HUD Pulls Letter Allowing for Monetization of $8,000 Tax Credit
Posted by msatterlee at 5/25/2009 9:53 AM 
Categories: Finance,Business,Real Estate,Mortgage,Financial,Lending
Tags: Housing EZdigs EZdigs.com Housing Market
Categories: Finance,Business,Real Estate,Mortgage,Financial,Lending
Tags: Housing EZdigs EZdigs.com Housing Market
By now this is old news and no surprise to those in the mortgage industry. It seems that when HUD Secretary Shaun Donovan announced the monetization of this tax credit so buyers could use it for their down-payments, he forgot to check with his own FHA lending guidelines. It's an idea that sounded good to a lot of people and could have helped the real estate recovery but would be; one, challenging to implement and two, difficult to sell the paper on the back end, i.e. monetize the tax credit and you may not be able to monetize the entire loan.
And, really, after everything we've been through in the last two years, should we be risking our fragile recovery by putting first time home-owners into homes they can barely afford with no money out of their own pockets? I think the HUD Secretary had good intentions and was bowing to political pressure - but this idea should stay on the shelf for now.
And, really, after everything we've been through in the last two years, should we be risking our fragile recovery by putting first time home-owners into homes they can barely afford with no money out of their own pockets? I think the HUD Secretary had good intentions and was bowing to political pressure - but this idea should stay on the shelf for now.
With todays' economical crisis people are willing to achieve at least some income and remain more or less with money. From http://torrents.rapid4me.com/ I have downloaded a BBC film "Living through crisis" with the interviews of well known politicians and sociologists. Noone knows what will come next...
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It's an idea that sounded good to a lot of people and could have helped the real estate recovery but would be; one, challenging to implement and two, difficult to sell the paper on the back end, i.e. monetize the tax credit and you may not be able to monetize the entire loan...
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Why we may not be able to monetize the entire loan?
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Why it Allowing for Monetization of $8,000 Tax Credit?
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This post presents a pretty compelling argument. Looks to me HUD Secretary Shaun Donovan failed to consider some important details of the monetization.
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