You guys have got to check out the coverage on the new housing Act at RealtyTimes.com! HUD appears to be unable to make it's Oct 1 deadlines and the backlash has already started in Washington -- and I quote: "Most ominous of all: Doubts about whether HUD will be able to complete the operating rules and regulations for the centerpiece of the entire legislation -- the $300 billion foreclosure-relief program -- by the October 1 starting date mandated by Congress." You can read the full article here.
Don't you just love unnamed HUD sources? I found this article to be a most interesting read...
Wanna know what really got my goat as a mini-computer-geek? I found it fascinating that the biggest complaint from mortgage lenders concerned the added expense of tweaking their computer systems for the second time to even be able to participate with FHA refinancing. What??? So much for the new home purchase programs Congress just initiated. How the heck are we supposed to do that if the computers can't process an FHA loan under the new rules? Duh??? We are now in risk based underwriting from hell!
I could have sworn (barely a month ago) that my mortgage buddies were training their collective a$$es off learning a new system and rules because FHA was the one that demanded all lenders had to switch their computer systems to a risk-based program. Now, the very same risk based program (using credit scores and varying down-payment amounts) appears to be getting whacked by this new housing act crap. How much money do you all believe that this "unintended consequence" from Congress will cost us?
OMG - I bet AR members could run a third world country with the money we just wasted... I wonder if there will be a hike in our loan origination fees to offset this little bit of computer drama... What do YOU think? Inquiring minds want to know. Seriously!
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