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E-Mail 'Just 266 FHASecure Loans To Date' To A Friend

by Peter G. Miller
December 18th, 2007

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This entry was posted on Tuesday, December 18th, 2007 at 9:41 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.

2 Responses to “Just 266 FHASecure Loans To Date”

  1. ANTHONY ROMANO Says:

    FHA and the Bush plan is way off. FHAsecure will not succeed because most of the sub-prime borrowers were created during the boom for the fat profit mongers of the lending industry. The lenders were like a drug cartel, who now say well we did not force them to buy the heroin, but boy were they willing to be the suppliers.

  2. Dan Stephens Says:

    FHA Secure cannot help very many because:
    (1) most are uside down, and of those who are not, (2) many don’t have enough equity or cash to pay closing costs (if they do,why are they missing payments?), and (3) many don’t have debt ratios to qualify, since (3a) many were liar loans to begin with, or (3b) they’ve racked up too much new debt to pay spiralling property tax, energy, health insurance and food costs, or (3c) incomes have fallen or (3d) they qualified for the subprime loan at 45-50% debt ratios and don’t meet the 43/45% FHA total debt ratio.

    The only way to stop the continuing avalanche of foreclosures is to have a Congressionally-mandated foreclosure moratorium and change the terms of the existing subprime ARMs by fiat. If that isn’t done, the problem is going to get worse by orders of magnitude in late 2008 and 2009 when four times as many prime credit ARMs start to adjust than there were subprime ARMs, and the prime borrowers won’t be able to refinance either, especially since lending guidelines for conventional loans are now incredibly stiffer than they were. A moratorium and mortgage adjustment will instantly stop the process and restore value to mortgage securities so lenders can start lending again.

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