Melbourne Area Blog

Just a few months ago Congress passed a bill to infuse money into the mortgage markets in part to ease the credit crunch.

These new loans would be backed by the FHA, Federal Housing Authority, allowing for new loans to be written and to help the housing market.

The Congressional Budget Office projected that this could cost $1.7 billion over five years.

The banks instead tightened up the lending policies making it more difficult for buyers to qualify for a mortgage.

Now we have another bill infusing more money into the mortgage market.

The banks and the lenders are creating more problems in the housing market with their policies on "short sales" and foreclosures.

I will address those issues in the next few days.....