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FHA to Shut Down in 2013?

APR 18, 2012 11:51am ET
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If GOP hopeful Mitt Romney has his way HUD will be killed and presumably so will the FHA program. It’s election season and the candidate – hoping to appeal to conservatives – wants to stick a knife in HUD/FHA because, well, it’s a cabinet level agency and cutting big government is a red meat move. But first, Romney has to get elected. And if he does, then he has to get such a move through a Congress that presumably will be controlled by the GOP. So, if you think the housing market is tough now, just wait until the FHA program disappears. Of course, I’m sure the private sector is ready, willing and able to fill the void.

Comments (75)
Paul, you are a LIBERAL HACK!! Romney is smart enough to know that eliminating FHA would kill housing and the recovery. He is a smart business man, as opposed to the current President who is a nothing but a community organizer that never ran anything in his life. Keep your liberal views to yourself!!
Posted by | Wednesday, April 18 2012 at 1:13PM ET
Getting anything disputed through congress is a long shot at best, and for sure this would be fought over
Posted by | Wednesday, April 18 2012 at 1:16PM ET
So now we get campaign rhetoric from you too?
Posted by DANIEL D | Wednesday, April 18 2012 at 1:16PM ET
I have not seen or heard Romney ever say anything that would lead me to think this is true. Can you provide any evidence to support your theory?
Posted by Shane B | Wednesday, April 18 2012 at 1:17PM ET
You do protest too much, Paul.
Posted by | Wednesday, April 18 2012 at 1:19PM ET
A private company offering 96.5% financing? That's a good one Paul!
Posted by Ron B | Wednesday, April 18 2012 at 1:19PM ET
Really? You really think Romney is going to do that? That is the dumbest thing I've ever heard. Bryon is right, Romney is no dummy. He knows it would totally kill any kind of housing recovery and it would destroy our property tax base. Clearly you are a bed-wetting liberal. How about a little less bias in your article writting. Geez...
Posted by | Wednesday, April 18 2012 at 1:20PM ET
Are you kidding me? The only hope the housing market and our economy overall has is if Romney IS elected. Give me a break. Origination News, stop opening your doors to yellow journalism.
Posted by | Wednesday, April 18 2012 at 1:23PM ET
Wow - I've really enjoyed a good number of the articles in this publication, but seeing these comments, now I'll really have to examine the sources!!! You must really be scared to death that Romney IS going to win! This is just dumb - typical scare tactics from the left!!
Posted by Helen B | Wednesday, April 18 2012 at 1:27PM ET
Paul, I have lost all respect for you on this one!
Posted by | Wednesday, April 18 2012 at 1:28PM ET
Bryon: Romney has clearly stated his intentions on eliminating HUD, plain and simple. He may be smart, but not even close to Presidential material.
Posted by | Wednesday, April 18 2012 at 1:29PM ET
I think some of these commenters don't know what a liberal is. Liberals promote government programs conservatives kill them - get it.
Posted by | Wednesday, April 18 2012 at 1:30PM ET
To borrow a phrase found in another article in today's publication:

rarely do we see things the way they are--we see things the way people present them.
Posted by | Wednesday, April 18 2012 at 1:32PM ET
In response to "BP's Link" This is hardly the facts.
This from the article.
His words were heard by reporters on a sidewalk outside the event. "Things like Housing and Urban Development, which my dad was head of, that might not be around later."

