I wanted to share this thought with you. The housing mess was created by mortgage products that should of never been on the market and our goverment is looking to blame the creators but think about this, are goverment is doing the same thing over again but in an even worse way. The 3.5% down FHA loan product they sell(and own quite a bit of) has been supplemented with tax payer dollars of up to 8,000 dollars making most of those loan 0 down loans and then some. And the tax payer is going into more debt to pay for these down payments. The borrower can get this loan with as little as a 580 credit score and no reserves. Sounds like super sub prime to me. Take this from a mortgage lender(you can see my web site at dependablemortgageinc.com). Is there a way to short our goverment, HA, HA, HA. This will tern into the next forclosure wave and help continue the deflationary course we are on. What a mess.
Steve
ReplyDeleteI wanted to share this thought with you. The housing mess was created by mortgage products that should of never been on the market and our goverment is looking to blame the creators but think about this, are goverment is doing the same thing over again but in an even worse way. The 3.5% down FHA loan product they sell(and own quite a bit of) has been supplemented with tax payer dollars of up to 8,000 dollars making most of those loan 0 down loans and then some. And the tax payer is going into more debt to pay for these down payments. The borrower can get this loan with as little as a 580 credit score and no reserves. Sounds like super sub prime to me. Take this from a mortgage lender(you can see my web site at dependablemortgageinc.com). Is there a way to short our goverment, HA, HA, HA. This will tern into the next forclosure wave and help continue the deflationary course we are on. What a mess.
Jack,
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