HUD to America…ready for another slew of foreclosures?
July 29th, 2009 at 11:21 am by NigelHere we go again. Isn’t this what got our housing industry in trouble in the first place? This was in my work “inbox”:
HUD requests comments and suggestions for the design of a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for borrowers who have insufficient credit histories. Comments are due by September 29, 2009.
I’m not making this up. More from yesterday’s Federal Register:
The Housing and Economic Recovery Act of 2008 requires that HUD carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information, which might include rent, utilities, and insurance payment histories, etc., for mortgagors and prospective mortgagors who have insufficient credit histories for determining their credit worthiness.
Who sponsored this legislation that requires that we look for ways to finance homes for people who can’t prove they can pay the loans back? Don’t blame Nancy Pelosi:
Among those who co-sponsored the bill: Charlie Rangel, Henry Waxman and…Rahm Emanuel.
FOR FURTHER INFORMATION CONTACT: Margaret Burns, Director, Office of Single Family Program Development, Office of Housing, Department of Housing and Urban Development, 451 7th Street, SW., Room 9278, Washington, DC 20410–8000; telephone number 202–708–2121
July 29th, 2009 at 6:25 pm
Good catch Nigel. We gotta publicize this stuff.
July 29th, 2009 at 7:18 pm
Maybe they can produce a string of McDonald’s and Burger King receipts to get credit for payments in cash. If they only order Happy Meals they get declined but if they show evidence that they can afford the 20 pc. chicken nuggets or a Six Dollar Thickburger then they can move into the home of my dreams.
Her whole face looks like somebody stretched a piece of chicken skin over a kneecap.
This whole post is making me hungry.