Wednesday, November 14, 2012

F.H. Ayyyyyyyyyyyyy!

Everything you ever wanted to know about HUD but were afraid to ask...

The Office of Housing provides vital public services through its nationally administered programs. It oversees the Federal Housing Administration (FHA), the largest mortgage insurer in the world, as well as regulates housing industry business.
The mission of the Office of Housing is to:
 -  Contribute to building and preserving healthy neighborhoods and communities;
 -  Maintain and expand homeownership, rentalhousing and healthcare opportunities;
 -  Stabilize credit markets in times of economic disruption;
 -  Operate with a high degree of public and fiscal accountability; and
 -  Recognize and value its customers, staff, constituents and partners

"The last time he owned a home, Maldonado refinanced four times and took on a second mortgage. He put a Cadillac and Mercedes-Benz C300W in the driveway and racked up about $45,000 in credit card bills and other debts. His debt-fueled lifestyle ended only when he was forced into bankruptcy."

What could possibly go wrong?

"His reentry into homeownership three years later (Kenny comment: there is little to any stigma about filing the old BK's like the Locomotion....everybody's doin' a brand new dance now....c'mon baby, do the Locomotion) came courtesy of the Federal Housing Administration. The agency has become a major source of cash for so-called rebound buyers — a burgeoning crop of homeowners with past defaults who otherwise would be shut out of the market.

Barry and the Choom Crew to the rescue...thank you for your Latino vote!

"After everything that happened, thank God I was able to buy another house," Maldonado said in Spanish. "Now, it's good because the interest rates are low and there are lots of homes."

"Critics worry that the FHA is foolishly allowing marginal buyers to get loans just three years after foreclosure with as little as 3.5% down. What's more, the agency doesn't even track how many rebound borrowers it backs."

From the LA Times "Honk If I'm Paying Your Mortgage" bumpersticker files....

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