FHA Book
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Miller Addresses WSJ Articles
FHA expert Peter G. Miller offers his analysis of the WSJ’s recent features about FHA Loans. Specifically he addresses a critical aspect that the Wall Street Journal has omitted from its series:
This is great stuff but it never quite gets to an important point: There was no FHA mortgage meltdown.
Fewer FHA loans, yes — after all, how could the staid, old-fashioned FHA program compete with mortgages which required nothing down and little meaningful financial disclosure.
But an FHA meltdown? Didn’t happen.
By sticking to its standards, the FHA has been an oasis of financial sanity.
Miller’s FHA insights tend to be spot on and this is no exception. Maybe the WSJ will take note and add an article on this topic to their growing archive.
Well only till the last year or so FHA only comprised ab out 10% of all loans done…now they’re the new subprime. I personally think they should let borrowers go over 100% of the value of their house and just make the funding fee 3% and risk base price it.