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"Actually, AU is probably one of the worst things that could have happened to the mortgage industry along with FICO scores. An underwriter can tell by looking at the makeup of a credit report and any explanation letter as to the likelihood of repayment. Scores that have been manipulated upward or downward by events such as a bogus reporting of an old collection account as 'new' have no real bearing on a common sense decision. Does it 'cost' more for a manually underwritten file? On..."    View Comment
"Maybe some jail time for some of these guys would be a better solution. Fines, after all, are pass throughs to end users. If they've already broken the law, why not punish them for it? Over-regulation is not the answer. We have seen it bring the mortgage industry to a standstill. And that has hurt consumers greatly. Jail terms are not transferable, however. It isn't only mortgage originators who should be taking the fall."    View Comment
"You mean require the funds be used for their intended purpose?"    View Comment
"It was bound to happen with the huge number of brokers & loan officers flocking to the program. With the changes in FHA [smaller seller contributions], couple with the evaporation of USDA funding so early in the fiscal year, the housing industry is about to experience another downdraft. As the First TIme Home Buyer tax credit disappears, it will mean fewer entry level home buyers in the market, which in turn will affect the move-up buyers."    View Comment
"More of a question really. But why is so much emphasis placed on new homes? Especially with the growing inventory or foreclosed homes. It seems to me that there is a gross over supply of homes already without building a lot more new homes. I know the population is not growing quickly. Are most of these new builds 2nd homes?"    View Comment
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