Heard on the sidewalk! "Might not" in the same discussion about combining is far from shutting down or killing. Get real!!
Posted by | Wednesday, April 18 2012 at 1:37PM ET
Origination News you're done. This pathetic tripe is exactly what you need to tank any remaining trust in what is published on your site. Condolences to you. No content, no verification, from a yellow hack who has about as much trustworthiness opining on high level polity during a campaign as 50 Cent does teaching nano-technology at CalTech.
Posted by | Wednesday, April 18 2012 at 1:42PM ET
Most of you say Romney won't do this because he's too smart..... But he has said he will get rid of dept of education! I take it, most of you think this is smart too, right?
Posted by Jerome T | Wednesday, April 18 2012 at 1:44PM ET
well said bryon
Posted by MArk F | Wednesday, April 18 2012 at 1:45PM ET
Puff puff pass !
HUD, perhaps. It is bloated and rife with corruption and waste. FHA . . . . not even a consideration. You see FHA is profitable and Romney is no nincompoop when it comes to economics. The only reason that FHA keeps raising its guaranty fee is because HUD takes all of FHA's revenue, funds it's wasteful pet projects and only refunds a fraction of what FHA earns. FHA & HUD are NOT synonymous and FHA is vital to a housing recovery. Stop being a gossip whore !
Posted by | Wednesday, April 18 2012 at 1:47PM ET
Bryon: Please stop the name calling! Thank goodness someone is bringing frightening statements like this to our attention, regardless of anyone's political affiliations! Paul Muolo is a serious journalist and one of the few dedicated to our industry. if you can't be civil, please keep your political agenda to yourself.
Posted by | Wednesday, April 18 2012 at 1:47PM ET
Liberal, Conservative, Moderate or Independent, none mean anything. It is people doing the right thing for America and not just a few. Yes, let us take our country back--from corporate America whom purchase politicians like skittles. Romney views are extreme and definitely favor the rich. We need somone who will do what is right for all people.
Posted by | Wednesday, April 18 2012 at 1:48PM ET
WOW HAVEN'T HEARD THAT BUT I DID HEAR THAT HE BELIEVES THE WORLD WILL END IN 2016 IF HE IS NOT RE-ELECTED. EXCEPT FOR THE STATE OF UTAH.
Posted by | Wednesday, April 18 2012 at 1:51PM ET
WOW HAVEN'T HEARD THAT BUT I DID HEAR THAT HE BELIEVES THE WORLD WILL END IN 2016 IF HE IS NOT RE-ELECTED. EXCEPT FOR THE STATE OF UTAH.
Posted by | Wednesday, April 18 2012 at 1:51PM ET
Michele, obviously you don't read much of Paul's stuff. It is often filled with left-wing talking points. To call him a serious journalist is laughable.
Posted by | Wednesday, April 18 2012 at 1:52PM ET
This would be the dumbest move any president could make. Only Obama qualifies for this kind of action.
Posted by | Wednesday, April 18 2012 at 1:54PM ET
Last paragraph of the Wash Post article ..

When Romney was overheard by reporters at a private fundraiser saying he'd eliminate HUD, Obama's campaign pounced. "In order to fund his $5 trillion tax cuts for the wealthiest Americans, he would make deep cuts in programs essential to the middle class like . . . housing," spokesman Ben LaBolt said in a statement.
Posted by | Wednesday, April 18 2012 at 1:55PM ET
Paul, hang in there. Often people will kill the messenger and ignore the message. All that do not believe Paul's comment, Google Milt Romney HUD and you will find it was stated by Mr. Romney at a private fund raising event in Florida.
Posted by | Wednesday, April 18 2012 at 1:55PM ET
I have no doubt Romney would do just that if he could, but then there's getting it pass congress; not going to happen and neither is he going to be elected.
Posted by David P | Wednesday, April 18 2012 at 1:57PM ET
Irresponsible and shameful Paul...contributes nothing to the idea of constructive industry dialogue. Your handlers should consider relieving you of your duties. I hear MSNBC is looking for a few good people.
Posted by | Wednesday, April 18 2012 at 2:00PM ET
Irresponsible and shameful Paul...contributes nothing to the idea of constructive industry dialogue. Your handlers should consider relieving you of your duties. I hear MSNBC is looking for a few good people.
Posted by | Wednesday, April 18 2012 at 2:00PM ET
Would you please provide the documentation to back this statement up?
Posted by | Wednesday, April 18 2012 at 2:02PM ET
FHA / HUD is not going anywhere, class war fare must go away and stop. It's the American people who need a hand up that will always require the help of HUD. They may merge FHA & VA, there will be house cleaning and belt tightening at every level of our government with a new administration. With that said the USA will continue to have a "Housing Program" for its qualified citizens... "It's we the People"
Posted by William O | Wednesday, April 18 2012 at 2:07PM ET
This is bizarre spin, for sure. How Mr. Muolo derived this from any of Gov. Romney's position papers is a good question.
Posted by | Wednesday, April 18 2012 at 2:08PM ET
It appears that Origination News, in order to keep as many readers as possible, has decided to go the way of The Enquirer, Star and other scandal sheets. Let's face it - the headline of Mr Muolo's article caused many otherwise passive readers to get upset.

I am just consistently amazed and for-profit companies and for-profit mortgage professionals who are anti-capitalism and individual freedom and pro big government. Obama has no successes to run on, his programs have all been failures, so the only thing the left can do is attack on any subject they can dream up - factual or not.

