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Home | Tag Archives: FHA

Tag Archives: FHA

HUD Touts a Year of Progress Since Castro Became Secretary

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*+-During his first year as the nation's top housing official, Castro has made several policy changes with the intent of increasing opportunity for more Americans to obtain affordable, sustainable housing. Several of those changes are outlined in an announcement from HUD on Monday titled "Year of Progress: Delivering on the Promise of Opportunity."

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FHA Revises Reverse Mortgage Program to Protect Non-Borrowing Spouses From Foreclosure

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*+-The revisions announced Friday allow for the deferral of due and payable status for reverse mortgages, hence protection from foreclosure, for certain eligible non-borrowing spouses upon the passing of the last surviving borrower for case numbers assigned prior to August 4, 2014. Last year, FHA's HECM policies were revised to include such protections for non-borrowing spouses on HECMs for case numbers assigned on or after August 4, 2014.

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Lawmaker Questions Recent HUD Appointments in Letter to Castro

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*+-Grassley was referring to the March 26 appointment of Edward Golding as principal deputy assistant secretary for the Office of Housing to essentially fill the duties performed by the office FHA commissioner, and the February 27 appointment of Lourdes Castro Ramirez to the position of principal deputy assistant secretary for the Office of Public and Indian Housing (PIH) at HUD.

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DOJ Sues Quicken Loans for Alleged Improper Underwriting Practices

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*+-Less than a week after Quicken Loans sued the Department of Justice and HUD, accusing them of coercing the Detroit-based lender into making false statements, the DOJ filed a lawsuit against Quicken accusing the lender of improperly originating and underwriting FHA-insured mortgages, according to an announcement from the DOJ on Thursday afternoon.

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Quicken Loans Files Lawsuit Against Federal Agencies

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*+-The Detroit-based lender claims the government has enjoyed “extraordinary profitability for FHA's insurance program” through its efforts, saying the company’s participation in FHA's program will proved the government more than $5.7 billion in net profits “from the insurance premiums collected above and beyond claims made from over $40 billion in FHA home loan volume closed by Quicken Loans during the 2007 to 2013 timeframe.”

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Administration Names HUD Senior Adviser as New Leader of FHA

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*+-Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development, has been named by the White House as new leader of the Federal Housing Administration, according to HUD. Sources at HUD told DS News on Thursday that Biniam Gebre will be stepping down from his role as acting commissioner of FHA and that Golding will be taking over the duties of that office. HUD confirmed that Golding's new title will be principal deputy assistant secretary and that he will assume that post on April 7.

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Mortgage Insurer Compares FHA With Private Market at Congressional Hearing

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*+-If a loan defaults, FHA covers virtually 100 percent of loss, while MI covers first losses down to a stated coverage percentage. FHA’s policy may provide less incentive to ensure that loans are underwritten and serviced in a sensible and sustainable way, while MI’s policy may create a stronger incentive to better underwriting and good servicing, according to Gupta.

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