On The Bright Side…

All this doom and gloom may have you feeling very down in the dumps, but fear not! As Forbes points out, all this housing trouble may light a fire underneath the progress of FHA modernization. This is similar to the earlier story about how reforms should get moving after August, but its got the added delight of some bytes from HUD’s assistant secretary Brian Montgomery:

“Every day that we don’t get some sort of reform is a day that we can’t help families that are trying to get out from a high-cost exotic subprime loan,” Montgomery said.

Yes, FHA will be great for first time home buyers and those who are trapped in ever-rising ARMs.

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