Quote:
Originally Posted by Plinker
It seems, in my opinion, there have been a lot of posts about reverse mortgages. Apparently, there are many inconvenient truths that you may be unaware of. The following I found to be particularly egregious.
Why should taxpayers be on the hook when a reverse mortgage turns toxic?
This from the Heritage Foundation
“Because of the largesse of federally financed subsidies in the Federal Housing Administration’s reverse-mortgage program, the federal government has gradually crowded out private insurers from the market for these financial products since the program began in the late 1980s.
Indeed, amid the multi trillion-dollar maze of federal insurance and guarantee programs lies the Federal Housing Administration Home Equity Conversion Mortgage program—an insurance program providing loss coverage on reverse-mortgage originations backed by federal taxpayers.
The loan program simply has become a severe financial burden for federal taxpayers. The Federal Housing Administration reports that the Home Equity Conversion Mortgage program faces a financial shortfall totaling roughly $14 billion in fiscal year 2017.
To avoid any further compounding of the fiscal fiasco, policy leaders should wind down the federal Home Equity Conversion Mortgage program, and in the interim certainly refrain from any misguided reforms that would increase moral hazard, put more taxpayer money at risk, and ultimately continue to crowd out private mortgage insurers from the market for reverse mortgages.”
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That's because they guy posting is a TOTV sponsor. So, he is PAYING to be here and his posts, while meant to look informative, are basically advertisements.
Try putting up your own ad here for any service watch it get removed. He basically has a license to advertise.