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KHufford
10407 Posts |
 Posted - 11/02/2009 : 11:14:46 AM
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Default Mortgage? Professor Says Get Out
“Fear, shame, and guilt” are preventing Americans from walking away from homes when their mortgages are underwater, even when walking away is the best decision, says a University of Arizona professor of law who studied the issue and wrote a paper on managing the crisis.
“Home owners should be walking away in droves,” writes Brent T. White, an associate professor of law at the University of Arizona.
“The real mystery is not – as media coverage has suggested – why large numbers of home owners are walking away, but why, given the percentage of underwater mortgages, more home owners are not,” the professor says.
White proposes “leveling the playing field” between bank and borrower by amending the Fair Credit Reporting Act to prevent lenders from reporting mortgage defaults to credit bureaus.
“It is time to put to rest the assumption that a borrower who exercises the option to default is somehow immoral or irresponsible,” White writes.
Source: The Wall Street Journal, James R. Hagerty (10/30/2009) |
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GetLoans4me
2697 Posts |
Posted - 11/02/2009 : 11:19:53 AM
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umm professor, people have been walking away from their homes. Haven't you read the foreclosure numbers?
I don't see any economy improvements except in a very few area (less than 2% nationwide???)
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1stintegritymort
1787 Posts |
Posted - 11/02/2009 : 11:23:20 AM
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quote:
Originally posted by GetLoans4me
umm professor, people have been walking away from their homes. Haven't you read the foreclosure numbers?
I don't see any economy improvements except in a very few area (less than 2% nationwide???)
I'm pretty sure he means that more should be walking away. Not that they aren't already. Don't worry though Professor. You will see millions of strategic defaults in the next year or two. They didn't pass the debt forgiveness act for nothing. That is your free ride to walk away. |
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VVance
6599 Posts |
Posted - 11/02/2009 : 11:25:49 AM
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quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by GetLoans4me
umm professor, people have been walking away from their homes. Haven't you read the foreclosure numbers?
I don't see any economy improvements except in a very few area (less than 2% nationwide???)
I'm pretty sure he means that more should be walking away. Not that they aren't already. Don't worry though Professor. You will see millions of strategic defaults in the next year or two. They didn't pass the debt forgiveness act for nothing. That is your free ride to walk away.
Spot on.
This is also why banks are not lending but have built up their reserves with Government money. |
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GetLoans4me
2697 Posts |
Posted - 11/02/2009 : 11:29:30 AM
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I'm glad you brought that up. There are so many vacancy homes out there that rentals are becoming more realistic than buying a home. Question, Banks are building their reserves with the gov? explain that
quote:
Originally posted by VVance
quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by GetLoans4me
umm professor, people have been walking away from their homes. Haven't you read the foreclosure numbers?
I don't see any economy improvements except in a very few area (less than 2% nationwide???)
I'm pretty sure he means that more should be walking away. Not that they aren't already. Don't worry though Professor. You will see millions of strategic defaults in the next year or two. They didn't pass the debt forgiveness act for nothing. That is your free ride to walk away.
Spot on.
This is also why banks are not lending but have built up their reserves with Government money.
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KHufford
10407 Posts |
Posted - 11/02/2009 : 11:32:16 AM
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quote:
Originally posted by GetLoans4me
I'm glad you brought that up. There are so many vacancy homes out there that rentals are becoming more realistic than buying a home. Question, Banks are building their reserves with the gov? explain that
quote:
Originally posted by VVance
quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by GetLoans4me
umm professor, people have been walking away from their homes. Haven't you read the foreclosure numbers?
I don't see any economy improvements except in a very few area (less than 2% nationwide???)
I'm pretty sure he means that more should be walking away. Not that they aren't already. Don't worry though Professor. You will see millions of strategic defaults in the next year or two. They didn't pass the debt forgiveness act for nothing. That is your free ride to walk away.
Spot on.
This is also why banks are not lending but have built up their reserves with Government money.
TARP.
