{"id":2961,"date":"2012-11-15T07:18:08","date_gmt":"2012-11-15T13:18:08","guid":{"rendered":"http:\/\/www.mdmproofing.com\/iym\/weblog\/?p=2961"},"modified":"2012-11-14T20:17:29","modified_gmt":"2012-11-15T02:17:29","slug":"here-we-go-again","status":"publish","type":"post","link":"https:\/\/www.mdmproofing.com\/iym\/weblog\/2012\/11\/here-we-go-again\/","title":{"rendered":"Here We Go Again"},"content":{"rendered":"

Not going to be much intro to this one. I’ll just repeat here the old adage: “If you can’t tell who the sucker at the table is, then it’s you.”<\/p>\n

LA Times:<\/i> FHA Gives Defaulters Another Chance<\/a><\/span><\/p>\n

Unsurprisingly, it seems the FHA is bankrolling (well, guaranteeing) lots of “rebound buyers” in this latest round of home-buying hysterics. What’s a “rebound buyer,” you ask? Well, it’s gals and guys like Hermes Maldonado:<\/p>\n

\n

After two foreclosures and two bankruptcies, Hermes Maldonado is as surprised as anyone that he’s getting a third shot at homeownership.<\/p>\n

The 61-year-old machine operator at a plastics factory bought a $170,000 house in Moreno Valley this summer that boasts laminate-wood floors and squeaky clean appliances. He got the four-bedroom, two-story house despite a pockmarked credit history.<\/p>\n

The last time he owned a home, Maldonado refinanced four times and took on a second mortgage. He put a Cadillac and Mercedes-Benz C300W in the driveway and racked up about $45,000 in credit card bills and other debts. His debt-fueled lifestyle ended only when he was forced into bankruptcy.<\/p>\n

His reentry into homeownership three years later came courtesy of the Federal Housing Administration. The agency has become a major source of cash for so-called rebound buyers \u2014 a burgeoning crop of homeowners with past defaults who otherwise would be shut out of the market.<\/p>\n<\/div>\n

Good thing the nastiness of 2008 was all Wall Street’s fault, huh? What would we EVER do without government agencies like the FHA around, making things all better?<\/p>\n

Oh, and there is<\/b> one more completely-unrelated story which I’d like to share:<\/p>\n

NY Times:<\/i> FHA Audit Said to Show Low Reserves<\/a><\/span><\/p>\n

So, yeah … cruise on over to these two stories. And try to hold down your lunch.<\/p>\n","protected":false},"excerpt":{"rendered":"

Not going to be much intro to this one. I’ll just repeat here the old adage: “If you can’t tell who the sucker at the table is, then it’s you.” LA Times: FHA Gives Defaulters Another Chance Unsurprisingly, it seems the FHA is bankrolling (well, guaranteeing) lots of “rebound buyers” in this latest round of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,31,32],"tags":[],"class_list":["post-2961","post","type-post","status-publish","format-standard","hentry","category-debt","category-homeownership","category-mortgages"],"yoast_head":"\nHere We Go Again<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mdmproofing.com\/iym\/weblog\/2012\/11\/here-we-go-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here We Go Again\" \/>\n<meta property=\"og:description\" content=\"Not going to be much intro to this one. 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