FHASecure, OK. FHA Modernization, Not OK.
Much has been said and debated about the Hope Now Alliance and Treasury Secretary Paulson’s comments last week thereon. Accrued Interest has a good post on the subject, which I take in part as kind of a nudge to explain some of my discomfort with the proposal. I’m working on a longer post addressing the question that seems to bother people the most, namely the question of the extent to which this involves the government changing the terms of existing contracts, or providing protection from liability for servicers who might be accused of violating contracts. That’s a big issue and in many ways a highly technical one, so it may take me a while to deal with it.
In the meantime, though, I wanted to point out one large problem I have with Paulson’s remarks, and a news item this morning gives me a great excuse to do […]