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Scrooge McDuck
15108 Posts |
Posted - 11/02/2009 : 3:04:48 PM
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i had a chance to give a couple a pep talk over the weekend. i got to chatting w them at the bar and it came out that they lost their house. they told me what was up and how they ended up making the decision they did. we talked about what happens next, what they should plan for and how to move forward from here.
they had the classic story where they needed both income to keep the boat floating, but the wife lost her job. they were most concerned about how their kids would take it. i suggested that their kids are probably more resilient then they are giving them credit for.
so, if you do a pro and con list on your scenario, and the cons are stacked against you, it might just be time to make some hard choices. |
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CreditRepGal
1972 Posts |
Posted - 11/02/2009 : 3:30:11 PM
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| Stress cuts years off your life, struggling and stressing to pay your mortgage to keep a home that the bank owns anyway, is not worth the years you loose and the unhappiness that comes with stressing and barley making ends meet. You can rent a bigger nicer house for half of what you probably pay on your mortgage, gardner, HOA, Taxes, Insurance, upkeep, ect ect.... If you can't afford your house payment comfortable, you are living above your means and need to rethink your priorities. Your kids will apreciate daddy being home playing with them on Saturday instead of daddy having to work weekends to keep the house.... |
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Mandyvilla
6395 Posts |
Posted - 11/02/2009 : 4:24:40 PM
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| I don't think we can complete do away with a promissory note, either. The scoring algorithms will require amending, similar to grading on a curve. There's a huge difference between walking away and working w/ a shortsale. Many don't realize how it is reported is negotiable. Now, some lenders are not even reporting payments late if there are modification discussions underway. If you prevent defaults from being reported, then the lenders have no leverage or reason to lend, further tightening our credit market. Anyone want to bet if the professor walked away from a home? |
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BrewCrewGuy
169 Posts |
Posted - 11/02/2009 : 4:53:04 PM
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| How many folks will actually have the proper amount of money saved up when they walk away? Not to many. Landlords all over are asking for hefty security deposits and hiking rents on foreclosure victims. It is happening here in Phoenix....and this market has so many vacant rentals it is ridiculous. The homeless rate in this country will skyrocket over the next few years. |
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darkstar
26263 Posts |
Posted - 11/02/2009 : 4:56:00 PM
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| I agree, they should walk...The banks won't be lending before their credit is repaired anyway... |
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Mandyvilla
6395 Posts |
Posted - 11/02/2009 : 5:13:38 PM
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quote:
Originally posted by BrewCrewGuy
How many folks will actually have the proper amount of money saved up when they walk away? Not to many. Landlords all over are asking for hefty security deposits and hiking rents on foreclosure victims. It is happening here in Phoenix....and this market has so many vacant rentals it is ridiculous. The homeless rate in this country will skyrocket over the next few years.
Funny you should say this. In the Wash DC suburbs, I came across a "for rent" on a coke machine (grocery store/shopping center), with the little tear offs w/ the telephone number. It was for a TH rental in a neighborhood that commands around $1500 per month. Standard 3 bdrm, 2.5 ba community. Well, this sign said something along the lines of, "credit issues, no problem" and then $2500 per month. I am convinced we are seeing sub-prime rentals hitting the market. |
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darkstar
26263 Posts |
Posted - 11/02/2009 : 5:34:46 PM
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>>>How many folks will actually have the proper amount of money saved up when they walk away? Not to many. Landlords all over are asking for hefty security deposits and hiking rents on foreclosure victims.
Easy, they should be able to stay in the home 3-5mths mortgage free, if they can't save the rent/sec dep, they may deserve their plight... |
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Scrooge McDuck
15108 Posts |
Posted - 11/02/2009 : 5:38:51 PM
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| well, i tried upping my rents all year and ended up coming in about $100-$50 light on the 3 units that turned over this year. |
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katroberts
1482 Posts |
Posted - 11/02/2009 : 5:42:16 PM
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They can't save money for rent during the time they are not paying the mortgage if they don't have a job or if one in the household has lost their job and the income is not sufficient for saving.
This is the problem with a lot of people in Florida that I talk to on a daily basis in working with all of the law firms that I work with. |
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Rick_Santelli
264 Posts |
Posted - 11/02/2009 : 5:47:44 PM
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quote:
Originally posted by VVance
quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by GetLoans4me
umm professor, people have been walking away from their homes. Haven't you read the foreclosure numbers?
I don't see any economy improvements except in a very few area (less than 2% nationwide???)
I'm pretty sure he means that more should be walking away. Not that they aren't already. Don't worry though Professor. You will see millions of strategic defaults in the next year or two. They didn't pass the debt forgiveness act for nothing. That is your free ride to walk away.
