Comments on: Bush’s FHA Band-Aid http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html Sun, 22 Nov 2009 02:09:47 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Cary http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html#comment-7185 Cary Tue, 22 Apr 2008 08:12:00 +0000 http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid/#comment-7185 This new FHA Secure program is a pretty package in a empty box.<br/><br/>See most of these mortgages in 2002-2006 had been at a 100% LTV. With the FREE TRADE Program we have lost so many jobs, and people have lost so much income, homes have lost so much in value. AS our dallor shinks further.<br/><br/>See the FHA Secure programs require a 90% Loan to Value. Today the loans the FHA program is trying to help are at 120-130% LTV. Due the declining value of the dollar and the falling value of our homes. See when my neighbor don't work I don't work!!!<br/><br/>So FHA SEcure is no help, unless they reduce or wipe away the negative loan balance to match the 90% LTV. This new FHA Secure program is a pretty package in a empty box.

See most of these mortgages in 2002-2006 had been at a 100% LTV. With the FREE TRADE Program we have lost so many jobs, and people have lost so much income, homes have lost so much in value. AS our dallor shinks further.

See the FHA Secure programs require a 90% Loan to Value. Today the loans the FHA program is trying to help are at 120-130% LTV. Due the declining value of the dollar and the falling value of our homes. See when my neighbor don’t work I don’t work!!!

So FHA SEcure is no help, unless they reduce or wipe away the negative loan balance to match the 90% LTV.

]]> By: Anonymous http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html#comment-657 Anonymous Sat, 01 Sep 2007 07:08:00 +0000 http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid/#comment-657 I believe that just like any other gov't program the FHAsecure plan will have the opposite of its intended effect. Subprimes were popular because the FHA was already too stringent and was already an underwriting nightmare. My main question is where has the Federal gov't been for the past seven years while housing prices have doubled and priced many responsible people out of the home-owning market. My wife and I make over $100,000 a year and we can't afford a home, so we've been forced to rent for the last seven years. We've been waiting and waiting for the market to correct and now that it is the gov't wants to stop the cycle. I don't get it. I really don't. The gov't just needs to back off, let the chips fall where they may, and let this thing run its course. I've read other posts that say it might take 5-10 years for prices to fall back to normalcy, which means that a house should only cost 4x what your annual income is. Right now, even cottages under the flight path of the airport in San Diego are selling for 800 k. It's nuts. I believe that just like any other gov’t program the FHAsecure plan will have the opposite of its intended effect. Subprimes were popular because the FHA was already too stringent and was already an underwriting nightmare. My main question is where has the Federal gov’t been for the past seven years while housing prices have doubled and priced many responsible people out of the home-owning market. My wife and I make over $100,000 a year and we can’t afford a home, so we’ve been forced to rent for the last seven years. We’ve been waiting and waiting for the market to correct and now that it is the gov’t wants to stop the cycle. I don’t get it. I really don’t. The gov’t just needs to back off, let the chips fall where they may, and let this thing run its course. I’ve read other posts that say it might take 5-10 years for prices to fall back to normalcy, which means that a house should only cost 4x what your annual income is. Right now, even cottages under the flight path of the airport in San Diego are selling for 800 k. It’s nuts.

]]> By: zcs_shoemaker http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html#comment-642 zcs_shoemaker Fri, 31 Aug 2007 09:35:00 +0000 http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid/#comment-642 Dear hoosierdaddy and everyone else,<br/><br/>If you think we should bail everyone out that makes a risky decision then you need to become a true Christian and walk around in a white robe with no possessions. There is nothing fatter then a senators wallet, however, I like having some weight in mine.Plus, like the majority of others, we understand what adjustable rate means. It means if your stupid say "OK"! Dear hoosierdaddy and everyone else,

If you think we should bail everyone out that makes a risky decision then you need to become a true Christian and walk around in a white robe with no possessions. There is nothing fatter then a senators wallet, however, I like having some weight in mine.Plus, like the majority of others, we understand what adjustable rate means. It means if your stupid say “OK”!

]]> By: HoosierDaddy http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html#comment-487 HoosierDaddy Wed, 22 Aug 2007 19:32:00 +0000 http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid/#comment-487 The Southern Senators have always been against anything that would intefere with the free operation of the landowner/sharecropper relationship. The Senators changed parties over the last 30 years but the script has stayed the same. The Southern Senators have always been against anything that would intefere with the free operation of the landowner/sharecropper relationship. The Senators changed parties over the last 30 years but the script has stayed the same.

]]> By: Yves Smith http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html#comment-474 Yves Smith Wed, 22 Aug 2007 08:29:00 +0000 http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid/#comment-474 Sorry to be having a run on Bush stories tonight, They are just much more in my face than usual. <br/><br/>It may seem mean spirited to kick a lame duck, and in fairness, I can't tell whether the FHA proposal is cynical or merely half hearted.<br/><br/>The post is short, you might as well read it, particularly since I attempt to do a rough analysis in an area where the data is weak. I'd appreciate any better data on current and prospective delinquencies. Sorry to be having a run on Bush stories tonight, They are just much more in my face than usual.

It may seem mean spirited to kick a lame duck, and in fairness, I can’t tell whether the FHA proposal is cynical or merely half hearted.

The post is short, you might as well read it, particularly since I attempt to do a rough analysis in an area where the data is weak. I’d appreciate any better data on current and prospective delinquencies.

]]> By: Anonymous http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html#comment-473 Anonymous Wed, 22 Aug 2007 08:23:00 +0000 http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid/#comment-473 Well, you started with "the Bush administration" and ended with a snarky "so much for compassionate conservatism."<br/><br/>Is there anything I need to read in the middle? I get the Bush derangement syndrome stuff. Well, you started with “the Bush administration” and ended with a snarky “so much for compassionate conservatism.”

Is there anything I need to read in the middle? I get the Bush derangement syndrome stuff.

]]> By: Yves Smith http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid.html#comment-472 Yves Smith Wed, 22 Aug 2007 07:45:00 +0000 http://www.nakedcapitalism.com/2007/08/bushs-fha-band-aid/#comment-472 FYI, the comment deleted was a spambot online drug ad. FYI, the comment deleted was a spambot online drug ad.

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