Peter G. Miller
August 6th, 2008
The White House reported yesterday in a “fact sheet” that “last year, the President launched FHASecure, which has helped more than 290,000 families avoid foreclosure by refinancing into safe Federal Housing Administration (FHA)-insured mortgages.”
Unfortunately, and inconveniently, the official numbers from HUD tell a different story.
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Peter G. Miller
August 5th, 2008
In response to an editorial by the Sacramento Bee, Scott Syphax, the president and CEO of Nehemiah Corporation of America, had some interesting things to say about downpayment assistance programs (DPAs)
“The Bee,” says Syphax, “chose to uncritically accept the Bush administration’s assertions that down payment assistance loans lead to unacceptably high foreclosure and claim rates. Research would have shown that data used by FHA and the Government Accountability Office comes from a data warehouse that the U.S. Department of Housing and Urban Development’s own inspector general cited as unreliable. In short, FHA undercounts the number of DPA loans by up to three times and divides that number into the number of claims it pays.”
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Peter G. Miller
August 4th, 2008
April writes about downpayment assistance plans (DPAs) with FHA loans and their exclusion under the FHA reform bill and says:
“I am a tax payer and I am not happy. I will not save tens of billions of dollars. If anything that’s tens of billions of dollars that the government will find something else to use it for. Its not like they are going to lower taxes now that this program no longer exists.
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