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The Perfect Mortgage
HUD and the White House came out today with ideas on what to do about the future of mortgages in America.
They give a few different ideas going forward and place into thought the idea of FHA and a guarantee from the government on a loan with a private funding pool for reinsurance.
Now, the report goes to Congress for the whole thing to become a wrestling match taking who knows how long.
I applaud all the work that has been getting done, but let me reiterate what I have been saying for years as the solution to how government can be involved minimally and only in a catastrophic time while keeping the cost down to consumers.
Let’s have a generic set of guidelines for loans, no limit on the loan size (low or high) where every loan has a private fee that can be financed into the loan so there is less impact on the payment and qualification and the money goes into the fund early.
Also, the underwriting standards need to take into account local and state markets.
A loan in one state/city where there is no income tax is different from one that has taxes. And how about the place ... more

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