Spot on.
This is also why banks are not lending but have built up their reserves with Government money.
Holy Batman Spandex, you posted something I completely agree with... |
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homebroker@sbcgl
7370 Posts |
Posted - 11/02/2009 : 5:53:48 PM
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That the part I don't think borrower really understand, they don't own anything only an obligation to a mortgage company.
quote:
Originally posted by CreditRepGal
Stress cuts years off your life, struggling and stressing to pay your mortgage to keep a home that the bank owns anyway,
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GetLoans4me
2697 Posts |
Posted - 11/02/2009 : 6:28:39 PM
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Isn't that against the law to jack up rent for bad credit folks?
quote:
Originally posted by darkstar
>>>How many folks will actually have the proper amount of money saved up when they walk away? Not to many. Landlords all over are asking for hefty security deposits and hiking rents on foreclosure victims.
Easy, they should be able to stay in the home 3-5mths mortgage free, if they can't save the rent/sec dep, they may deserve their plight...
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darkstar
26263 Posts |
Posted - 11/03/2009 : 03:44:18 AM
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>>>>They can't save money for rent during the time they are not paying the mortgage if they don't have a job or if one in the household has lost their job and the income is not sufficient for saving.
That's a different story, the topic was about those underwater, not jobless...Those situations are sad and they need to turn to family...When did the family concept go out the window?...Everyone looks to the govt for help first, why not family?...If they have a home and don't offer you their couch, floor or basement to help you get on your feet, they suck!... |
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assassin17
7838 Posts |
Posted - 11/03/2009 : 04:52:04 AM
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quote:
Originally posted by darkstar
That's a different story, the topic was about those underwater, not jobless...Those situations are sad and they need to turn to family...When did the family concept go out the window?...Everyone looks to the govt for help first, why not family?...If they have a home and don't offer you their couch, floor or basement to help you get on your feet, they suck!...
One of my sisters is now officially homeless, along with 4 of her pitiful spawn ages 16 to 22. One has literally been sleeping under a tree for 3 weeks. Shelters are full to the brim here with the other welfare-heads who refuse to work.
I offered to feed and house her to get back on her feet, despite having no room here, under the condition that anyone who stays here must find a job and work so they can find a place later. I offered to show them how to set up bank accounts and drive them to school and work each day.
Every single one of them has refused. They want the free ride or no ride at all.
Yet, I receive the daily calls begging for money to support the cigarette, beer and weed habits. F*** 'em all. They can rot under a bridge until they agree to work. I am NOT budging. We'll see how these ungrateful welfare-heads feel in the cold of December.
She threw 3 wild and drunken "Obama Parties" when that bastard got inaugurated. Let her call him for money.
Guilty? Not me. Not in the least. |
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darkstar
26263 Posts |
Posted - 11/03/2009 : 05:25:47 AM
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>>>Guilty? Not me. Not in the least.
And you shouldn't, you offered, job done...
We have my FIL who will be here until we find him passed away in his bed, it's very hard on us to watch everyday but you have to...
Now her BIL needs to live here who is an alcoholic, I said if he can handle an alcohol free house including not coming home drunk AND get a job, he's more than welcomed, other than that, he can live in the shed with the ducks and chickens, he's almost 40... |
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benjamin
6966 Posts |
Posted - 11/03/2009 : 05:38:35 AM
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| The shed would provide a warm , but noisy shelter, what with all the feathers. <tic> |
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Scrooge McDuck
15108 Posts |
Posted - 11/03/2009 : 07:10:20 AM
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God helps those who help themselves. and so do i.
nothing wrong with that. nothing wrong with drawing a line in the sand and making demands either. they might be family, but they need to be put in their place.
i have friends whom i have made this offer to and they too would rather be "chillin" then to be up early, home late, working all day like me. truth be told, i dont think i really work at all. the hardest part of my day is showing up. the rest is just me being me.
i see these Mexicans building this humongous wall on my way to work lately. those dudes are working. i regularly see them running around with 50+ lb boulders in the arms and mixing endless batches of cement. thats work. |
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GetLoans4me
2697 Posts |
Posted - 11/03/2009 : 07:26:34 AM
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More walk away from homes, mortgages
By Stephanie Armour, USA TODAY
When Sharon Sakson was laid off recently from her job as a television writer and producer, she burned through her savings to pay the $2,400 monthly mortgage on her home. But she soon decided it didn't make sense: Her home was worth thousands less than the mortgage she carried on it.
