

 

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

 

Robbing Peter to Pay Paul; And You & I are Peter!

 Keller Williams is #1

 

Let The Ruiz/Miller Team know who you know that is thinking of buying, selling, or investing in real estate that we can contact today.

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4 Comments on Robbing Peter to Pay Paul; And You & I are Peter! Part XIII!

JUL
11
586,213 Points 46 Featured Posts Outside Blog Called Shot Master

Good afternoon Bob -

As I read your post I have learned a new term today "liar loans".  Never too old to learn something new. 

Hope you are having a great day!
3:22pm • #1
412,317 Points 15 Featured Posts Outside Blog Called Shot Master

There has been movement by most lenders to increase the mimimum credit score from 580 to 640.
4:57pm • #2
1,030,837 Points 238 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bob-I'm with John... I thought I'd heard it all but not yet heard "liar loans."   
5:27pm • #3
JUL
12
498,020 Points 13 Featured Posts Outside Blog Called Shot Master

John & Kathy, liar loans are also known as no doc or no documentation loans.  They are near impossible to get now.  But back in the bubble you could "state" an income and if you had a decent credit score, lenders would approve you based on that information.  Since many overstated their income they became known as "liar loans".
2:37am • #4


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Bob Miller - The Ruiz/Miller Team Ocala & Marion County

Ocala, FL

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Keller Williams Cornerstone Realty

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