Comments on: Psych! Just Kidding! HUD Giveth and HUD Taketh Away… http://www.mortgagechiliblog.com/psych-just-kidding-hud-giveth-and-hud-taketh-away/ Lake Mary Real EsMortgage Chili Blog - Among Florida's Top HARP2 Refinance Program Lenders Thu, 26 Jan 2012 17:47:53 +0000 hourly 1 http://wordpress.org/?v=3.0.3 By: admin http://www.mortgagechiliblog.com/psych-just-kidding-hud-giveth-and-hud-taketh-away/#comment-466 admin Tue, 19 May 2009 16:36:26 +0000 http://www.mortgagechiliblog.com/?p=294#comment-466 I think you guys nailed it - a little confusing to say the least. Makes it fele like they are intentionally sabotaging the recovery - ugh! Chris Brown I think you guys nailed it – a little confusing to say the least. Makes it fele like they are intentionally sabotaging the recovery – ugh!

Chris Brown

]]> By: Bill Rice http://www.mortgagechiliblog.com/psych-just-kidding-hud-giveth-and-hud-taketh-away/#comment-465 Bill Rice Tue, 19 May 2009 15:07:28 +0000 http://www.mortgagechiliblog.com/?p=294#comment-465 This tax credit always seemed a bit odd. It seems like from the beginning even politicians acted like this was a downpayment assistance program. Of course, for all of the reasons you cited it couldn't "technically" even be considered for use in that way. Then lenders got in trouble marketing such a gimmick, but HUD/FHA seemed to like the idea and started lobbying for such. However, the real irony is they just finished battling down the DPA (downpayment assistance) lobby headed by Nehemiah Project--contending such programs raised default rates. We live in weird times, huh? Lots of wackiness in the mortgage market. This tax credit always seemed a bit odd.

It seems like from the beginning even politicians acted like this was a downpayment assistance program. Of course, for all of the reasons you cited it couldn’t “technically” even be considered for use in that way.

Then lenders got in trouble marketing such a gimmick, but HUD/FHA seemed to like the idea and started lobbying for such.

However, the real irony is they just finished battling down the DPA (downpayment assistance) lobby headed by Nehemiah Project–contending such programs raised default rates.

We live in weird times, huh? Lots of wackiness in the mortgage market.

]]> By: Kathleen A. Scanlon, Esq. http://www.mortgagechiliblog.com/psych-just-kidding-hud-giveth-and-hud-taketh-away/#comment-464 Kathleen A. Scanlon, Esq. Sun, 17 May 2009 22:32:44 +0000 http://www.mortgagechiliblog.com/?p=294#comment-464 This just demonstrates how inept the folks over at HUD really are. While the idea of using the $8K tax credit as a downpayment is a viable one, the system for implementation was not formulated as you pointed out above. I am amazed that the Secretary made those comments, slammed out a mortgagee letter without thinking the process through. In this day and age, real estate professionals are key - the guidelines and the rules change daily and we have to be the source of credible information. Great blog post! This just demonstrates how inept the folks over at HUD really are. While the idea of using the $8K tax credit as a downpayment is a viable one, the system for implementation was not formulated as you pointed out above. I am amazed that the Secretary made those comments, slammed out a mortgagee letter without thinking the process through.

In this day and age, real estate professionals are key – the guidelines and the rules change daily and we have to be the source of credible information.

Great blog post!

]]> By: Todd http://www.mortgagechiliblog.com/psych-just-kidding-hud-giveth-and-hud-taketh-away/#comment-463 Todd Sat, 16 May 2009 03:06:31 +0000 http://www.mortgagechiliblog.com/?p=294#comment-463 Chris - I started following you on Twitter and you sent me a private message. Twitter won't allow me to reply to your PM because you aren't following me (you can only send PMs to people who are following you). Also, I couldn't find a spot anywhere on this blog to contact you, so I figured I'd leave a comment here. Just a heads up. Chris – I started following you on Twitter and you sent me a private message. Twitter won’t allow me to reply to your PM because you aren’t following me (you can only send PMs to people who are following you). Also, I couldn’t find a spot anywhere on this blog to contact you, so I figured I’d leave a comment here. Just a heads up.

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