Too bad none of us will be around to see the year 2525, but I'm sure they'll still be trying to pass the Keystone pipeline and trying to repeal Obambacare.
I noticed that you clumped all of the other more attractive banks together, but I didn't catch which ones they were. Maybe you should stop pumping your chest and let us in on what banks you're talking about and why.
What happened to the old OYSter?? I haven't seen hide nor hair of him for weeks. Not even a hint of some thumbs up or down. Banned from Yahoo? In the hoosegow? Maybe actually has a job? Maybe doing volunteer work for Message Board junkies?? Posing as littlegiant99?? Naw, sorry about that one lg. Who has the scoop??
mr. s, if I remember correctly the MIP used to stay on the loan for the life of the loan. The following is what I found from several sources--
On loans closed on or after January 1, 2001, FHA's annual mortgage insurance premium will automatically be canceled once the unpaid principal balance, excluding the upfront premium, reaches 78% of the lower of the initial sales price or appraised value. The 78% is based on the initial amortization schedule, and does not take account of extra payments.
It's obvious that you've been catching knives with your head. Your agenda is to come on this board and pound your chest claiming all of your knowledge and yet your ignorance clearly shows. Where did you copy and paste this s**t from?
"you fail to understand that this brings rates back in line with where they were before the housing crisis"
Lowering the MIP has nothing to do with the interest rate of the mortgage. Sorry but your 16 years of experience pales to my 36 years in the banking industry. You are nothing more than a charlatan shill frothing at the mouth.
Come back and play when you find some intelligence!
That wont do anything for Fannie because Fannie wouldn't be doing the type of loans that fall into the FHA category.
This will have no positive effect on FHA loan volume. Was never a fan of FHA loans. Too much paperwork along with strict and unusual underwriting. Instead of defending Obama, how about answering the question, did he put any thought into what the rate will affect or is he justifying it knowing that any losses will get paid by the American taxpayer.
This just in-- http://www.cnbc.com/id/102318078 In my opinion this wont do s**t, just like everything else this president has done. So has he checked to see if the current 1.35% is covering FHA losses? If not, that means that the money needed has to come from someplace else, and I think I know where that someplace else is and I'm sitting on it.