These are exciting times! This story just came across the news wires: *SOMALIAN PIRATES APPLY TO BECOME BANK TO ACCESS TARP *PAULSON: TARP PIRATE EQUITY IS AN `INVESTMENT,’ WILL PAY OFF *KASHKARI SAYS `SOMALI PIRATES ARE ‘FUNDAMENTALLY SOUND’ *Moody’s upgrade Somali Pirates to AAA *HUD SAYS SOMALI DHOW FORECLOSURE PROGRAM HAD `VERY LOW’ PARTICIPATION *SOMALI
Philly Fed
It is said that 90% of reverse mortgages are HECM’s (Home Equity Conversion Mortgage). Will the meltdown in home values affect holders of HECM FHA-backed reverse mortgages? HECMs come with a Federal Housing Administration guarantee that protects the lender and the homeowner from falling property values. Therefore, if the loan balance exceeds the value of