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Support FHA's Efforts to Expand Responsible Lending

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But going back is exactly what was just proposed by the Administration, the return of subprime lending in hopes of creating wealth opportunities for the lower and middle income people. I can only imagine that the FHA will be the vehicle for this proposition. This type of lending does not create wealth for anyone other than those who's income is tied to financial transactions, I should know, mine was. FHA is not ready to manage risks that banks, services and the very homeowners that are supposed to be helped are not willing/able to manage.
Posted by RBirtel | Thursday, April 11 2013 at 3:04PM ET
David,
I respect your insight and perseverance to a continuation of business as usual. You hit all of the hot buttons that concerns all of us. The sad fact is that is does effect all of us. How safe is it that we leave the economic survivability of the housing market in the hands of one CEO of FHA? In my opinion I believe we have heard way too much of the merits of Frank Dodd being the death nail toward mortgage origination and the resale to FHA, Fannie, Freddie and who ever else purchases MBS. As it stands today the major Banks (Too Big to Fail), holding so much liquidity, has me asking why must every loan be packaged and resold? They already hold a 10-1 advantage to wall street. Why must they resell every loan? We need to get back to local community banks that can support the communities they survive in, lend according to their economic risks locally and get back to Bank president being a member of their neighborhood. What is broke is the ability for the new entrepreneur to participate in a market that offers no hope of real competition. If we believe that we want the next generation to have the optimistic chance that they can do equal if not better then the policy makers that set the rules before them, then a little humility must be in the future. To preserve anything that resembles the policies that keep the same decisions makers creating policies that protect their current way of life, that luxury will die with them and the next generation of entrepreneurs.
Posted by SHREINC | Friday, April 12 2013 at 11:17AM ET
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