When will our government come to realize that not everyone in this country can own a home? Not an issue of cruelty or insensitivity or lack of dream for Utopia, but a simple matter of economics. Not everyone has 20% or even 10% to make a bona fide down payment and have the subsequent income to comfortably service the debt. Apparently the continuing pain of the subprime crisis has taught our feckless politicians nothing. While sub-prime has morphed into a naughty word, a near clone has stealthily infiltrated the mortgage markets, choking the breath out of many unfortunates ensnared by its enervating tentacles. Meet the Federal Housing Administration or FHA. It found life under Roosevelt in 1934 as part of his alphabet soup answer to extricate America from depression. It started as a benign institution, and like today, insured loans and offered some down payment relief to borrowers.
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