Origination News is not going to can Muolo, he bring in readers. And for you Obamabots out there - that means he brings in money - WOW he must be evil he makes his company money - Let's protest!
Posted by | Wednesday, April 18 2012 at 2:34PM ET
Why is it okay to be totally anti-government on everything then feel this would be a big deal? It falls right inline with Romney and his party today...less government. So, it's interesting to see that when it affects your personal group or industry then all bets are off.

Consider your own hypocrisy first before criticizing the messenger. Whatever you think should or shouldn't be done with HUD at least be consistent...that goes for everyone.
Posted by MARVIN H | Wednesday, April 18 2012 at 2:55PM ET
Are you kidding me guy? Stop spreading rumors to put people in a panic. You have no clue on what your talking about. What will take the place of FHA if it goes away? Do you know what kind of ginormous whole that would leave in the mortgage world? Keep your views to yourself. This is when freedom of speech should NOT apply.
Posted by | Wednesday, April 18 2012 at 2:58PM ET
Are you kidding me guy? Stop spreading rumors to put people in a panic. You have no clue on what your talking about. What will take the place of FHA if it goes away? Do you know what kind of ginormous whole that would leave in the mortgage world? Keep your views to yourself. This is when freedom of speech should NOT apply.
Posted by | Wednesday, April 18 2012 at 2:59PM ET
I had no idea until now that the Origination was a liberal leaning rag until now.
why else would an editor allow such a hack headline by a hack liberal writer into the newsletter?
I will have to take it all with a grain of salt from here forward i guess.
Thanks for taking my trust away from yet another biased publication...
Posted by Rich B | Wednesday, April 18 2012 at 3:05PM ET
@Reggie. I read the article and it clearly stated that reporters "overheard". That's not "Future Policy". HUD is a waste and should go. FHA will be handled by another department. While I'm at it; The Dept of Education is a huge waste as well and should be scrapped, turning it over to the states. Our kids are getting dumber all of the time, so the current approach is not working. I'm not even a Romney fan but even Trump would be better than O!
Posted by | Wednesday, April 18 2012 at 3:11PM ET
Paul I think you are right! Mitt doesn't understand the dynamics of housing and he will never learn. FHA is a great program for first time buyers, many republican conservatives used it to step up into home ownership and of course, they are the first one to spit on it!
Posted by Juan J | Wednesday, April 18 2012 at 3:11PM ET
Paul I think you are right! Mitt doesn't understand the dynamics of housing and he will never learn. FHA is a great program for first time buyers, many republican conservatives used it to step up into home ownership and of course, they are the first one to spit on it!
Posted by Juan J | Wednesday, April 18 2012 at 3:13PM ET
Poor JJ, he's been drinking the Kool Aid too. Here is what Romney was "OVERHEARD" saying. "Things like Housing and Urban Development, which my dad was head of, that might not be around later." HUD is a department, FHA is a program. The burdensome money wasting department should go! The program will be preserved and managed by another, hopefully responsible, department. People, things must change and I mean change for the people not BS change I can believe in. Enough of the lies! Everybody, get the facts before you post!
Posted by | Wednesday, April 18 2012 at 3:23PM ET
I second what Bryon had to say. Paul you are truly pathetic.
Posted by | Wednesday, April 18 2012 at 3:29PM ET
FHA has continued to become more and more expensive as an alternative to conventional loans. If it goes away you can bet there will be another alternative available through the private sector....it's a market niche that needs to be filled. But without all the government regulation and interference it is bound to feature a more common sense approach.
Posted by | Wednesday, April 18 2012 at 4:00PM ET
Byron, don't be mad at Paul he is repeating what Mitt Romney said !
Posted by | Wednesday, April 18 2012 at 4:10PM ET
I think HUD/FHA, Fannie Mae, and Freddie Mac are all fundamentally flawed and certainly outdated. Didn't the previous administration run on "Hope and Change"? I'm not suggesting throwing out the baby with the bath water, however it's certainly time to "Change" the bath water.
Posted by | Wednesday, April 18 2012 at 4:19PM ET
I think HUD/FHA, Fannie Mae, and Freddie Mac are all fundamentally flawed and certainly outdated. Didn't the previous administration run on "Hope and Change"? I'm not suggesting throwing out the baby with the bath water, however it's certainly time to "Change" the bath water.
