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Old 09-05-2009, 11:33 AM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,713
Default FHA Going Broke?

"a ticking time bomb"......

Kudlow on CNBC interviews FHA watcher
"Bigamy is having one wife too many. Monogamy is much the same." Oscar Wilde
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Old 09-05-2009, 12:02 PM
George Hatch's Avatar
George Hatch George Hatch is offline
Join Date: Jan 2002
Location: Carlsbad, California
State: California
Professional Status: Certified General Appraiser
Posts: 16,819

After the fall of Fannie/Freddie, FHA became the default conduit for subprime lending. That's the direction many of the brokers went when the HVCC stripped them of their control of the appraisals.

I think we've already proven the fallacy of "too big to fail". There will be another bailout because, even more so than with the GSEs, the government really does have to bankroll FHAs losses.

FHAs current problems are bad for the nation as a whole, but ironically they will probably end up being good for us. FHA will have to revamp their due diligence protocols and collateral valuation is where it's at when you have ultrahigh LTV programs.
Old 09-05-2009, 01:31 PM
Michael Tipton's Avatar
Michael Tipton Michael Tipton is offline
Join Date: Sep 2005
Location: SW Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 2,759

The question is how long will the political appointees wait before they address this issue?
Old 09-05-2009, 01:54 PM
Offshore Offshore is offline
Join Date: Dec 2005
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 3,244

Since they have a huge stake it what goes on, at some point the Chi Com's politburo will step in and say enough is enough. Imagine that, our economy may be saved from the corrupt, inept socialists by frugal, prudent Maoists.
Old 09-05-2009, 04:56 PM
OSU Beavers's Avatar
OSU Beavers OSU Beavers is online now
Join Date: Jan 2007
Location: Podunk
State: Oregon
Professional Status: Licensed Appraiser
Posts: 6,381

Does HUD still not prorate P&I for the month you payoff your FHA loan for a new conventional refi? That was a shocker for me ten years ago.
This is a courtesy call. Your next installment of processed data is due for upload in one hour.
Old 09-06-2009, 08:40 AM
Mike Garrett, RAA's Avatar
Mike Garrett, RAA Mike Garrett, RAA is offline
Join Date: Jan 2002
Location: Colorado Springs, CO
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 21,065

What government program isn't broke?
A Former AQB Certified USPAP Instructor
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