Posted by Willie on August 15, 2003 at 05:47:37:
If this is the case, it could have a significant impact on flippers. I see no logic for it, except for some pie in the sky bureaucratic idea to possibly prevent fraud (which it won’t). The loan for the new purchaser should be based on the FMV of the property and the qualification of the mortgagor, not on the flipper at all. I would think any such policy on HUD’s part will probably in time end up in a court case and repeal.