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  Topic: The Next Taxpayer Bailout: The
Federal Housing Administration
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The Next Taxpayer Bailout: The
Federal Housing Administration

Townhall, by Kevin Glass

Original Article

Posted By:KarenJ1, 12/26/2012 11:12:03 AM

The Federal Housing Administration (FHA), hit hard by the collapse of the housing bubble, is still making risky loans on the taxpayers´ dime, and may need a bailout in 2013. An exhaustive study of the subject by the American Enterprise Institute´s Edward Pinto reveals some shocking statistics: An estimated 40 percent of the FHA’s business consists of loans with either one or two subprime attributes—a FICO score below 660 or a debt ratio greater than or equal to 50 percent (based on loans insured during FY 2012). The FHA’s underwriting policies encourage low- and moderate-income families

Comments:
I sure dread the next four years. I have never been more unsettled and it just never ends.

      


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Reply 1 - Posted by: Gartrell bibberts, 12/26/2012 11:24:21 AM     (No. 9084203)

None of us can read everything but watch this one. FHA is a deliberate bomb planted in our financial structure.

This is Cloward-Pliven with a vengeance!



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Reply 2 - Posted by: LudicrousSextus, 12/26/2012 11:28:52 AM     (No. 9084215)

Not remotely amusing. The same *failed* Federal policies that spawned the current economic scenario - version 2.0 isn´t looking any better, and for some reason - our ´governing´ class is too brain-dead to deal with this issue in a rational fashion...

Then again, what did we really expect? The term ´failure´ in government-speak - is code for ´we didn´t throw enough of YOUR money at it´.

As the Ethanol debacle proves - results mean nothing to these people - only bureaucracy and job security...

But brighter people could have predicted this mess from the stellar performance of the ´public housing´ sector over the last half century.

Ya´ think?

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Reply 3 - Posted by: phx4546, 12/26/2012 11:39:40 AM     (No. 9084235)

have you seen the demonstrations in Spain and Greece? Is it time for another million man (person) march on Washington to demand the spending stop before we collapse?

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Reply 4 - Posted by: lakerman1, 12/26/2012 11:45:41 AM     (No. 9084246)

I purchased my first home in 1964 by assuming an FHA mortgage, as second owner of the five year old house. So if I defaulted on the mortgage, the first owner would have been liable for the payments. And after 5 years, I sold the house to a young couple who assumed the FHA mortgage. That meant if they defaulted, I and the first owner would be liable for the payments.
The logic of the assumable FHA mortgage went out the window in the early 1980s. I suspect banks lobbied through the change to nonassumable, because they were cut out of the mortgage origination money.And the FHA itself was cut out of alot of paperwork, since they were not doing new loans, meaning fewer civil servants needed.

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Reply 5 - Posted by: rc1776, 12/26/2012 11:52:14 AM     (No. 9084268)

The feral gov.commie & it´s FHA :{feral hut aberation:} bureaucracy has long since been out of real money. This redistribution crime by le curtsying bar queen Ø´blo the blamer and it´s fellow bath house habitue bwarnie fwank was never sustainable.

Perhaps chicago has the answer to population control that would aleviate the pressures on congressional leeches to house the welfare rolls and their constituents. Prisons seem to be helping the most,but doj´s fast and furious has not reduced the population as the leaders had hoped.
Oh well. The best planned lies of lice and menches of oft nose dive.


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Reply 6 - Posted by: Spidey, 12/26/2012 4:07:29 PM     (No. 9084695)

The mortgage industry probably took years to figure out the right mixture of income and liabilities to screen out bad borrowers. But here comes Jimmy carter with the Community Development project which opened the doors to unqualified people getting loans. They came up with a community ratings system on banks to make sure they made affirmative action loans. Still,it didn´t go on steroids until Bubba´s last term.hen Bush bought into this ownership society.

As if the FHA isn´t bad enough already they´re now putting serious risky buyers into house who then want a new loan because they´re underwater.Here comes the taxpayer again.Food stamps still count as income unless you´re assessing poverty,then they don´t count as income.

The excuse they give for making these risky loans is there´s enough soluble homeowners to offset the risk.What a joke.



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Reply 7 - Posted by: Reddoggie, 12/26/2012 4:37:54 PM     (No. 9084722)

FHA is one of the most - if not the most - mismanaged organization ever. And the majority of its employees could not get a job at Walmart. Obama could balance a good part of the budget by getting rid of dead weight that is on taxpayer shoulders - all across the board.

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Reply 8 - Posted by: Trigger2, 12/27/2012 4:54:18 AM     (No. 9085251)

Seize the houses and have Congress totally wipe out the FHA.

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