Posted by | Wednesday, April 18 2012 at 4:19PM ET
M. Nelson, Shane, Deleva, Voidable C. and Helen B . just to name a few!
Stop listening to Fox Noise and watch the news..Mitt Tomney said this, no joke..the man has lost his mind..this is what happens when you have toooooo much money and nothing to occupy your time..you think of nonsense!
Posted by | Wednesday, April 18 2012 at 4:26PM ET
Maybe Byron you should refrain from your rather biased view of the world and not cave into trite characterizations regarding our Prez. Frankly, I see nothing political about Paul's statements. He's just stating what is thought to be a fact by many....right now FHA is helping. Long term, who can say.
Posted by Peggi P | Wednesday, April 18 2012 at 5:19PM ET
Right on Bryon! That is definitely a Dem talking!
Posted by V L | Wednesday, April 18 2012 at 5:28PM ET
Paul, Very disappointed in your commentary on FHA. I have to agree with Byron... it appears that your political affiliation is clouding your better judgement. Respect loss my friend.
Posted by | Wednesday, April 18 2012 at 5:36PM ET
Just another example of liberal news ... editorials masquerading as news articles ...
Posted by | Wednesday, April 18 2012 at 5:37PM ET
And Sylvia, that is the problem with most of America. You automatically believe that he is quoting verbatum what Romney said. Why, because he is a writer for this website and will never tell a lie?? Find out the facts as he obviously did not and then decide what has really been said. This is only the beginning of the misquoting in this campaign
Posted by V L | Wednesday, April 18 2012 at 5:40PM ET
He did say it. Check out the article in The Washington Post 4/12/2012. If Romney wins the election it will be a sad day for women, the middle class and poor people in this country.
Posted by | Wednesday, April 18 2012 at 5:43PM ET
Most of y'all sound like a bunch of industry lobbyists. Government involvement/intervention is the ROOT cause of our problems. If you can't get a loan from a non-government entity in a private market over the long-term, than unfortunately, you'll need to rent. I'd rather see Ron Paul in there, though anything significant will be hard to push through.
Posted by Scott S | Wednesday, April 18 2012 at 8:12PM ET
Most of y'all sound like a bunch of industry lobbyists. Government involvement/intervention is the ROOT cause of our problems. If you can't get a loan from a non-government entity in a private market over the long-term, than unfortunately, you'll need to rent. I'd rather see Ron Paul in there.
Posted by Scott S | Wednesday, April 18 2012 at 8:15PM ET
V.Lee...I saw Mitt on the television saying exactly what Paul said..I don't care if it's not in a position paper todate my concern is that this is even a thought in the mind of this potential candidate...as opposed to getting rid of the agency or the FHA program why not develop a plan to make them both better for the American people....we need a housing unit on the Federal level and we surely will need the FHA again when the private money dries up...who do you think salvaged the sub-prime meltdown? huh !
Posted by | Wednesday, April 18 2012 at 8:48PM ET
I VERY MUCH DOUBT ROMNEY CAN BEAT OBAMA, OBOAMA WILL PULL THE HISPANIC, THE GOVERNMENT CHECK GROUP, AND THE UNIONS,, ALL IN ALL HE WONT MAKE IT EVEN IF HIS ADGENDA IS THE RIGHT ONE THIS COUNTRY WANTS A NANNY GOVERNMENT AND HE OFFERS IT AND WILL GET IT TO THE POINT OF NO RETURN..
Posted by | Wednesday, April 18 2012 at 9:03PM ET
I VERY MUCH DOUBT ROMNEY CAN BEAT OBAMA, OBOAMA WILL PULL THE HISPANIC, THE GOVERNMENT CHECK GROUP, AND THE UNIONS,, ALL IN ALL HE WONT MAKE IT EVEN IF HIS ADGENDA IS THE RIGHT ONE THIS COUNTRY WANTS A NANNY GOVERNMENT AND HE OFFERS IT AND WILL GET IT TO THE POINT OF NO RETURN..
Posted by | Wednesday, April 18 2012 at 9:04PM ET
Sounds like campaign propoganda to me. However, shutting HUD would not mean elimination of FHA. A previous Commissioner had wanted to remove FHA from HUD but the time wasn't right. FHA could work a lot better outside of HUD. As a stand-alone agency, FHA could have modern computers and proper staffing. Don't lose any sleep over this.
Posted by | Wednesday, April 18 2012 at 10:31PM ET
Paul,
Remember it was a Democratic hack Andy boy Cumo who originally put the knife into HUD and tried to kill it. Now he is working his majic on NY.
Posted by | Thursday, April 19 2012 at 8:02AM ET
Paul,
Remember it was a Democratic hack Andy boy Cumo who originally put the knife into HUD and tried to kill it. Now he is working his majic on NY.
