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To blame it on the Community Reinvestment Act is a stretch at best. Stated income/stated asset loans, no doc loans, negative amortization loans had nothing to do with the Community Reinvestment Act. These programs by in large really didn't become big part of the market until 2003 & 2004 (stated income loans were around for a bit, but primarily only used for the self-employed until around 03/04).
Most economists would disagree with you. CRA was a big factor in what lead to the housing crisis. It wasn't just about subprime lending. It was lax mortgage requirements allowing people to obtain mortgages that should not have.
The reduction followed a rather strong annual report for FHA (which came out in mid-November), it was basically two years to the day of the announcement of the 2015 reduction (which came less than 2 months after the improved 2014 report)
Strong? Eh, not really. They reported that they had reached the 2% required by Congress in the MMI fund. That's a minimum threshold, its not exactly what anyone would call "strong".
Again, there is a new administration and this administration should be allowed to make these decisions, not one on his way out the door. That would be my opinion if it was Obama's transition with Bush, or Bush's transition with Clinton.
Last edited by LCTMadison; 01-23-2017 at 08:21 PM..
Most economists would disagree with you. CRA was a big factor in what lead to the housing crisis. It wasn't just about subprime lending. It was lax mortgage requirements allowing people to obtain mortgages that should not have.
Strong? Eh, not really. They reported that they had reached the 2% required by Congress in the MMI fund. That's a minimum threshold, its not exactly what anyone would call "strong".
Again, there is a new administration and this administration should be allowed to make these decisions, not one on his way out the door. That would be my opinion if it was Obama's transition with Bush, or Bush's transition with Clinton.
Of course the admin gets to make this change. That's his power as president. People also have the right to express the very real and negative impact these decisions have on their life and then possibly make different decisions in 4 years based on these decisions. What is your problem with this again?
The reduction followed a rather strong annual report for FHA (which came out in mid-November), it was basically two years to the day of the announcement of the 2015 reduction (which came less than 2 months after the improved 2014 report)
Of course the admin gets to make this change. That's his power as president. People also have the right to express the very real and negative impact these decisions have on their life and then possibly make different decisions in 4 years based on these decisions. What is your problem with this again?
I have zero problem with people expressing their wishes for MIP to be lowered. We all would love that...but we also have to take the millions of American taxpayers into account as well and HUD needs to insure that what happened a few years ago does not happen again.
What I DO have an issue with is people posting factually WRONG information in an attempt to turn this into a political argument, which it is not. If all someone wants to do is come on here with very lame rational to bash Trump, there is a Politics forum for that. They don't really care about "facts" there. This is a Mortgage forum that people use as a resource, and we need to keep things factual and not political.
Last edited by LCTMadison; 01-25-2017 at 06:54 PM..
I 100% agree, this was a Richard move to make this change while on the way out the door. It's like selling your company and the week before you leave you give sweeping raises across the board, fully knowing it cannot be sustained.
I have zero problem with people expressing their wishes for MIP to be lowered. We all would love that...but we also have to take the millions of American taxpayers into account as well and HUD needs to insure that what happened a few years ago does not happen again.
What I DO have an issue with is people posting factually WRONG information in an attempt to turn this into a political argument, which it is not. If all someone wants to do is come on here with very lame rational to bash Trump, there is a Politics forum for that. They don't really care about "facts" there. This is a Mortgage forum that people use as a resource, and we need to keep things factual and not political.
That's not what it looks like to me. It looks like to me that the facts being presented do not paint whichever side of the political spectrum you are in the greatest of lights and you are upset about that.
That's not what it looks like to me. It looks like to me that the facts being presented do not paint whichever side of the political spectrum you are in the greatest of lights and you are upset about that.
Uh, no. I explained WHY there is good reason to leave FHA MIP where it is...and I also explained WHY Obama did it multiple times (which I supported). IMO the solvency of FHA is a nonpartisan issue (at least it should be).
Who else presented "facts"? That squirrel person who posted a two year old article from 2015 while trying to dispute that Obama just lowered MIP again? Ok. Yeah..about those "facts"....
What it looks like to me is you are trying to start an argument over politics....you can exit stage right and scurry on back over to the Politics forum if that's what you would like. There are a lot of people like you over there who just like to argue for argument's sake yet contribute nothing of value to the topic being discussed.
Last edited by LCTMadison; 01-26-2017 at 01:20 PM..
Uh, no. I explained WHY there is good reason to leave FHA MIP where it is...and I also explained WHY Obama did it multiple times (which I supported). IMO the solvency of FHA is a nonpartisan issue (at least it should be).
Who else presented "facts"? That squirrel person who posted a two year old article from 2015 while trying to dispute that Obama just lowered MIP again? Ok. Yeah..about those "facts"....
What it looks like to me is you are trying to start an argument over politics....you can exit stage right and scurry on back over to the Politics forum if that's what you would like. There are a lot of people like you over there who just like to argue for argument's sake yet contribute nothing of value to the topic being discussed.
Give me a break. I don't see hypocrite in your username but it should certainly be there. This thread does belong in PandC and you are the one who drove the discussion in that direction. Even complaining about Jimmy Carter in a thread about an FHA halted increase, in 2015.
Again, do you have ANYTHING of any kind of value to share regarding the thread topic or are you just one of those people that likes confrontation while hiding behind your computer screen in your safe space?
The FHA halted increase was this year, January 9th to be exact. If you had any knowledge about it or were even interested in anything at all besides being a keyboard warrior throwing out insults, you would know that.
As far as my "side of the political spectrum" since you threw that out like its supposed to be some sort of insult?? I don't mind stating my position on that. I didn't vote for Trump. I also didn't vote for Hillary. I don't identify with either of the two parties but that's another topic not meant for this board. I also don't think everything is "politicized" and there are (sometimes) solid reasonings behind what elected leaders do. I'll criticize his performance as President based on results from policy decisions not based on politics and what talking points Fox News or MSNBC has fed me that day...and we are like 5 days in to this new administration so its a little early to cast judgement. But assume away!
Last edited by LCTMadison; 01-26-2017 at 06:59 PM..
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