{"id":10960,"date":"2010-01-22T02:49:34","date_gmt":"2010-01-22T09:49:34","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10960"},"modified":"2010-01-22T02:49:34","modified_gmt":"2010-01-22T09:49:34","slug":"my-jim-casey-take-on-the-fhas-policy-to-address-risk-and-strengthen-finances","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10960\/my-jim-casey-take-on-the-fhas-policy-to-address-risk-and-strengthen-finances\/","title":{"rendered":"My “Jim Casey” take on the FHA’s Policy to Address Risk and Strengthen Finances"},"content":{"rendered":"

“Before I knowed it, I was sayin’ out loud, ‘The hell with it! There ain’t no sin and there ain’t no virtue. There’s just stuff people do. It’s all part of the same thing.” – (Preacher) Jim Casey \/ Grapes of Wrath<\/p>\n

Here’s my take on the FHA 1\/20\/10 press release and the 1\/21\/10 Mortgagee letter as posted on my blog on January 21st, 2010:<\/p>\n

\n

\"\"<\/a><\/h2>\n<\/blockquote>\n

FHA ANNOUNCES POLICY CHANGES TO ADDRESS RISK AND STRENGTHEN FINANCES<\/h2>\n

PRESS RELEASE: January 20th, 2010 – Deciphered into (highly biased and subjective) English by me on January 21st, 2010.<\/p>\n

I basically cut out a lot of the stuff that doesn’t matter and tried to just talk about what will affect you. If you really want to torture yourself, here’s the original<\/a> release.<\/p>\n

The FHA statement in italics<\/em><\/strong> – My translation looks like this…easy to read. Ready? Cool, let’s get down to business then….<\/p>\n

New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities<\/em><\/strong><\/p><\/blockquote>\n

FHA is hemorrhaging cash due to fraud, rapidly rising defaults and basically because the sleazy sub-prime guys ran around announcing that FHA was the “New Subprime” when everything collapsed in 2007 after Wall St. decided to take the stance that it wasn’t a good idea to allow brokers, lenders and loan officers to give away loans to people that couldn’t afford the payments (even though they started the whole damn thing in the first place).<\/p>\n

Who would have though that would come back to haunt them huh? (file this under “ya think?”)<\/p>\n

WASHINGTON \u2013 Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA\u2019s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation\u2019s housing market recovery.<\/em><\/strong><\/p><\/blockquote>\n

Ok, blah, blah, blah…We’re making changes to FHA to make it more expensive to get an FHA loan so that less Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“Before I knowed it, I was sayin’ out loud, ‘The hell with it! There ain’t no sin and there ain’t no virtue. There’s just stuff people do. It’s all part of the same thing.” – (Preacher) Jim Casey \/ Grapes of Wrath Here’s my take on the FHA 1\/20\/10 press release and the 1\/21\/10 Mortgagee […]<\/p>\n","protected":false},"author":67,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[354,458,459,366,454,460,456,455,457],"class_list":{"0":"post-10960","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"tag-fha","8":"tag-higher-down-payment","9":"tag-home-purchase","10":"tag-hvcc","11":"tag-increase-mortgage-insurance","12":"tag-loans","13":"tag-mortgagee-letter","14":"tag-press-release","15":"tag-reduced-seller-consessions","17":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10081,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10081\/pent-up-demand-seen-in-purchase-ready-renters\/","url_meta":{"origin":10960,"position":0},"title":"Some Updates from the Marble Tower","author":"Dave Phillips","date":"October 14, 2009","format":false,"excerpt":"Here are a few pieces of kibble from NAR that I thought the Pound might want to chew on... \u00a0 Pent-up Demand Seen in Purchase-Ready Renters There are more than 16 million renter households in the U.S. with enough income to buy a home at the national median price, far\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/activerain.com\/image_store\/uploads\/7\/5\/9\/6\/8\/ar124076527886957.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8412,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8412\/fha-and-the-8000-tax-credit-what-i-know-and-what-i-dont\/","url_meta":{"origin":10960,"position":1},"title":"FHA and the $8000 Tax Credit – what I know and what I don’t….","author":"Tom Vanderwell","date":"May 13, 2009","format":false,"excerpt":"It has amazed me how many people (mainly Realtors and lenders) are already out there proclaiming that you can now go back to the days of the \"No money down\" loans with FHA and you can do it right now.\u00a0\u00a0 Well, that's not quite the whole story.\u00a0\u00a0\u00a0 Let me explain:What\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11070,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11070\/what-will-the-fha-90-day-flip-rule-suspension-mean\/","url_meta":{"origin":10960,"position":2},"title":"What Will The FHA 90-Day Flip Rule Suspension Mean ?","author":"Brian Brady","date":"January 29, 2010","format":false,"excerpt":"The FHA\u00a0 suspended the 90-day flip rule as of February 1, 2010, for a period of up to one year.\u00a0 I'm not so sure lenders are going to play ball, though.\u00a0 I've found that lenders are implementing the 90-day seasoning rule for all loans, not just FHA, these past six\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9921,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9921\/bloodhoundblog-radio-fhava-in-2010-with-tony-gallegos\/","url_meta":{"origin":10960,"position":3},"title":"BloodhoundBlog Radio: FHA\/VA in 2010 (with Tony Gallegos)","author":"Brian Brady","date":"October 1, 2009","format":false,"excerpt":"Wondering about the future of VA home loans and FHA mortgages?\u00a0 Listen to my interview with Bloodhound Blog contributor, Tony Gallegos.\u00a0 We discuss: San Diego County VA\u00a0mortgage statistics (the market share number is going to astound you)\u00a0 Why VA loans have the lowest default rate among all four major loan\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10474,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10474\/its-going-to-get-harder-to-get-an-fha-loan\/","url_meta":{"origin":10960,"position":4},"title":"It’s going to get harder to get an FHA loan……","author":"Tom Vanderwell","date":"December 2, 2009","format":false,"excerpt":"We'll get more details later today, but it looks like it's going to get harder and be more expensive to get an FHA loan.\u00a0\u00a0 A couple of main points to consider:FHA is currently losing money by the truckloads, so something has to change.The increased FICO scores, larger downpayments and reduced\u2026","rel":"","context":"In 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I've taken a few pokes at the contributors on Active Rain; John MacArthur isn't one of them.\u00a0 John is a Branch Manager with Long and\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10960"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10960\/revisions"}],"predecessor-version":[{"id":10962,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10960\/revisions\/10962"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}