I wait to see if they really do something. Not holding my breath.
Up until now, HUD has focused on lenders whose default and claim rates exceeded 300% of the average rate. In October, HUD says it will begin focussing on lenders whose rates are 275% of the local average. HUD plans to gradually lower the average until July of 2003, at which point HUD will be focussing on lenders whose default and claim rates exceed 200%.
Why not just start in October '02 with the scrutiny and screening out of all of them ! Very unreasonable to think that existing computer programs within the agency could not isolate those violators within several weeks. Far more important for the stability of the banking system and restoring any confidence the American public desparately wants to put in somebody in Washington that we challenge all offenders as soon as possible. Giving them time to cook books or line their pockets or leave the country is not the way this house-cleaning should be done. Any paramedic called to the seen of a major trauma accident always stops the greatest loss of blood first and then proceeds to deal with remaining wounds in an order of lessening priority. But, that's right, we are talking about Washington government here.