FHA, Ginnie Mae and the New Subprime…

(From HousingWire.com….)
The FHA’s more lenient underwriting standards appear to have allowed it to overcome its historic shortcomings — a cumbersome and bureaucratic documentation process, and stiff lender requirements (for example, brokers complain that the requirement to provide costly audited financials steers all but the large mortgage brokerage firms away from FHA programs). FHA modernization proposals, [...]

Back To The Early 90’s…

(From Philly.com, Philadelphia Inquirer)
More than a year after the subprime-lending collapse, mortgage brokers on the front lines are still contending with a blitz of industry changes that are making it harder for them to earn a living.
“It’s like being punched in the back every time you turn around,” said Michael Dougherty, managing partner at privately [...]