[quote=HLS]We aren’t dealing with too many people who think.
FHA is the new subprime. Without it, the houisng market would collapse.
We are dealing with a society that has an entitlement attitude and thinks that their civil rights are violated if they can’t get a mortgage.
Greed and foolishness is rampant. People think they are looked down upon if they are a renter.
The wise ones have been renters the last 5-6 years and have no money in the stock market. How UNAmerican is that ?
The recent move to “address risk” at FHA was if a credit score is below 580, you need 10% down. Above 580 3.50% down is still possible, and the seller can only contribute 3% of the sales price instead of 6%.
This is a very, very, sick situation.
FHA is a crock, and should be killed. But then again, F/F are failed institutions in the most obvious way possible, and yet they are bigger than ever. Economics isnt the name of the game, politics is. Until the taxpayer bills come due no one will have the balls to do the right thing.
And people are looked down upon as a renter. They dont think they are. Now, they are obviously doing the right thing, and have been born out by 2008-now, but the mentality hasnt changed. I still hear friends say dumb things like ‘throwing away money on rent’ all the time.
