No matter how much lipstick you put on it. Why don’t the members of the House Financial Services Committee understand what probably every mortgage broker or banker in this country has figured out? That labeling a mortgage “conforming” does not make it a lower risk conforming deal if the loan amount is in fact higher. [...]
Tag Archives: House Financial Services Committee
House Financial Services Committee Approves Bill
New legislation that will enable the government to finance $300 billion of troubled mortgages was just approved by the House of Representatives Financial Services Committee. It includes a mandate to FHA to guarantee loans on properties that have declined in value since the mortgage was taken out.
OK, we’re talking about properties with “distressed” mortgages, [...]
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