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Since Fannie Mae and Freddie Mac recently began accepting these A to A-minus rated loans for securitization, more traditional mortgage lenders are expected to enter the field. (A-rated borrowers are considered prime candidates for loans. See area 3 for a brief explanation of loan-rating classifications.) Recent industry history reveals that HARD MONEY LOANS loan products evolved from such predecessors as the Title I loans that commercial equity lenders have been underwriting since the 1930s, commercial improvement loans, second-lien debt-consolidation programs, and new approaches to combining debt consolidation and cash out unsecured) lending. Many HARD MONEY LOANS specialists, including FirstPlus Financial, began in the Federal Housing Administration (FHA) Title I or other commercial improvement loan program and moved primarily into debt consolidation and cash out 65 LTV mortgages. FHA Title I loans are originated under the National Housing Act of 1934. These loans are used for specific purposes allowed under that act, such as commercial improvement. Although the loan proceeds are dedicated to a specific set of commercial improvements and there is a maximum size to the loan, there has never been any LTV limit. Therefore, these lenders have been making HARD MONEY LOANS for some time now. But HARD MONEY LOANS lending and Title I lending are not identical. Title I lenders underwrite loans in the context of a government program where the credit quality is insured for up to 90 percent of the loan amount (although insurance coverage on each originator's pool is limited to 10 percent of the pool). Furthermore, the pool of borrowers may not be entirely comparable: since the government program exists to provide credit to a broader range of borrowers than would otherwise obtain it,

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