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hegemony

Risky U.S. Mortgages Face Reckoning in Market Spooked by Crisis FHA affordable loans triple since 2007 to $1.2 trillion.

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Risky U.S. Mortgages Face Reckoning in Market Spooked by Crisis  FHA affordable loans triple since 2007 to $1.2 trillion.

 

 


 

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“If the government tells me you’re good enough to get a loan, I have to trust and believe in the government,” Castillo said. “Then we just hope and pray that the client doesn’t get foreclosed on.”

 

 

Edited by hegemony

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Boynton acknowledged the risk of a mortgage like Wilson’s. Among the red flags, Wilson had lousy credit, borrowed the down payment from her grandfather and included income from her husband, who wasn’t living with her, according to Wilson and her loan documents. Boynton points a finger at the government, saying the company is merely following rules that allow such borrowing. Now, she said, the FHA should consider changing its approach to reflect “a little more caution.”

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It has been LONG OVERDUE for a recognition that home ownership is NOT an inherent right and that lenders should have the ability to write loans only to those that can demonstrate an actual ability to make ALL required payments. 

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