[quote=patientrenter][quote=walterwhite]after all this effort to prop up the housing market, doesn’t it just seem like there has to be a catch; like, we’ll lower the limit, but give you a tax credit for the difference, or these are the new rules, but if we begin to notice it has any bad effect, we’ll immediately revoke them and go back where we were, or some other freaky shenanigans.[/quote]
Exactly. A very accurate summary of public policy. Not bad for someone who wonders what the point of anything is.[/quote]
My guess?
Lower the limit, but also lower the bar for people to qualify…. You heard it first from me……
Afterall, if there’s any track record of doing this, just look no further than General Motors and Chrysler…Where essentially they have once again extended credit to sketchy people that can barely pay so that they can move those cars off the lot….
Also, didn’t wells fargo drop the minimum credit score for FHA loans from 600 down to 500 back in Feb/2011??? LOL!
