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FHA New Foreclosures Jump as Modified Loans Default

By Patrick (352/352 = 100% civil)   2012 May 9, 12:11pm   ↑ like   ↓ dislike   975 views   2 comments   watch (0)   share   quote  

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

#housing

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

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   top   bottom   home   share  

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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