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Started By
Message
re: One reason the market has been slow to correct - FHA bailing out delinquent mortgages
Posted on 5/31/23 at 10:44 am to stout
Posted on 5/31/23 at 10:44 am to stout
quote:
The officials are trying to address a problem that is unique to this economy.
quote:
Historically, homeowner distress has risen when the U.S. is heading into a recession and the Fed is cutting interest rates to stimulate the economy. Struggling borrowers can then take advantage of falling rates to reduce their monthly mortgage payments.
This may be what makes me snap.
2
Posted on 5/31/23 at 10:47 am to SlowFlowPro
quote:
This may be what makes me snap.
That statement is such BS considering just a few years ago everyone could have refinanced and taken advantage of sub 3% rates
Posted on 5/31/23 at 10:53 am to SlowFlowPro
I think it's important for those who don't know the difference between FHA and FNMA/FHMLC loans to understand.
Soooo, your conventional loans (Fannie and Freddie) represent 82% of market share, while your VA and FHA represent 18%. It's a bullshite bailout proposition, but it's impact isn't as great as one would think.
Personally, when I was lending, if someone wanted an FHA loan, I would suggest they go to another lender. I did not want to frick with the additional 3 inches of paperwork.
Soooo, your conventional loans (Fannie and Freddie) represent 82% of market share, while your VA and FHA represent 18%. It's a bullshite bailout proposition, but it's impact isn't as great as one would think.
Personally, when I was lending, if someone wanted an FHA loan, I would suggest they go to another lender. I did not want to frick with the additional 3 inches of paperwork.
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