Fresno Famous

FHA moves to subprime

According to Sundays newspaper Bush is thinking of having the people responisble for first time home buyer programs move into the subprime lending field.
This is a bad idea for many reasons. The point of owning a home is to feel proud of where you live and connect to your community. Have an investment that puts money in your pocket 20 years down the road. Not to find new ways to close budget gaps with a government that turned a buget surplus into a debt hole.
If they want to make an investment into the cities and states they could make Income the only qualifier for getting a home loan. I mean real income vs debt ratio where the cost of utilities is figured into the debt/income ratio. That would revitalize homeownership across the nation.