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Loan Modification

: Mortgage Lender Implode-o-Meter

Report: Downpayment-Dodging Loans Cost FHA (And Taxpayers) $10b

By Implode-Explode Heavy Industries

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And default they did. The latest FHA actuarial report calculates the damage SFDP inflicted on the FHA Mutual Mortgage Insurance Fund in startling detail. If the government had never endorsed SFDP loans, the economic value of the MMIF would be $13.2 billion as of September 30 ? instead of $3.6 billion ? a difference of almost $10 billion. In other words, FHA would be in stronger financial shape today.

Full post as published by Mortgage Lender Implode-o-Meter on December 04, 2009 (boomark / email).

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