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E-Mail 'FHASecure Proposals From President Bush' To A Friend

by Peter G. Miller
August 31st, 2007

Email a copy of 'FHASecure Proposals From President Bush' to a friend

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This entry was posted on Friday, August 31st, 2007 at 9:09 am and is filed under , . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

7 Responses to “FHASecure Proposals From President Bush”

  1. Carlos Mendoza Says:

    I found the information and also all the inicitives very important and also encouraged.
    I hope the administration and the whole Banking and Financing Industry will take it as part of the solution to the mess they created.
    If we can help.. We are ready.
    Thanks..
    Carlos

  2. Michael R Says:

    The banking and financing industry created no such mess.

    People trying to live the American dream with money that they do not have is the problem.

  3. Peter G. Miller Says:

    Michael –

    Thanks for your note.

    We disagree.

    Borrowers would not have that money had traditional underwriting standards been followed or traditional products been offered. I certainly agree that some borrowers lied, but it is equally true that some lenders placed FHA-qualified borrowers into high-cost subprime loans, did not explain all loan factors, etc. To think that lenders have no responsibility for the current mess — not even a smidgen — is not credible.

    Take a look at the FTC news release which today went to 200 lenders because of their advertising. See:

    http://www.ftc.gov/opa/2007/09/mortsurf.shtm

  4. Michael Hasbrouck Says:

    This is another mess that was started by an overly zealous Wallstreet. As a Loan Officer being constantly urged by wholesale reps to produce loans, both purchase and refi at high loan-to-values, and 106% purchases. We were constantly told borrowers needed only 3 trade lines with one only needing $2500.00 min to qualify. It’s easy to have a 725 middle score with only 24 mos. history, but this is how the guidlines were structured by the end sellers ,Wall Street and the Hedge Funds!!!!!!!!

  5. J Knight Says:

    I feel that the brokers have lied on 1003′s to make borrower income to fit stated,no income, no assets programs, just to make their monies. The fees have been over the top and that why we’re losing jobs and homes. Then their companies that won’t refi loans that are currently with them, because the loan amount is less than $200, 000, to me that redlining. How can you not refi a loan that your have the servicing on with no late payments?

  6. Marco Says:

    >>How can you not refi a loan that your have the servicing on with no late payments?

  7. GLORIA IRIS TORRES Says:

    i need to know when the nwe law is coming so we can refinance our home, is getting late for some of us, we can not make the payments, we are waiting for the new mortgagee letter approval for 2008

    SICNERELY

    GLORIA IRIS TORRES

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