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I would agree with Shane. Though I agree with Mr. Anderson's assertion that 0% down financing is a big part of the mess we are in, he may be a bit misinformed about this program. The default rate for these loans is considerably lower than the national average--0% in some regions. This is an exemplary program in its effectiveness, efficiency, and its success in assisting mid-to-low-income families in getting quality and affordable housing. This program should be the poster child for how government programs can/should work. If this program is extended by this bill, not only will it continue to function as it does, but it will essentially pay for itself. The guarantee fee, the careful, methodical oversight, and the fixed rate make this a very different scenario from the kind of irresponsible lending that caused the current housing crisis and it would be a mistake to eliminate programs like this based upon a flawed understanding of their true nature.
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