Archive for the ‘Uncategorized’ Category
Monday, April 6th, 2009
Ameridream Inc and Nehemiah Corp of America are lobbying to legalize their (currently illegal) business model, as it involves laundering down payments on FHA loans from home sellers to buyers for a fee. As previously chronicled on this blog, HUD fought for years to end this practice, arguing it has ...
Posted in Uncategorized | 2 Comments »
Monday, February 9th, 2009
Just when I thought the "non-profit" seller-funded down payment assistance providers couldn't sink any lower, the employees of Nehemiah Corporation of America raise the bar on deception. Its one thing for Nehemiah to sue HUD to prevent elimination of seller-funded down payment assistance (SFDPA) along with spending hundreds of ...
Posted in Uncategorized | 9 Comments »
Wednesday, January 28th, 2009
Not to be dissuaded by the fact the IRS referred to seller-funded down payment grants as scams, Representatives Al Green (D-TX), Maxine Waters (D-CA) and Gary Miller (R-CA) continue to champion the cause of "laundered" down payments via H.R. 600. On January 16, 2008, Rep. Al Green along with co-sponsors ...
Posted in Uncategorized | 31 Comments »
Tuesday, November 4th, 2008
FHA rules do not allow property sellers to give buyers the funds for their down payment. The reasons why FHA prohibits the borrower from obtaining funds for the down payment from the seller are numerous. However, common sense dictates the most obvious reason is that it is simply a scheme ...
Posted in Uncategorized | 10 Comments »
Friday, October 3rd, 2008
It's no secret that the "non-profit" seller-funded down payment assistance industry has grown exponentially resulting in numerous programs and providers. It's also no secret that the IRS referred to seller-funded down payment grants as ‘scams’ and ‘schemes’ and legislation has been enacted to prohibit these types of grants. Based on ...
Posted in Uncategorized | 9 Comments »
Thursday, September 25th, 2008
In an attempt to curtail the practice of strapped borrowers buying-and-bailing from distressed properties, FHA has implemented a temporary policy that changes the way HUD looks at proposed rental income on existing homes being converted to rentals. Mortgagee Letter 2008-25 prohibits the use of rental income from being used to ...
Posted in Uncategorized | 8 Comments »
Sunday, September 21st, 2008
From Good Math, Bad Math: "Statistics is an area which is poorly understood by most people, and as a result, it's an area which is commonly used to mislead people. The thing is, when you're working with statistics, it's easy to find a way of presenting some value computed from ...
Posted in Uncategorized | 3 Comments »
Friday, September 19th, 2008
As previously predicted on prior posts, FHA has pulled the plug on the FHA Reverse Mortgage Advisor Program with the issuance of Mortgagee Letter 2008-24. Click here to view letter. Mortgagee Letter 2008-24 dated September 16, 2008 rescinds Mortgagee Letter 2008-14 that provided guidance on the duties non approved brokers ...
Posted in Uncategorized | 3 Comments »
Wednesday, September 17th, 2008
As anticipated, the House Financial Services Committee approved the markup of H.R. 6694 effectively paving the way for future vote by the House of Representatives. Click here to view hearing. The adoption of H.R. 6694 is being celebrated as a victory by the non profit providers who generate millions in ...
Posted in Uncategorized | 1 Comment »
Monday, September 15th, 2008
In researching sovereign nation down payment payment grants, I was expecting nothing more than a bunch of boring stuff on down payment grants. Surprisingly, what I found was a trail of intrigue which had nothing to do with the Penobscot Indian Tribe, and everything thing to do with the business ...
Posted in Uncategorized | 15 Comments »
