FHA Loosening Up Condo Loans?

A note from Deborah Goonan and others:

With all the corruption, mismanagement and misdealing by the uncontrolled boards of many condo associations, how can the FHA even dream of easing up borrowing standards to get more condo owners into these federal loans?

In light of all the recent problems with theft, corruption, deferred maintenance, condo conversions to apartments, and landmark defect awards, this is lunacy and a federal government out-of-control.

Before putting billions more taxpayer dollars at risk, it’s time for the feds to start investigating and solving some of the fundamentals.

 

m.heraldcourier.com
WASHINGTON — Could the Federal Housing Administration (FHA) finally be opening its doors again to financing more condominium units? If so, that could be excellent news for young, first-time buyers and for seniors who own condo units and need a reverse mortgage to supplement their post-retirement incomes.

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About

Ward Lucas is a longtime investigative journalist and television news anchor. He has won more than 70 national and regional awards for Excellence in Journalism, Creative Writing and community involvement. His new book, "Neighbors At War: the Creepy Case Against Your Homeowners Association," is now available for purchase. In it, he discusses the American homeowners association movement, from its racist origins, to its transformation into a lucrative money machine for the nation's legal industry. From scams to outright violence to foreclosures and neighborhood collapses across the country, the reader will find this book enormously compelling and a necessary read for every homeowner. Knowledge is self-defense. No homeowner contemplating life in an HOA should neglect reading this book. No HOA board officer should overlook this examination of the pitfalls in HOA management. And no lawyer representing either side in an HOA dispute should gloss over what homeowners are saying or believing about the lawsuit industry.

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