Attempts at Relief and Reform

Penalty for Strategic Defaulters

Posted on Wednesday, June 23, 2010

25% of homes are underwater. The stigma of defaulting is all but gone. Last week the US House of Representatives passed the FHA Reform Act replenishing FHA resveres. They also tacked on a penalty which will make homeoenwers who stratgically default ineligible for an FHA loan. Rep. Chris Lee of NY prposed the idea. An issue may be enabling HUD hud to pinpoint and screening procedures to make sure its enforced


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