The BIG PROBLEM with HUD’s 2013 Budget
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May 31, 2013
June 5-6, 2013
Does it always have to be one, or the other, get rid of it, or keep it. Why not both, get rid of what does not serve any longer, and keep (with some fixing) what does serve. You know the way the program was originally designed to work.
I believe we are ready to go to the next level, and actually get something done.
Identifying the problem does not fix anything. Anyone want to bet that there will be no significant change no matter goes into the White House?
Does anyone know if it is legal to fund loans in the state of California, but live outside of the state?
I can’t get the straight answer??? Thanks!
Not sure of the connection between the colon cleansing and HUD are but I am sure I could think of a few…
All I can say is you dont really know hoiw good Fran and Brian REALLY are until you fill in.
that is to say – You dont know how good Frank and Brian REALLY are until you fill in for one of them – jeez!
Your show promoted owning over renting a few weeks ago. Good show but your picture did not include HUD subsidizing the rent payment. Tough to sell ownership when “free” is available.
Some day we will understand the cost of “free”…
The real scary part hear is that (as previously noted) the Fed’s now have a new mortgage piggybank. Raising fees at Fannie and Freddie to pay for programs completely unrelated to housing is the latest example of what happens when the tax man comes calling. Since Fannie and Freddie are no longer private, there was hardly a whisper of disagreement except from us.
sorry, meant “here”. give me a break, it’s still early
FHA loans are quickly becoming a dinosaur because of HUD’s reckless “TAXING”. There really is NO reason to put my clients into an FHA loan anymore. 3% down conventional has not Upfront MIP (1.75% saved) and monthly MI nearly HALF of the 1.25% FHA collects. It’s the same result we have always received where taxing more actually brings in LESS revenue because people stop “buying, hiring, earning, etc…” or in this case using FHA loans.
See above…
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How is it that people can see the government wasting billions upon billions of dollars in horrible programs and STILL think it’s a good idea to raise taxes. There is no business or family household that would ever survive the way the government is ran and yet 49% of the country still allows this to go on. So unbelievable!!!
Frank…(sob)..come back Frank
Guys, you are singing to the choir here. I’ve lost track of how many times I’ve commented her about this same topic. MI is not insurance, its a tax in sheep’s clothing. To call it “insurance” is totally dishonest. It’s just yet another example of the current administration’s goal to take from the rich and give to the poor. However, the problem here is that I would have a hard time calling the typical FHA borrower as “rich.”
Garrick…DUDE…the rocking back and forth thing …chill!!
This episode reminds me of a movie I saw recently. The chick was getting pounded by this machine robot where it counts. She loved it while it lasted, but once it was over, she was smiling from sensory overload, but couldn’t walk. Wish I could have been the machine, but I don’t think she wants her family to see the video.
Proof of the 80/20 Rule! (83/17 here)
Frontline had a great programme on last night went through the process of teh collapse. There is a second installment showing later.
Apparently Mitt isn’t the only person in favor of getting rid of HUD. Perhaps the reason the table has been tilted so far in favor of banks is because (a) the government wanted the TARP money back they loaned them and (b) they eventually want to make them strong enough to start keeping loans instead of selling them all to Fannie, Freddie and FHA. There was talk of a five year plan to do that, but I don’t think they’re on track to making that a reality quite yet.
Here’s the problem: stockholders. The pressure from stockholders will be for the banks to produce bigger and bigger profits every year. How do you do that? Either sell more or raise margins. I’d bet this leads to higher rates.
I’m almost always for a free market economy, but when lobbyists get involved it skews the picture. The concept of a freee market is valid…..if politicians would actually let the free economy work. Problem is, they don’t. Just take a look at what they’ve done to the mortgage and appraisal industries over the last 4 years. How about what they are trying to do to the medical industry?
I wish I could say I trust the government to make the right decisions, but recent history demonstrates it’s more about them (politicians and re-elections) than it is about us (we the people).
HUD is nothing more than a giant laundermat for entitlements. From the previous comment a lot of people in the industry don’t realize HUD and FHA are two totally separate businesses. This is and has been caused by the indoctrination in RE and LO classes referring to HUD and FHA as one and the same.
You should see how wasteful they are when it comes to getting rid of HUD foreclosures. Creating more government drones at Best Assets and First Preston that live exclusively off of the gov’t dole.
Funny ending. Good show!
BTW, HUD is just the tip of the iceberg when it comes to government waste.
Frank, and Brian. There is no lending industry of any kind without Hud and Fnma/Freddy. Whatever problems they have, need to be fixed or we don’t have a Real Estate industry.