Fha Quotes & Sayings

The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it. — Mark Zandi

A government offering such bounty to builders and lenders could have required compliance with a nondiscrimination policy. Instead, the FHA adopted a racial policy that could well have been culled from the Nuremberg laws. — Charles Abrams

Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices go down by only 3%, the house will be in negative equity and it would pay the homeowner just to walk away and say, "The house now is worth less than the mortgage I owe. I think I'm just going to move out and buy a cheaper house." So it's very risky when you have only a 3% or 3.5% equity for the loan. The bank really isn't left with much cushion as collateral. — Michael Hudson

Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity. — Mark Zandi

I'm asking Congress to pass my Zero Down Payment Initiative. We should remove the 3 percent down payment rule for first time home buyers with FHA-insured mortgages. — George W. Bush

I was really across-the-board, like a nutcase. I had no idea what I wanted to do with my life, so I just did everything. I was even part of FHA, Future Homemakers of America. How lost was I? — Jayma Mays

The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow. — Mark Zandi

These mortgages, which typically cost less per month than paying rent, were directed at new single-family suburban construction.c Intentionally or not, the FHA and VA programs discouraged the renovation of existing housing stock, while turning their back on the construction of row houses, mixed-use buildings, and other urban housing types. Simultaneously, a 41,000-mile interstate highway program, coupled with federal and local subsidies for road improvement and the neglect of mass transit, helped make automotive commuting affordable and convenient for the average citizen. — Andres Duany

Black people were viewed as a contagion. Redlining went beyond FHA-backed loans and spread to the entire mortgage industry, which was already rife with racism, excluding black people from most legitimate means of obtaining a mortgage. — Anonymous

It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate. — Mark Zandi