FHA has money to lend, and boy is it flying out the doors! David Stevens, the agency’s head is quoted in Bloomburg as saying, “FHA lending last quarter may have topped the combined volume of government-supported Fannie Mae and Freddie Mac in a home-lending market that’s still a government-financed market.”
Is that GOOD news? Well, apparently not. Mr. Stevens told the Mortgage Bankers Conference the week before that:
“This is a market purely on life support, sustained by the federal government,”
“Having FHA do this much volume is a sign of a very sick system.”
I like David Stevens. He’s a true Mortgage Banker, and he has been open and “transparent.” But I’m wondering if he’s not perpetuating some of conversation on the Hill about needing more Mortgage Insurance (Guarantee Fee) for USDA Home Loans!
We do not need to be causing these huge alarms right now Dave! Shhhhh!
The April Housing numbers were released today – and they were the best in 2 years… but the tax credit ended in April, and most anybody who knows anything about anything believes that’s why April was so good!
If you are looking for a mortgage lender in NC – please call Steve and Eleanor Thorne, Mortgage Banker in Cary 919-649-5058