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Government/Big Bank Housing Cartel want Stable to Slightly Rising Prices - So Be It!
The Government Housing Finance Cartel – FNMA, FHLMC and FHA - want Stable to Slightly Rising Prices, So Be It!
 
I have argued in prior posts that the Government has created a Housing Cartel which controls the rate at which foreclosed or seriously delinquent homes are liquidated and the requirements to receive a government loan to buy your home. The major banks, which now are the main originators of government mortgages (read virtually all mortgages), are under the government’s regulatory thumb and move not a muscle unless they get the word from the White House that they are “free to move about the office.”
 
Buying a home is really tough, unless you pay cash. I have had numerous conversations with traditional Mortgage Brokers describing the odd behaviors of Underwriters at banks originating government mortgages. Home loans are declined for truly lame, capricious and simply arbitrary reasons, notwithstanding the borrowers’ overall financial health. Normally, a home mortgage stands on three legs, Income and liquidity, Loan-to-Value and Credit. Particular strength in one would historically compensate for some weakness in one of the others. Now, however, not only are square pegs that fit the particular square hole all that need apply, but ... more

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