What do Ed DeMarco (FHFA deputy director) and 1.7 billion dollars have in common? Another half-baked housing scheme doomed for failure

As I have stated in the past, if two people purchased $500,000 properties and those properties have dropped in value to around $350,000 or so, the person who made the 20–30% down payment, and has been paying down principle every month, would not be qualified for this program because their property would not be “underwater” enough to qualify. However, the person who bought the same property with no money down, perhaps had a negative amortization loan, and maybe even got cash back at closing for perhaps another $50K qualifies hands down. Where is the “fair playing field?” Some one please let me know! Hint: You can’t.

via What do Ed DeMarco (FHFA deputy director) and 1.7 billion dollars have in common? Another half-baked housing scheme doomed for failure.

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