The rent is governed by your lease, during the term of the lease - so they can't just raise the rent duting a valid lease (unless the lease has some clause in it that permits increases - some do allow for adjustments due to increases in taxes, insurance, utilities).The assignment of rents just means that the rents are to go to the bank, and not the landlord, in the event that the mortgage goes unpaid.

He has served as a consultant with governments around the world.

This might be just the start, I feel that all other banks are going to get enormous pressure from the government and public to follow suit...

Originally posted by J Scott:For future reference, consider looking at HUD properties...they give preferential treatment to owner occupants, even when there are lots of contingencies...sounds interesting , I'm hoping not to have to do an owner occupied again ( unless it's an sfr) , but we were starting to look into the 403K loans - seems to be some kind if government sponsorship for programs like that. are those similar to how the HUD homes work?

One of the few sectors that is beginning to show opportunity is the multi family rental market.

It's the government intervention that forced the liar loans in the first place, if they'd keep their noses out of the market it would correct itself.

Since Mike M works in the non-profit sector, maybe he'll chime in on this ...

As I understand it is more about the government wanting to make it more transparent how much insurance costs.

allow me to reiterate...you are buying a two unit property for a little over $10,000 out of your pocket out the door using a loan insured by the government in the midst of quite possibly the worst housing crisis in american history.

IMO the government caused many of our problems and is using the bank's as scapegoats to shield the blame.