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FHA insured home loans ... it's all good
Monday, November 30, 2009
Aside from the FHA now insuring half of all new home loans (and, of course, their tiny capital base and the nearly 10 percent default rate), the most disturbing part of this CBS News report is that they have a staff of only 172 to review loan applications and keep an eye on lenders.
What could possibly go wrong, now that they're insuring loans of more than $700,000 with some members of Congress wanting to push that level even higher?
What was that word Bob Toll used to describe FHA lending a week or two ago? Trainwreck?
3 comments:
I forget.. Who bails out the U.S. government when it can't borrow or print money anymore??
Congress, by raising the printing (debt) limit, then federal reserve "buys" the treasuries in exchange for dollars. It's magic!
The only real question is will they not keep devaluing the dollar. The answer is an obvious: No!
Just like the tally sticks, once the government realizes it can just "print" to cover over any and everything, there is no turning back without a total crash. It's repeated over and over in history.
Buy gold, food, guns, ammo.
Don't promise to be responsible for someone else's debts. Proverbs 22:26 TEV
This taxpayer cosigning for mortgages is against the teachings of the Bible. It should stop at once.
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