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Why not? Bailouts for everyone!
Why not? Bailouts for everyone!
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Must not be much security in the FHA head job. Hell, California alone will wipe out the reserves in the next year.
Where's Lex Luthor with his nuclear-powered subterranean coastline modification device when you need him?
I think the truth is in the difference in stability between Fannie & Freddie and Ginnie. Ginnie Mae has done OK through all of this because it is fully government held and run. It doesn't have the private investor quotient. That seems to be the factor that is causing most of the problems.
Why is a former FNMA exec, who drove that company into the ground, testifying that FHA will need a bailout? It would seem that his abilities as a seer leave a bit to be desired.
FHA doesn't just insure home mortgages. They also have enormous programs for multifamily housing both market rate and for low and moderate income families. I would think that most of those loans, other than the ones with deep subsidies, would be fairly stable.
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i read an interesting article that suggests you ignore these numbers for now, though i'm having trouble finding it. isn't that always the way. :(
keep in mind that the increase in delinquencies is partially due to the new HAMP (home affordable modification program) that started modifications earlier this year. as part of that program, FHA is actually acting as a release valve for private sector loans that are on the verge of default.
soooo, don't blame the FHA if it needs a little more money. blame the banks that were able to layoff their modification departments, outsource the work to the government & then transfer the loans off their balance sheets. previous to this new program, FHA delinquencies were HALF what most bank sheets were showing.
\"The current FHA head, David H. Stevens, said there's no way that will happen.\"
The four most dangerous words on Wall Street:
This time it's different.
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The photo is awesome. It's too late, man. Too late.
Why is it that anyone, from king to peon, has to taunt the Fates by uttering \"Never.\" Have they no idea of what the Gods do to people who have a surplus of hubris?
@Chumas:
Captain Smith of Titanic:
There's a line... often quoted... in the newspapers. \"God Himself Could Not Sink This Ship\". She was appropriately named! The Titan's dared to challenge the God's. And for their arrogance, they were cast down into hell.