I would have thought that the U.S. would of at least had something similar to CMHC as we have here in Canada.
When I bought my first home at 5% down I had to have the mortgage insured by
CMHC and paid an extra 2.5% on the interest rate. Because it was a high risk mortgage.
But from what I have read on it they were forced to lend to high risk people
It was government pandering to minority
groups.
... and, the loans were still insured ... that's why the insurance companies are now going under ... too many loans are being called and they have to pony up the difference on the reduced values of the homes. Nuts!
Commenting by HaloScan
