Does anyone have any thoughts on what may happen to the program if the USDA is gutted like all the other major departments ? Do you think they wll continue to service established mortgages and or eliminate subsidies ? Or do you think they will sell off mortgages ?
If they sell off the mortgages, will mortgagees get the same interest rates and terms ?
What ever is on your current loan note is what the terms will be if they sell the mortgage, it is a written contract. Get a copy now from your servicer if you don't already have it.
What the future holds, no one knows. Here is what I beleive.
They are doing everything possible to slim down the government. However, I truly beleive what they do away with, another future administration will try to add back. Maybe they will learn from previous mistakes and make some programs work better, who knows. But someone in the future is going to be elected on the premise that they will make the government work more for the people, and the bloat will begin again. Was the USDA program bloat? Were there other agencies or programs that could have or should have taken on this responsibility? Do we heed FHA, VA, USDA etc. or do we need one department to handle all these similar programs as different teams of the same department? Did we need both Fanie Mae and FreddyMac to do a similar job?
Some people will say that one organization will not recognize the needs of a particular group, as if the FHA wouldn't be capable of putting together a VA loan because they wouldn't know how to deal with veterans. That's bull, all it takes is another set of lawyers to put the correct language into the loan note and deed. You don't need an entirely different organization.
@fm92555 wrote:What ever is on your current loan note is what the terms will be if they sell the mortgage, it is a written contract. Get a copy now from your servicer if you don't already have it.
What the future holds, no one knows. Here is what I beleive.
They are doing everything possible to slim down the government. However, I truly beleive what they do away with, another future administration will try to add back. Maybe they will learn from previous mistakes and make some programs work better, who knows. But someone in the future is going to be elected on the premise that they will make the government work more for the people, and the bloat will begin again. Was the USDA program bloat? Were there other agencies or programs that could have or should have taken on this responsibility? Do we heed FHA, VA, USDA etc. or do we need one department to handle all these similar programs as different teams of the same department? Did we need both Fanie Mae and FreddyMac to do a similar job?
Some people will say that one organization will not recognize the needs of a particular group, as if the FHA wouldn't be capable of putting together a VA loan because they wouldn't know how to deal with veterans. That's bull, all it takes is another set of lawyers to put the correct language into the loan note and deed. You don't need an entirely different organization.
I honestly don't believe there will be future elections. I don't believe USDA RD suffered from "bloat". They always had a significantly long processing time and were always understaffed. I'm sure veterans would say the same thing about the VA. Could they find ways to modernize and streamline what they do ? Of course. But not by letting some psychopath fire everyone and giving him a $400 million contract for trucks that are useless to the military and $2 billion for rockets that are constantly falling out of the sky. There is no reason to touch Social Security except to raid the trust since it has no impact on our deficit. The new administration is creating chaos and ruining lives but of course, that is the point.