The FHA MI issues is the topic of today’s show. We’d love to hear your thoughts below!
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Keep rates high so more marginal people can participate? Sounds alot like the same approach that has been excoriated in Obama Care. In reality, there is no altruism and good heartedness here. It is all about privatizing (giving away at a bargain price to Wall Street) Fannie Mae,
and ultimately charging higher MI rates to everyone, forever. If the free market guys had their way, there would be no FHA. Where were those phantom MMI risk worrying folks in 2005? They were on vacation then, and will be on vacation when the next crash occurs. Remember, the overwhelming number of defaults were not FHA in 2007-2011…because few FHA loans were written then. Wall Street came up with their own low down payment products, and created its own secondary market (we all know how hu-u-uge that was!) Alan Greenspan said it, at the end of the CNBC documentary “House of Cards”…”We will be having this discussion all over again, in the future…”
Thanx, well thought out.
The kindhearted restoring Mi rates to their previous levels, to allow more marginal borrowers to participate, sounds abit lime the same approach on Obama Care that has been excoriated. Such altruism is quite nice, and the phantom (on vacation in 2005) MMI risk fretters will take great consolation when Fannie is sold to Wall Street at a giveaway price…and everyone pays higher MI rates, forever. In reality, FHA loans that crashed in 2007-11 were a very small part of the overall originations…few mortgage guys were interested in slow moving FHA transactions when those big west coast loan factories were closing in half then time…with half the paperwork. Wall Street created its own secondary market to swallow any and all loans, and we all know how h-u-uge that was. If the free market guys had their way, there would be no FHA, and no protections for anybody getting a real estate loan. The deregulators and risk managers were on vacation in 2008 and will be when dam bursts again.
FHA reserve? That is so funny – what a joke. Does anyone really believe there is a govt. FHA bank account with a few billion dollars in it? It is a typical govt. scam and only on paper. They spend every real dollar that comes into the treasury and issue more bonds every week to cover the excess spending over income. At least on the Fannie/Freddie side they don’t show any fake paper reserve- we taxpayers are on the hook for 100% of their potential future bail out. If I operated like the govt. I take my “reserve” $200,000.00 CD pledge it against a cash loan and have a great great time spending the money all the while pretending it is ok because I have that “reserve” CD.
Wow, Fred Risser. You seriously don’t have a clue do you? FHA defaults were over 10% at that time, and just as bad as sub-prime. http://archive.boston.com/news/nation/washington/articles/2009/03/08/fha_mortgage_defaults_soaring/
Wow Sarcasm Detector. I read your 2009 article by Globe Newspapers and that is not what it says at all. HA was 2% of all loans when we were writing record number of loans. As we went through 2009 the Conventional sub dried up. So did buyers. Naturally when you stop writing sub loans and the number of loans crashes any extra demand ends up at FHA. By 2010 borrowers cought on to the new game in town. They stopped paying and sat tight. Your numbers and percentages are alternative numbers that are not in the article. What the article concludes is “those once-robust reserves are showing signs of stress” – a far cry from what you state….. On the side, just that I am curious, is Sarcasm Detector your position at the blog or is that the name you gave yourself?