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The American mortgage market is surgically attached to the Federal government. A recent hearing on The Private Mortgage Market Investment Act exposed just how entrenched and dependent mortgage lending has become on Uncle Sam.
It’s the Golden Rule. He with the gold, makes the rules and that’s what the federal government has done. In the wake of the housing collapse and mortgage meltdown Uncle Sam is telling mortgage lenders the free lunch is over. Obviously Home Equity Conversion Mortgage program is exclusively a federally guaranteed product. For our industry private capital…