Embrace Home Loans - Fairfax, VA
9990 Fairfax Boulevard, Suite 340,
Fairfax, VA 22030
embracehomeloans.com
T 703-591-7144
F 703-352-7940
Embrace Home Loans - Fairfax, VA
9990 Fairfax Boulevard, Suite 340,
Fairfax, VA 22030
embracehomeloans.com
T 703-591-7144
F 703-352-7940
Embrace Home Loans - Fairfax, VA
9990 Fairfax Boulevard, Suite 340,
Fairfax, VA 22030
embracehomeloans.com
T 703-591-7144
F 703-352-7940
Embrace Home Loans - Fairfax, VA
9990 Fairfax Boulevard, Suite 340,
Fairfax, VA 22030
embracehomeloans.com
T 703-591-7144
F 703-352-7940
Embrace Home Loans - Fairfax, VA
9990 Fairfax Boulevard, Suite 340,
Fairfax, VA 22030
embracehomeloans.com
T 703-591-7144
F 703-352-7940
Congress May Bar Strategic Defaulters From FHA Loans
10.06.10
By Nick Timiraos
The House of Representatives on Thursday approved a measure that would bar borrowers who had strategically defaulted on a mortgage from being able to obtain a loan insured by the Federal Housing Administration.
The measure, attached to a bill that would give the FHA greater flexibility in how it conducts business, illustrates the growing concern that more homeowners may walk away from homes that are worth far less than their mortgages, even though they have no problem paying their loan.
Rep. Chris Lee (R., N.Y.), speaking on the House floor, said more stringent penalties were needed to discourage borrowers from strategically defaulting. “If a borrower makes the decision to strategically default on a loan, they certainly should not be allowed to benefit from a government-subsidized program,” he said, urging Democrats to join Republicans in supporting the measure, which was approved without opposition on a voice vote.
The measure itself is quite ambiguous. It would direct the Secretary of the Department of Housing and Urban Development, which oversees the FHA, to define strategic defaulters and then to come up with a way to prevent them from getting FHA-backed loans. It’s not clear how such a provision could actually be enforced.
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGt-4hzd04CW1fjAMw9uRhagvdBfgamp;url=http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7980469/Should-you-take-the-fixed-rate-mortgage-bait.htmlimg src=http://nt3.ggpht.com/news/tbn/1-Jsof0J3ZKbWM/6.jpg alt= border=1 width=80 height=80 /br /font size=-2Telegraph.co.uk/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGiiWDLHNzx5FBkSpSk672dhuPtDAamp;url=http://www.subprimeblogger.com/2010/09/04/compare-mortgage-interest-rates-today-refinance-30-year-fha-va-and-fixed-home-loan-rates/bCompare bMortgage/b Interest Rates Today – bRefinance/b 30 Year bFHA/b, VA and Fixed b/b/b/abr /font size=-1bfont color=#6f6f6fSubprime Blogger (blog)/font/b/fontbr /font size=-1With this being the case look for many current homeowners look to compare bmortgage/b interest rates today. bRefinance/b 30 year bFHA/b, VA and fixed rates are off b/b/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHTVR4UFtg8n8erX7hk8KP3jdKWuwamp;url=http://www.freerateupdate.com/fha-loans/sub-4-fixed-and-arm-fha-loan-rates-available-to-all-home-buyers-6161Sub 4% Fixed and ARM bFHA/b Loan Rates Available to All Home Buyers/afont size=-1 color=#6f6f6fnobrFreeRateUpdate.com/nobr/font/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHlYI2bn9dISfYcRrhv2jA515mZhQamp;url=http://www.wlbt.com/Global/story.asp?S%3D13093717bMortgage/b rates, once again, at all time low/afont size=-1 color=#6f6f6fnobrWLBT-TV/nobr/font/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNE40NfGn4gionqwDF0kp38SPMOiHQamp;url=http://www.bankrate.com/finance/mortgages/rates-fall-to-new-all-time-lows.aspxbMortgage/b analysis/afont size=-1 color=#6f6f6fnobrBankrate.com/nobr/font/fontbr /font size=-1 class=pa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNED0PNV12fIXHycotBQ1VYEfzYHsQamp;url=http://www.totalmortgage.com/blog/mortgage-rates/compare-mortgage-rates-30-year-fixed-and-15-year-fixed/5926nobrMortgage Rates Trends (blog)/nobr/a/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dvkJvADSVqPVNoM3yy5OdKI8kdGWMnobrball 385 news articlesnbsp;raquo;/b/nobr/a/font/div/font/td/tr/table
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNH1Mbick9d1E7FctOVhEtKqgSya7Aamp;url=http://online.wsj.com/article/SB20001424052748704323704575461920164400014.htmlbGovernment to Deploy Broader bMortgage/b Aid/b/abr /font size=-1bfont color=#6f6f6fWall Street Journal/font/b/fontbr /font size=-1quot;We#39;ve heard a lot of positive feedback from servicers and from investment groups to be able to write downquot; loans, said Vicki Bott, a senior bFHA/b official. b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dBR_HNydWfLuZRMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table
