Ben Carson thinks HUD can turn things around with FHA Loans.
Since the last recession — and as federal regulations have increased — banks have pulled back on mortgages originations, allowing nonbanks like Quicken Loans and loanDepot to fill the void. Concerns are growing about nonbanks, because they aren’t subject to the same stringent regulations, and are more vulnerable to failure during a downturn.
Now, HUD wants to encourage banks to originate more FHA loans, which are generally made to low-income borrowers and first-time homebuyers. The move was announced in a joint statement from HUD and the Department of Justice.Source: HUD’s Ben Carson Wants To Get Banks To Originate More FHA Loans