On Friday, January 15, 2010 HUD announced a temporary suspension of HUD’s policy of prohibiting FHA insured financing for properties owned by sellers for less than 90 days ( flips ). This change in policy has been implemented to aid in stabilization of home values and improve conditions in areas with high foreclosure activity. This change has been noted as temporary, beginning February 1, 2010 and is effective for one year, unless extended or withdrawn by HUD commissioner. Furthermore, it will have very strict conditions and guidelines for property eligibility to ensure that predatory practices are not allowed. The waiver
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It is great to see the New York Times finally coming on board as they are recognizing that Obama’s “Making Home Affordable” plan has failed and could even be making the market worse! The fact is, that one needs to have the full cycle of the market and actually feel the full pain of the downs of the market before the market can correct itself. Therefore, the governmental interference is just prolonging the agony. As a result, many desperate homeowners have sent payments to banks in efforts to keep their homes from going into foreclosure – an act which some
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