I used to be a Controller of a smaller division of US Home Corp in New Orleans from 81-86. I also built a few spec houses in Atlanta in 1987. I built and sold 8 in 9 months and it worked out great. I got out of the business because I realized the only people who make money in building are the banks.
I got an idea back then for the government or a GSE to issue mortages on conforming loads where the investor didn’t have to pay income tax on the interest and the homeowner couldn’t deduct the interest.
The idea was that this would cut the mortgage rates by about 30% and since most lower income, and now today middle income families don’t get the benefit of interest deduction anyway.
This would not be available to nonconforming loans or people with income over a certain level or to investors.
I talked to the president of the company about it and it just flew right over the time of his head which was odd since at the time the fha rate was 17% lol.
