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Senate OKs Bill Offering FHA Help for Subprime Loans

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moh malekpour

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Elite Member
Joined
May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
Senate OKs Bill Offering FHA Help for Subprime Loans

The Senate plan would lower the down-payment requirement to 1.5 percent of the property's appraised value and raise the loan limit to $417,000. The House measure would give the FHA flexibility to lower the down payment to zero in some cases, and would raise the loan limit to $730,000.
 
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
hmm ok lets see, the sky is falling and we need to help, but we cannot bail anyone out it is not our problem.

hmm the banks are crashing, let help them out by freezing interest rate, this is not a bail out, it is to help them so they do not get arrested or sued, oops mean help the homeowners facing foreclosure on their homes.

Also, lets have the fed drop the rate so we can help out the banks make more loans, opps mean help buyers buy homes and have the American dream.

Since we are not going to bail anyone out, lets help FHA but lowering their standards but lowering the down-payment requirement, raise the loan limit, and add some more of that good stuff you know sub-prime loans to the mix.

Fast-forward 2-5 yrs, Senate OK's FHA bail out as President Clinton addresses the mortgage crisis made by the Bush administration.
 
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