Over the past two weeks I have seen a steady stream of home mortgage guideline changes. For the most part they are all in the favor of buyers. Now that FHA financing up front and monthly MIP has gone up conventional financing is now back in play. I have been very critical of the Bank’s, Congress and even Obama with their misinformed commits about the mortgage industry and what caused the meltdown. Well as long as the system is left alone to correct itself then it will to the benefit to everyone.
As for the Obama plan for the overhaul of Wall Street he does not need to look any further than the boys on the hill. Less be clear, we already have financial oversight in place. The problem here is that the Congressmen in change of financial oversight are not doing their job! So who are these people? Unfortunately these people are still major players in the current Administration and Congress. Doesn’t anyone find it odd on how there is no one to blame from the Fed’s Financial Oversight Committee?
The problem here is us, the American People, do not think for ourselves as we should. We park in front of the TV and listen to countless reports on how they are to blame. Now Goldman Sachs in not innocent in their actions but if our Financial Oversight Committee was doing their job then we would not be here. These people should be investigated and fired and striped of their retirement benefits if noting else. But nope, that will not happen. Obama will get his boys on the hill to craft some kind of new financial reform bill to take the focus off of the Congressmen that sat on their hands. We will have to see how this impacts the Mortgage Industry. Resent history shows us that it will not be good but time will tell.