No Money Down Risk
Friday, April 25, 2008
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The meltdown of the housing market has made it more difficult for Americans to get home loans that do not require a downpayment. Only the Federal Housing Administration (FHA) still backs these 100% loans, but, as correspondent Stephanie Dhue reports, the FHA has begun to question the risk associated with these loans.
Discuss this story on XChange - The NBR Blog.
Related NBR Stories & Links
- 02-29-08: "XChange, the NBR Blog" - FHA Loans on the Rise?
- 01-28-08: Lenders are Banking On New Loans to Move Foreclosures
- 09-18-07: Congress Throws Home Owners a Lifeline
- 03-01-07: Rewriting the Rules for Subprime Mortgages
External Links/Articles*
- AmeriDream
AmeriDream is a non-profit organization that offers down payment assistance to homebuyers. The organization's president, Ann Ashburn, is interviewed in Stephanie Dhue's report. - Federal Housing Administration (FHA)
The FHA "provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories." The FHA is part of the U.S. Department of Housing and Urban Development. - Nehemiah Corporation
The Nehemiah Corporation is a non-profit organization that offers down payment assistance to homebuyers. - U.S. Department of Housing and Urban Development (HUD)
This links to a transcript of the testimony HUD Assistant Secretary Brian Montgomery gave before the U.S. House Committee on Financial Services on April 9, 2008. Portions of this testimony are excerpted in Stephanie Dhue's report. - U.S. Government Accountability Office (GAO) (PDF)
The GAO's "mission is to help improve the performance and assure the accountability of the federal government for the benefit of the American people." This links to the summary of a June 22, 2007 GAO report titled, "Seller-Funded Down-Payment Assitance Changes the Structure of the Purchase Transaction and Negatively Affects Loan Performance."
*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.