The home had been appraised at $390,000 when she refinanced in 2006, but she estimates it's not worth the $320,000 it initially cost in 2004. So Sakson did what a growing number of homeowners are doing today: She stopped paying and decided to let the bank take her home.
"I'm walking away from my house," says Sakson, 57, who stopped making payments about six months ago on her home in Pennington, N.J. "The bank can have it."
What Sakson did is called a strategic default, or a voluntary foreclosure, and it's fast becoming a major challenge to the government's $75 billion effort to keep distressed borrowers in their homes. Walking away from a mortgage is serious business — it can knock 100 points off your credit score and make you ineligible for a new mortgage for seven years. Yet, about 588,000 borrowers walked away from homes last year, double the number in 2007, according to a recent study by credit-scoring firm Experian and management consultants Oliver Wyman. While home prices are rising, the increases pale compared with overall drops in home prices since 2005 that threaten to push millions more homeowners into Sakson's predicament, owing more than their homes are worth and seeing little chance of rebuilding equity soon.
More will walk away, which will hamper the housing recovery, reinforce lenders' tight credit policies and drag on the economy's recovery, economists say.
"It's increasingly a more important factor driving the foreclosure crisis," says Mark Zandi, of Moody's Economy.com. "As we move forward, the job market will stabilize, and the big thing will be strategic defaults. People are going to determine it doesn't make financial sense to hold on to their homes. That's going to be a significant problem. Strategic defaults mean foreclosures could be high for a long time."
It's not just economists who are concerned about strategic defaults.
The mortgage unit of Citigroup says one in five borrowers who defaults does so willingly, even though they're able to pay the mortgage. "It's a very large number, and it's a very, very significant risk to the housing recovery," says Sanjiv Das, CEO of CitiMortgage, adding that new government programs to curb strategic defaults may be needed.
Waiting for prices to stabilize
How bad the strategic defaults issue gets may depend on how much more home prices fall and whether the government does more to help homeowners with mortgages larger than their homes' value. Both Zandi and Das suggest further actions to reduce mortgage principal for underwater borrowers.
"A better way to do it may be an incentive to stay current for a period, and after two years of being current, they get a principal reduction," says Das.
The government's current Making Homes Affordable program for mortgage modifications disqualifies borrowers whose unpaid mortgages are more than 125% of the home's market value.
Nationally, median prices have fallen about 25% from their peak in late 2005, although prices recently have risen compared with prior months this year. The median price in the second quarter — $170,000 — was at roughly the level it was in autumn 2003.
But price declines have been worse in some markets. A closely watched barometer of home prices, the Standard & Poor's/Case-Shiller 20-City Composite Index, shows they have fallen more than 25% in 12 markets and more than 50% in two — Phoenix and Las Vegas — from peaks hit in 2006 or 2007.
Fifteen out of the 20 metro areas saw a rise in prices from July to August, but those increases are not anywhere close to the losses that have already occurred.
The number of borrowers who walk away is expected to increase, along with the rise in homeowners who owe more than their homes are worth. An unprecedented 16 million homeowners currently are underwater, according to Moody's Economy.com. That's about a third of all homeowners with a first mortgage.
Moody's Economy.com estimates the number of underwater borrowers will peak at 17.4 million in the third quarter of 2010.
An even higher estimate comes from Deutsche Bank, which predicted in an August study that the number of homeowners underwater will grow from 14 million (or 27% of all homeowners with mortgages) in 2009 to 25 million homeowners, or 48% of all those with a mortgage, by the time home prices stabilize.
Not coincidentally, strategic defaults have been highest where prices have plunged most, such as California and Florida.
From 2005 to 2008, the number of strategic defaulters went up by 68 times in California, according to the Experian-Oliver Wyman study published in September. During that same time period, the median price for existing, single-family homes in California fell from $522,670 in 2005 to $346,410, according to the California Association of Realtors.
In other geographic regions, the increase in strategic defaulters ranged between 3 times and 18 times more.
The Experian-Wyman study found borrowers with higher credit scores when they applied for their loan were 50% more likely than other types of borrowers to walk away from a mortgage only because they were underwater, even though they could afford to pay. The study was based on an analysis of about 12 million borrowers.
