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Ever since the financial crisis caused by irresponsible mortgage lending nearly a decade ago, everyone from the White House to the media to the lenders themselves have been walking on eggshells about pulling back on penalties for improper lending. HUD Secretary Ben Carson wants lenders to know they can move forward with lending to lower-income borrowers without worrying that simple clerical mistakes can bring them huge penalties.
“Innocent errors should not create chaos and fear and make people less likely to get involved in the first place.”
Source: Bloomberg
Ben Carson Vows to Pull Back on Mortgage Penalties at HUD – Bloomberg
The Department of Justice and the Federal Housing Administration, a mortgage agency within HUD, have extracted billions of dollars in penalties for errors on FHA loans since the financial crisis. That’s led some of the largest banks, including JPMorgan Chase & Co. and Bank of America Corp., to pull back on lending through the program, leaving lower-income borrowers with higher costs and fewer financing options, according to HUD and mortgage experts.
Covid variant BA.5 is spreading. It appears milder but much more contagious and evades natural immunity. Best to boost your immune system with new Z-Dtox and Z-Stack nutraceuticals from our dear friend, the late Dr. Vladimir Zelenko.