Posted by | Thursday, April 19 2012 at 8:03AM ET
Oh, Bryon, You ARE SO RIGHT. What is it that Liberals DON'T UNDERSTAND??
(easier to answer -What do liberals understand - NOTHING) Move over, Paul, and let Bryon take over!
Posted by | Thursday, April 19 2012 at 9:22AM ET
BYRON EITHER YOU'RE JOKING OR IGNORANT. ROMNEY BELIEVES NO SUCH THING.
Posted by | Thursday, April 19 2012 at 11:02AM ET
BYRON EITHER YOU'RE JOKING OR IGNORANT. ROMNEY BELIEVES NO SUCH THING.
Posted by | Thursday, April 19 2012 at 11:02AM ET
You can be sure that Romney will cut where there is waste and corruption. (Seen enough of that these days?) His goal is to bring housing back and therefore the economy so that people can get loans they can afford and not sit around waiting for the government to bail them out. If this had been done years ago, we wouldn't be in this mess.
Posted by | Thursday, April 19 2012 at 11:08AM ET
Some of you on here get waaaaaay to wrapped up into titles: Conservative, Liberal, etc. There will never be any honest discourse of ideas as long as your one talking point is: "Typical Liberal!" or "Typical Conservative!". That's not discourse of any real idea, it's simply name calling and it makes you no better than an 8 year old. Let's talk facts - not agendas presented as facts - and lets talk ideas and solutions. And for the record, people are still allowed to have their own opinions in America. Last I checked at least.
Posted by BEN B | Thursday, April 19 2012 at 11:25AM ET
There you have it Paul. Do a bit more professional research and present the story as it lays out, not your 2 cents! Don't write it otherwise.
Posted by | Thursday, April 19 2012 at 12:17PM ET
This is obviously written to Lefty's views here. Paul...you should write your articles based on facts and actual evidence, rather than trying to paint a picture of doom coming from Mitt Romney. I will be unsubcribing today as I no longer need to hear your Demo slant.
Posted by | Thursday, April 19 2012 at 1:32PM ET
Those that want to keep HUD and FHA are the ones that think Big Government is the answer to our ills. HUD should be abolished and FHA can be spun into a private company with specific mandates. How could anyone not want the freedom from a bureacratic monstrosity like FHA. It takes a full year for them to make simple changes to keep up with the times? And aside from FHA, what the hell does HUD really do? Pass out welfare (Section8) vouchers? Why couldn't those federal funds be given to the state to pass out....more quickly and efficient. Anyone who wants to keep HUD and FHA in its current form is just thinking about thier next commission check....not the good of a country.
Posted by | Thursday, April 19 2012 at 2:00PM ET
Everyone knows what is said during a campaign and what happens once elected is nonbinding. Just ask Mr Obama
Posted by | Thursday, April 19 2012 at 4:55PM ET
Paul you raise several good points.. However I am sure you remember a politician in 2008 Promising to Close Gitmo, Cut Debt, Recover the Economy and If we gave him 700Billion he would keep unemployment down below 8% so I must assume you are new to Politics or a complete Idiot. I will choose the former for typing to an Idiot is baseless to say the least. It is my experience that what is said on the Campaign trail rarely makes it to the Oval office. With that said it may be of benefit for you to back up your statements with Facts generated by being informed rather than watching CNBC for your information. The Next President of the United States will either Protect our Freedom's or as the current administration has said will be more Flexible with our freedoms and Safety.
Posted by | Thursday, April 19 2012 at 5:05PM ET
I could not agree with you more Bryon- If Romney kills FHA it will be to cut the wasteful fat in that organization and come up with something better. Obama thought there were 57 states -remember?
Posted by | Friday, April 20 2012 at 12:48AM ET
Wow, I have just read 3 of Paul's columns for the first time, and wow, I wasn't missing much.
Posted by | Monday, April 23 2012 at 10:39PM ET
Who cares FHA isn't the same as it used to be and most of the FHA's these days can be done conventionally. Its not the premier product it used to be. Is this guy still originating?
Posted by Kent H | Tuesday, April 24 2012 at 3:40PM ET
Congress is owned by Goldman sach's. oromney is obama is oromney. Neither are too bright. They made their money by shucking and jiveing cheating and tricking others.

Get rid of the Fed. (called the fed reserve but is a private entity screwing with our monitary system)
Posted by | Thursday, April 26 2012 at 5:07PM ET
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