Posted on 10/18/2009 9:51:45 AM PDT by FromLori
Video at site
The FHA has expanded from guaranteeing just 2% of mortgages to over 20% in just a couple of years, dramatically raising its exposure to the still declining US housing market. The FHA still backs toxic, almost-no-money down mortgages. It will currently guarantee mortgages with as low as 3.5% downpayments. The FHA's mission is political: it is still trying to "expand home ownership." The discredited ideology of home ownership is the most toxic ideology since communism. The number of mortgage companies whose loans are backed from the FHA has grown from around 1,000 to over 3,300 but the FHA hasn't grown its ability to analyze these companies. A recent audit of FHA applications found only 5% included all the necessary documents. The leadership of the FHA is completely oblivious to its coming ruin. The FHA is in even worse shape than Fannie Mae and Freddie Mac. Here's the video:
(Excerpt) Read more at businessinsider.com ...
Looming disasters: FHA, FDIC, Freddie Mac, Fannie Mae, US Treasury, Federal Reserve, Social Security, Medicare, etc.
Which is why (in my more optimistic moments) I don’t see how any healthcare policy can be made real, even if passed. There is simply no money for it.
The FHA has expanded from guaranteeing just 2% of mortgages to over 20% in just a couple of years[blinks eyes]
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Bono wants to end World Poverty...the FHA wants to “extend home ownership”...when are these people going to stop cramming impossible dreams of Utopia down our throats?
Almost forgot...the Big O wants to create a “world without nuclear weapons.” Dreamer...
The problem with big government is bad government. The bigger it gets the worse it gets. The worse it gets, the bigger it gets to fix what it made worse, ad infinitum. It is the beast that eats us while we worship it.
bump
The problem with big government is that it’s run by entrenched politicians, lobbyists, bureaucrats whose main goal is to keep their power.
Why isn’t the entire country screaming in outrage that Congress is trying to shove a health care bill down our throats that exempts Congress???? Good enough for us but not them, huh? Who made them royalty? And the sheeple meekly accept that the trial lawyers also get to keep their cut of our pie.
Or to sum it up...The U.S.A.
Dont forget to add the USDA Rural Home Loan Program. Originally designed to provide mortgage insurance in rural areas, it is now used similar to FHA in areas that are no longer rural in nature and are “bedroom” communities that have nothing to do with agriculture.
The little town of Palmer, AK, which is primarily a bedroom community for Anchorage commuters, is considered “rural” and thus the Farm Home program is very popular. The Farm Home program is subsidized home ownership, where the gummint pays the interest part of the mortgage (greatly simplified explanation)and is supposed to be paid back when the house is sold. Palmer had precious little to do with farming or rural these days. Places that are actually rural don’t qualify for the program.
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