Well, the Tax Credit loan plan is off the table, and HUD took the memo off the web site too. It seems that someone decided to analyze some potential issues… which should have been done before posting it on the crazy world of the Internet.
I started to read about this new program in a few blog posts over the past few days and then asked a few local loan officers for details. A few l.o.’s had no idea what I was talking about, but another followed up this afternoon with the news about the plug pulling.
Now local mortgage guy John Lam gets a gold star!
Overall, in my professional opinion, it seemed a little too much like a “pay-day” loan to me.