I am with kev374's observation. The Senate bill would also lower the FHA down payment requirement from 3 percent to 1.5 percent,
What are these people thinking??They are in trouble so let’s give them even more rope to hang themselves with?And I was thinking that this was only a bailout for the mortgage industry until now. The fact that they are now making it possible for people who have loans they can not afford to ..refinance into federally insured loans.
Means that when they default, we the taxpayer, will likely be footing part of the bill in the future.
I just hope that the poeple who posted that obtaining these loans is not that easy are right.
