Okay. I don’t usually have real disagreements with news articles, but this one gave me something to complain about. First off, it’s an interesting article and supports the wise notion to STAY AWAY from subprime ARMs. That being said, there is one sentence that I have an issues with:

For those who have fixed-rate loans, or who passed the strict criteria to get a loan from the FHA or VA, foreclosure and delinquency rates actually fell.

What they are saying is good news, but the mention of the “strict critera” to get a FHA loan is seriously humorous. There’s not even a credit score requirment, for crying out loud. Yes, the FHA has had some problems with excessive red tape, but that is unrelated to whether or not you meet their criteria (and the red tape problem will hopefully be fixed with the passage of the reforms). Point being: it’s not that hard to meet the criteria required to qualify for an FHA loan. In fact, it’s quite easy. Pay your bills. Keep a job. You’re set.

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