No household would default if the equity shortfall is less than 10% of the value of the house, according to another study this year, done by the University of Chicago, Northwestern University and the European University Institute. But 17% of households would default, even if they could afford to pay their mortgage, when the equity shortfall reaches 50% of the value of their house. That means the market value of a mortgage property is that much below the amount of loan taken against it.
There also appears to be a contagion effect. Borrowers who know someone who defaulted are 82% more likely to declare their intention to do so.
Growing acceptance
"The most disturbing aspect of this is that it's becoming acceptable to do," says Joel Naroff, an economist with Naroff Economic Advisors. "What does that mean down the road for housing and the economy if people are happy to walk away and destroy their credit? They're saying, 'Why pay a high amount if they can get something, even a rental, for less?' "
Because of the time and expense involved in completing a foreclosure, borrowers who decide to walk away often wind up staying in their homes for months after they stop paying their mortgage.
In most states, lenders can go after homeowners for past-due payments, but many fail to take such action when borrowers abandon their properties, because the legal costs are so high.
Short sales, in which lenders agree to the sale of a home for less than the balance of the mortgage, is an alternative to a strategic default. Many lenders are now encouraging them, but Zandi says that alternative may seem too time-consuming for borrowers who want to quickly get out from under their homes.
Janet Speer, 51, isn't happy to be walking away from her 200-year-old home in Royersford, Pa., but she doesn't feel ashamed. Speer says she was paying about $1,400 a month for her home, which was appraised at about $155,000.
After getting laid off last year, Speer said, she tried to modify her mortgage to more affordable terms but was denied because her unemployment benefits and alimony didn't count as income. Speer stopped paying on her mortgage in September 2008.
She is still living in the home and waiting to be foreclosed upon. Speer is saving her unemployment benefits for an apartment once the bank takes over her home.
"I got letters and calls from the bank at first, but they stopped," said Speer, who now earns commission income from a job in the health care industry. "I have a three-story house. It's way too big. I just want a little two-bedroom apartment. I don't want this place anymore. I would never have chosen to do this, but it's going to work out."
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benjamin
6966 Posts |
Posted - 11/03/2009 : 09:11:42 AM
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| The people who should feel shame are the Wallstreeters getting billions in bonuses for creating this shiit, and for selling the derivatives globally to firms that will, and have lost billions. |
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djorge44
3699 Posts |
Posted - 11/03/2009 : 09:24:43 AM
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My friend ran the numbers 3 months ago. His income is down to the 65K range from 100K and his condo he bought in 06 for 267 is now selling for 95-110K. He asked his bank for a principal reduction and they said no and wouldn't even respond to him.
He looked at the market, figured it would take him too many years for his value to return so he stopped paying in August. His lawyer says it will be 1 year to 2 years till he has to move. He is banking ever dollar (still paying his HOA's) so when his credit is in the toilet he can rent by paying a huge deposit.
He may also have his sister buy a condo when he gets tossed (and add him to title) and just rent/pay the mortgage for her until he can buy/assume the loan. He is thinking of having her buy in the same complex which the HOA board already said they would approve the purchase for her as long as his HOA's are current.
Yes he is going to take a credit hit but he is going to probably save 150K on the mortgage not even taking into account cash flow and interest saved. |
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GetLoans4me
2697 Posts |
Posted - 11/03/2009 : 09:30:34 AM
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That's why foreclosures will spike all time high. There are too many upside down properties in USA so people are re gathering their thoughts and decide a better way to live than to struggle. Life is too short. I don't blame him however I would short sale that property if I could and move on.
quote:
Originally posted by djorge44
My friend ran the numbers 3 months ago. His income is down to the 65K range from 100K and his condo he bought in 06 for 267 is now selling for 95-110K. He asked his bank for a principal reduction and they said no and wouldn't even respond to him.
He looked at the market, figured it would take him too many years for his value to return so he stopped paying in August. His lawyer says it will be 1 year to 2 years till he has to move. He is banking ever dollar (still paying his HOA's) so when his credit is in the toilet he can rent by paying a huge deposit.
He may also have his sister buy a condo when he gets tossed (and add him to title) and just rent/pay the mortgage for her until he can buy/assume the loan. He is thinking of having her buy in the same complex which the HOA board already said they would approve the purchase for her as long as his HOA's are current.
