fha: FHA Continues to Encourage Failure
- 10/18/13 12:06 AM
For the first time in it’s 79 year history, FHA will require a $1.7 BILLION dollar bailout. If FHA were held to the same standards as private mortgage insurers, this hole would be $25 BILLON. One in eight families getting an FHA loan from 1975 to 2011 has already been or will end up in foreclosure. As the bubble developed, the Department of Housing and Urban Development (HUD) forced Fannie Mae, Freddie Mac, and private lenders to adopt, and even go beyond, FHA’s weak underwriting practices. In 2004, HUD took credit for mandating looser underwriting by what it termed a “revolution in affordable lending”. In other … (0 comments)
fha: Obama Pushes Banks to Approve Mortgages to Buyers with Weaker Credit
- 04/04/13 12:04 AM
What can possibly be added to this story? The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place. President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession. Uh Oh… Administration officials … (17 comments)
fha: Estimates Say 33% of FHA Loans Underwater
- 07/06/12 09:18 AM
The Federal Reserve estimates that about one-third of the 11.1 million underwater home loans in the United States are FHA-insured. These 3.6 million underwater FHA loans account for nearly half of the FHA's 7.4 million outstanding loans. Since about 72 percent of all outstanding FHA loans date from 2009 or later, a reasonable estimate would be that about 1.5 million of recent FHA borrowers are underwater. I wish I could say that I'm surprised. As noted in Appraisal Buzz, there seems to be a ready supply of soon to be distressed inventory. This comes as no surprise since the FHA continues … (2 comments)
The HMT blog is written by Hank Miller of The Hank Miller Team. He is a licensed broker and certified real estate appraiser in the state of GA. Since 1989, real estate has been his full time occupation and Hank consistently ranks at the very top of Atlanta area agents in overall production. He is known as much for his attention to detail as he is for his candor.
For the first time in it’s 79 year history, FHA will require a $1.7 BILLION dollar bailout. If FHA were held to the same standards as private mortgage insurers, this hole would be $25 BILLON. One in eight families getting an FHA loan from 1975 to 2011 has already been or will end up in foreclosure. As the bubble developed, the Department of Housing and Urban Development (HUD) forced Fannie Mae, Freddie Mac, and private lenders to adopt, and even go beyond, FHA’s weak underwriting practices. In 2004, HUD took credit for mandating looser underwriting by what it termed a “revolution in affordable lending”. In other … (0 comments)
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