Cash in your bets, it's official, government housing regulators are clueless.
Okay, perhaps this isn't exactly news, but today they demonstrated their lack of ability to manage in the mortgage industry when Ed DeMarco, the acting director of the Federal Housing Finance Agency (aka the guy who is supposed to oversee under-conservatorship government sponsored entities) railed on a Fannie Mae program that his agency approved.
Demarco said that the Affordable Advantage program , which allows first-time home buyers in a few states to get a loan for a house for just $1,000 down, will be honored until until its expiration in March, but will not be renewed. He added that other parties made similar requests to Fannie Mae for such programs and he denied them, but this one just slipped right by him. Darn.
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