FHA Fumbles

No matter how hard the National Association of Realtors wishes the facts were different, the Federal Housing Administration has strayed from its vital mission of providing responsible credit to working-class families and first-time homebuyers.
Fact
Over the past 37 years, one in seven families who have gotten an FHA loan have lost their homes to foreclosure. That's 3.2 million dashed homeowner dreams since 1975. Leaving the FHA in its current form would mean exposing even more first-time homebuyers and working-class familiesmany of whom are minoritiesto the FHAs abusive lending practices. The data tells us that the NARs suggested approach would condemn families with FHA loans, particularly in working-class neighborhoods, to foreclosure rates of 10, 15, and even 25 percent or more.

Fact

Fact

Notwithstanding this long history of financing failure, the National Association of Realtors says that the FHA can responsibly serve the needs of homeowners with lower credit scores. The NAR apparently supports the FHAs decades-long loan insurance failures. Now is the time to end the nightmare at FHA.

www.nightmareatfha.com

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