A Message From The President On Reverse Mortgages and The Housing Bill, Sort of…

“There’s no question about it. Wall Street got drunk — that’s one of the reasons I asked you to turn off the TV cameras — it got drunk and now it’s got a hangover. The question is how long will it sober up and not try to do all these fancy financial instruments.” –George W. Bush, speaking at a private fundraiser, Houston, Texas, July 18, 2008
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My fellow Americans and RMD Readers,

Mission Accomplished. Last week, I signed the most comprehensive legislation meant to help eligible seniors expand their options for Reverse Mortgages that has nothing to do with drinking, being drunk, or fancy financial instruments. The Federal Housing Administration (FHA) has been stone cold sober the last few years and was the good, pious girl at the party, not the slutty temptress (a/k/a Wall Street). FHA was never invited to the party for the last few years and stayed home and was accused of being boring and prude. As of last week, she is Wonder Woman with her lasso of truth, playing the part of designated driver, nurse and the good girl next door. Now that Wall Street and Main Street are sobering up, this legislation is my way of sending FHA back out to the world and with a bottle of aspirin, a green Gatorade and a greasy cheeseburger to ease those hangovers in America and Wall Street.

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I am a man of the people and the people in this country are getting older by the day, hour, and minute. My eloquence notwithstanding, I am pleased to sign this piece of legislation that both parties worked on through the hot summer months here in Washington to help out Americans struggling across our great land. We will be able to continue to let Seniors get older and fund America’s tax rolls and let more seniors stay in the homes and out of government sponsored health care facilities a little bit longer. This strategy will allow us to spend more money for the war on terrorism and hopefully I may be able to find those Weapons of Mass Destruction before my last day as President on January 20, 2009.

Since I am now eligible for a Reverse Mortgage (born July 6, 1946), I will need to explore these new options on all my residences such as my Crawford, Texas ranch and my new home in the Highland Park neighborhood of Dallas, Texas because clearly the current FHA loan limits in McLennan and Dallas county will not permit me to maximize my home equity. Frankly, I need the money to pay for Jenna’s wedding.

Many of my close friends may need these provisions as well especially if Senator Obama is in the White House. My cabinet members may need some assistance to make ends meet once the taxpayers are no longer footing the bill. I would like to take credit especially for the HECM for coops provision that will enable all of my rich, Republican friends to take advantage of this terrific federal loan program. We can now stand shoulder to shoulder with our low to moderate income brothers and sisters.

Wasn’t it someone from the FDIC that stated the any FHA loan program is a subprime loan? Tell that to Rummy who has a coop on Park Avenue. He’s so subprime.

Thank you and God Bless America.

G.W. Bush
POTUS

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  • To Whom It May Concern,

    I have been in the mortgage banking industry for 40 years, in reverse mortgages for 7 of those forty. I have never seen a more bollixed up piece of legislation in my life that was just signed by our President. I doubt very seriously that those voting for the bill even understood what they were voting on. The bill consists of approximately 650 pages. This bill started out at about 60 pages.

    I am not saying that some good has not come from the passage of the bill, but when you read the bill in its entirety, you will see many ambiguities and to try and interpret the meanings of certain sections, almost impossible.

    Eliminating the HECM Advisory program completely is not only ridiculous but also it showed me and many other people that our legislators would rather take the lazy way out. Instead of truly trying to understand the program and go after the areas that need correcting, it was easy for our legislators to say, eliminate the entire program!

    Why eliminate federally regulated entities like banks, federally chartered banks and savings associations or credit unions? There is no reason to eliminate them. Control the mortgage broker but more important, control the provider of the HECM Advisory program. I know lenders that are paying Non-Approved FHA lenders fees that are higher than the fee HUD calls reasonable. I know lenders that are not enforcing the guidelines for the HECM Advisory accounts they set up. Our problem is HUD! If HUD had people within their department that understood their jobs, understood their programs and guidelines, maybe we would not be in the position we are in.

    The department of HUD needs to be completely overhauled. They do not police or enforce a good share of their regulations governing our industry. The HECM Advisory program can’t and should NOT be abolished. The program needs to be re-evaluated and revisions need to be implemented. For an example, HUD should SPELL out the fee being paid to a HECM Advisor. 25% of the gross origination fee is what most of the larger companies pay. HUD says, “A reasonable fee for the services provided”, this statement or so-called ruling has caused more trouble with the program than most realize. Go after the problems where they really are, don’t allow legislators that have little knowledge on what they are voting for get away with this. We are supposed to be still living in a nation where our government is “For The People and by The People”

    The Great American Philosopher

    http://www.thegreatamericanphilosopher.com

    By. John A. Smaldone, [email protected]

  • Wow, When Mr. Bush speaks from the heart you realize he is pretty smart and acttually competant. If he would have fired the idiolots and dorks advising him a long time ago and just been himself the country would have been much better off. As would the republican party. What a shame.

  • You speak up now that the program was taken away from you You write clearly and in your view have become a victim where was your pen when you could have spoke up WHEN THIS HAPPENED

    “I know lenders that are paying Non-Approved FHA lenders fees that are higher than the fee HUD calls reasonable. I know lenders that are not enforcing the guidelines for the HECM Advisory accounts they set up”
    Only when its about me seems to be your attitude You do not seem to take responsiblity for your inactions.

  • Al,

    How do you know that I did not speak out, long before now. Sir, I have been very much involved with HUD on the Advisory program. I have been speaking out and yes, using my Pen for quite some time, have you?

    I do not understand your last paragraph when you refer to “Only when it is about me” and I do not take “responsibility for my actions”. Please explain.

    The Great American Philosophy

    http://www.thegreatamericanphilosopher.com

    SPONSORED BY: John A. Smaldone

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