Do US Government, Congress Endorse Sub-Prime Lending?

By Stan Brody

A flier from a mortgage broker to real estate agents appears to indicate the US Federal Government is now formally in the business of endorsing Sub-Prime lending.

These loans are created by the United States Government Agencies, FHA and FANNIE MAE, NOT Wall Street, NOT the banks, NOT the Mortgage Bankers, and most certainly NOT by the mortgage brokers.

So, this flier begs the question, is the United States Government and its congress endorsing sub-prime lending?

Or, when the government does it, it is OK. Or, most likely, when this one blows up in their face, does congress damn the mortgage brokers again for selling these loans?

HomePath is Fannie Mae's "loan to facilitate" program. If you go to the HomePath site, you can find a home that Fannie Mae already foreclosed upon, and buy it.

No cash out of your pocket, borrow that down garbage for credit, no credit, no problem. We won't even run a new appraisal on this homestead!

We love you investors too. Same deal.
This is Art Fern and the Matinee' Lady at their best!

*1 PROBLEM - 2 GREAT SOLUTIONS!!!*
* HomePath*
97% financing upto $417,000 - NO MI
No appraisal required
Investment or Second Home OK
Closing costs can be financed

* FHA *
96.5% financing upto $729,000 - With MI

Both programs allow FICO scores down to 620
100% Gift for Downpayment

Stan Brody
United States Mortgage Corporation
d/b/a MULTISOURCE
SF Peninsula 650-342-9906
Wine Country 707-942-1210
FAX: 650-401-8700
707-737-0341
stanbrody.blogspot.com/