Yes he is going to take a credit hit but he is going to probably save 150K on the mortgage not even taking into account cash flow and interest saved.
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djorge44
3699 Posts |
Posted - 11/03/2009 : 09:34:05 AM
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quote:
Originally posted by GetLoans4me
That's why foreclosures will spike all time high. There are too many upside down properties in USA so people are re gathering their thoughts and decide a better way to live than to struggle. Life is too short. I don't blame him however I would short sale that property if I could and move on.
quote:
Originally posted by djorge44
My friend ran the numbers 3 months ago. His income is down to the 65K range from 100K and his condo he bought in 06 for 267 is now selling for 95-110K. He asked his bank for a principal reduction and they said no and wouldn't even respond to him.
He looked at the market, figured it would take him too many years for his value to return so he stopped paying in August. His lawyer says it will be 1 year to 2 years till he has to move. He is banking ever dollar (still paying his HOA's) so when his credit is in the toilet he can rent by paying a huge deposit.
He may also have his sister buy a condo when he gets tossed (and add him to title) and just rent/pay the mortgage for her until he can buy/assume the loan. He is thinking of having her buy in the same complex which the HOA board already said they would approve the purchase for her as long as his HOA's are current.
Yes he is going to take a credit hit but he is going to probably save 150K on the mortgage not even taking into account cash flow and interest saved.
I guess it is listed as a short sale now. Since he stopped paying the mortgage the bank has called and tried to get him to do a mod (what he was asking them to do for 9 months). They came at him with lowering his payment $67 dollars and no principal reduction. He called them up and basically laughed at them and they couldn't understand why he wouldn't take the deal. |
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GetLoans4me
2697 Posts |
Posted - 11/03/2009 : 09:44:50 AM
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| What I don't understand is that why Banks are not willing to forgive principal to 90% current LTV and yet when it is short sale the loss is even greater than helping homeowners in the first place. Foreclosing the property is far greater loss on both sides so why Banks are not willing to help this far, I don't get it. Just for merely $1,000 check from the gobberment??? |
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djorge44
3699 Posts |
Posted - 11/03/2009 : 12:17:53 PM
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| I hear you, if they offered to drop him from 267 to 150 which would be 150% of value now he would stay and start paying again. They are going to wait a year, kick him out, then maybe sell for 100K. Makes no sense. |
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Rene Viloria
2450 Posts |
Posted - 11/03/2009 : 3:40:22 PM
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quote:
Originally posted by assassin17
quote:
Originally posted by darkstar
That's a different story, the topic was about those underwater, not jobless...Those situations are sad and they need to turn to family...When did the family concept go out the window?...Everyone looks to the govt for help first, why not family?...If they have a home and don't offer you their couch, floor or basement to help you get on your feet, they suck!...
One of my sisters is now officially homeless, along with 4 of her pitiful spawn ages 16 to 22. One has literally been sleeping under a tree for 3 weeks. Shelters are full to the brim here with the other welfare-heads who refuse to work.
I offered to feed and house her to get back on her feet, despite having no room here, under the condition that anyone who stays here must find a job and work so they can find a place later. I offered to show them how to set up bank accounts and drive them to school and work each day.
Every single one of them has refused. They want the free ride or no ride at all.
Yet, I receive the daily calls begging for money to support the cigarette, beer and weed habits. F*** 'em all. They can rot under a bridge until they agree to work. I am NOT budging. We'll see how these ungrateful welfare-heads feel in the cold of December.
She threw 3 wild and drunken "Obama Parties" when that bastard got inaugurated. Let her call him for money.
Guilty? Not me. Not in the least.
????Unfortunately your sister is the exception, most people i talk to are really looking for work, and taking pay cuts... Probably a made up story to bash obama, Remember who got us here, yes the guy you voted for twice, there is something called creation, and inheritance, google it... |
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Rene Viloria
2450 Posts |
Posted - 11/03/2009 : 3:43:39 PM
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| Well back to constructive solutions, i do not understand why the gov. did not address the housing issue, if i was in the administration, that is the first thing i would have done, save the housing market, this is were everything started, and then the rest was a chain reaction... I would have kept fha, how it was originally, and enforce the home affordability programs...Anyways my 2 cents... |
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