Housing Still Lacks Stable Funding
There still isn’t enough private capital in the home loan market – a sign of a “very sick system,” said Federal Housing Administration Commissioner David Stevens, who spoke to the Mortgage Bankers Association at their convention on Monday.
Without a 20 percent down payment, “it’s very difficult to find a solution with private capital,” Stevens said. “We need to find a way to bring private capital back to the market.”
Stevens called on banks to provide more remedies for responsible borrowers who are underwater, which he said would go a long way toward stabilizing the market.
Source: Reuters News (05/24/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Leave a Reply