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Banks and other lenders that do business (arrange loans) with FHA are REQUIRED to hold at least one million dollars that can be used to repay the agency, for losses involved with fraud.
If what you're saying is true, what exactly forces these lenders to do business with FHA? This is an idiotic complaint. In order to lower fraud with respect to government-guaranteed FHA loans, the government has specific requirements that a broker must meet. If you don't want to do business with the government, you can avoid those requirements. This is really pretty simple, although apparently not simple enough for "honest" Abe.
Maybe you should think for yourself sometimes instead of repeating BS talking points.
All of you are still missing the point that one of the major causes of wealth disparity is government over-regulation. The fact that a "little guy" can't afford to open a mortgage company due to the onerous cash requirements concentrates the wealth in a smaller number of businesses...which become more profitable. In other words the rich get richer because the little guy is forced out of competition.
Certainly you understand that - right?
The fact that a "little guy" can't afford to open a mortgage company due to the onerous cash requirements concentrates the wealth in a smaller number of businesses...which become more profitable.
Again, this is stupid. Don't do business with FHA if you can't hack it and can't meet their anti-fraud requirements.
The problem is that you're not making a coherent argument. With your viewpoint, what you should be arguing is that FHA shouldn't be guaranteeing loans. Instead you're making a dumb argument that FHA shouldn't be able to prevent fraud when it guarantees a loan. Crazy that I have to make this argument for you because you can't think for yourself and instead repeat ignorant talking points that aren't even internally consistent.
The little guy can do just fine as long as he doesn't do business with FHA.
I've NEVER made an argument that FHA shouldn't guarantee loans. I've repeatedly stated that oppressive government regulations PREVENT competition by implementing too many barriers...which concentrates wealth and exacerbates the wealth disparity.
BTW, the little guy cannot do "just fine" in a low to moderate income area in which 60% of the loans originated are FHA. The solution to government caused problems are not additional government regulations, well duh.
Todays book recommendation Currency Wars by Jim Rickards
BTW, the little guy cannot do "just fine" in a low to moderate income area in which 60% of the loans originated are FHA. The solution to government caused problems are not additional government regulations, well duh.
Again, this is still internally consistent. You believe that FHA-guaranteed subsidized loans should be available, but you think that there should be no regulations around them to prevent fraud. That really makes no sense. You want no government intervention in government intervention. :p
Corntrollio, Kevin, Bob, nono...zombies are after people with brains...you're all safe.
Go ahead an open a business, exclude up to 60% of market, and see how successful you'd be - hahaha.
Todays book recommendation, especially for liberals: Liberty Defined, by Dr. Ron Paul
Go ahead an open a business, exclude up to 60% of market, and see how successful you'd be - hahaha.
What does this have to do with the previous discussion? You can't even get your snark right.
You are like those people on the "I'm a 53 percenter" site who had government jobs or received government benefits and now are trying to claim they're self-made -- a ridiculous hypocrite.
Again, I ask you, why would you complain that government regulation is preventing businesses from engaging in a business that only exists because of government regulation? That is a ridiculously inconsistent position, and you have yet to answer the question. It's hilarious that you're even complaining about this.
I'll make it simpler so even you can understand: government regulations cause wealth disparity (and war, and dependency, and unnecessary taxes, and loss of freedom, and loss of privacy, and loss of private property, and oppression,etc.).
You're like the frog in a kettle over the fire which was just started. You haven't yet realized the temperature is rising, but it is getting warmer, and warmer. Soon it will become uncomfortable, then hot, then boiling...except for some reason you don't realize what's happening to you, do you?
How much of your freedom must you lose before you realize it? Read: The Road to Serfdom, that will help.
I'll make it simpler so even you can understand: government regulations cause wealth disparity (and war, and dependency, and unnecessary taxes, and loss of freedom, and loss of privacy, and loss of private property, and oppression,etc.).
Then advocate eliminating FHA loans entirely instead of trying to rig some bizarre FHA system that can't even prevent fraud. Simple as that. Why aren't you arguing to eliminate the FHA loan program entirely? Explain.
Again, you don't seem to understand that your complaint is internally inconsistent. No use arguing with someone who is too clueless to understand that. Reading fad of the day books won't help anyone.
Denial is willful and deliberate ignorance. You're the frog getting cooked, but you still don't know it.
Yes I read. May I suggest that you start reading too? There is a whole world of knowledge out there - that obviously you haven't been exposed to.
Denial is willful and deliberate ignorance
Yes, it really is. Unfortunately, you are too blind to see that you are being inconsistent in your rantings here. If you're going to complain about government intervention, you're missing the big picture and focusing on a small one. Good day, sir -- you obviously have nothing substantive to say here.
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"War is the product of government and not of private enterprise. Nor do Governments do not have any accountability. When private businesses do not deliver a product of service that people want, they go out of business. Governments, however, do not close up shop and disappear, even when the outcome they create is horrific.
Government has created an economic catastrophe - as such we cannot rationally expect that government can get us out of it. The answers needed will not come from government, but from private businesses - the source of all rational solutions (if government would get out of the way) and the source of all wealth". From James Turk.
Part of the problem, again, is that the government is engaged in full scale "class warfare". A byproduct of a successful business, producing something that people want, is profit - which is somehow now a dirty word. And the more regulation businesses get strapped with, they either go out of business, fire employees to downsize, or go off-shore. The reason we have great wealth disparity is because we have massive regulation which squashes out the little guy and consolidates power and money with a smaller and smaller number of big, powerful, highly profitable businesses (Newtons third law at work).
BTW, Sixty trillion dollars of unfunded liability cannot be sucked out of the "top 1%" (those earning more than approx $325,000 per year). With President Osama, Joe Bidden, Nancy Pelosi, Harry Reid, Barbara Boxer, et al - we're doomed.
Today's book recommendation: Currency Wars by Jim Rickards