“Past performance does not necessarily predict future results”
That’s a line you heard before. It’s required by the SEC for mutual funds to disclose to potential investors. The SEC? They are a government agency. They exist (in part) to protect us consumers from misinformation and underhanded dealings.
Yesterday, it was reported in an article on Reuters that the Fed’s FHA Secure plan (Announced in August) has helped a grand total of…. <insert drumroll>…
266 people
Yup, that’s it. For those keeping track at home, that’s 4 months and 266 homeowners. To quote the article,
“FHA Director Brian Montgomery said the program was off to a slow start but is overcoming bureaucratic challenges and gaining momentum even as the national mortgage crisis worsens.”
Ya think? Not to beat a dead horse, but I read on another blog that at this rate it will take more than 50 years to help all the homeowners this plan was created for.
Which brings me back to the quote. Shouldn’t the government also be required to warn the public the same? Just thinking…
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1 response so far ↓
1 Ricardo Bueno // Dec 18, 2007 at 3:27 pm
When the FHA Secure plan was first introduced, I felt it was marketed as the grand savior to our problem. Several colleagues called to ask about the product…to see if their clients would qualify. Even the borrowers who I had recently turned down called to see if they qualified under this “new” program that President Bush, their hero, had just presented on the news.
All the while I thought to myself…”yes but how many people is it REALLY going to help?”
266 is my answer. I’m clearly not impressed!
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