Reaction is wide ranging on the heels of the announcement by Secretary of Housing and Urban Development Secretary (HUD) Shaun Donovan's announcement that sweeping changes are coming for guidelines for loans insured by the Federal Housing Administration (FHA). Earlier this week Donovan announced to Congress the levels of reserves for FHA are nearly 1.5% lower than mandated by law. In an effort to recover the reserves the department expects to announce several changes in early 2010. Changes may come as early as the first week of January.
Skin in the game is the phrase of the day
""Certainly credit score isn't a guarantee that people will stay in their homes, but the more 'skin in the game' a person has the less likely they are to walk away without fighting for it." Says Jessica Horton of Jessica Horton and Associates in Hampton, Georgia.
Reactions are definitely varied. Please take a moment and leave your comment at http://www.examiner.com/examiner/x-30970-Atlanta-Mortgage-Industry-Examiner~y2009m12d5-Agents-respond-to-sweeping-FHA-changes-on-the-horizon - it just may make a difference!
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