A Housing Riddle: Why did the Homeowner Stop Making their Mortgage Payments?

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Posted To: Voice of Housing

0 false 18 pt 18 pt 0 0 false false false Here is a riddle: Why did the homeowner stop making their mortgage payments? Because they ran out of money. The riddle does not end with “because they only put down 3.5 percent of the purchase price.” It is the difference between bad economic policy and bad lending policy – Federal Housing Administration (FHA) lending policy in this example. On the heels of the recent House Financial Services Committee hearings, and the release of FHA’s Actuarial Report, we have and are likely to continue to hear calls to drastically reshape and limit the types of borrowers that FHA can insure . The borrowers most at risk of losing this valuable bridge to homeownership are the ones who most need consideration - low- to moderate-income Americans...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/voiceofhousing/02282013-fha-policy.aspx

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