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FHA New Foreclosures Jump as Modified Loans Default

By Patrick   2012 May 9, 12:11pm   1,015 views   2 comments   watch (0)   quote      

http://www.bloomberg.com/news/2012-05-09/fha-new-foreclosures-jump-as-modified-loans-default-mortgages.html

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1   San Diego Renter     2012 May 11, 5:00am  ↑ like   ↓ dislike   quote    

This is infuriating. It was 100% foreseeable that issuing credit to bad credit risks with little-to-no-skin-in-the-game in a downdrafted market would result in losses. It is going to be you and I paying for those losses. This goes beyond bad risk management - it's policy based on a terrible incentive structure.

2   drtor     2012 May 12, 9:37am  ↑ like   ↓ dislike   quote    

San Diego Renter says

This is infuriating.

Yes, although IMO helpful to get us towards normal lending standards. Our political overlords (yes, even Barney Frank) have recently shown that they are willing to tighten FHA standards and increase FHA fees, if the alternative is another bailout.

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