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Tag Archives: FHA

Senators Introduce Legislation to Prevent FHA Bailout

The new year may bring with it new reforms for the Federal Housing Administration (FHA) as Congress considers a bill designed to bring the agency back to fiscal solvency. It was revealed in November that FHA's Mutual Mortgage Insurance (MMI) Fund--its protection against the cost of default claims--had fallen to a reserve ratio of -1.44 percent for fiscal year 2012. The agency is mandated by law to have a ratio of 2 percent. In response, Sen. Pat Toomey (R-Pennsylvania) has introduced an amendment to reduce the risk of what would be FHA's first-ever taxpayer bailout.

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BofA CEO Speaks on Future of Housing in America

Speaking before the Brookings Institution in Washington, Bank of America CEO Brian Moynihan raised the issues of whether homeownership is right for everyone and how the mortgage market will be financed in the future. While most Americans continue to include homeownership in their personal image of the American dream, Moynihan says, ""as a just democratic society, we owe all our citizens a safe, good place to live, but a roof over one's head doesn't always have to come with a mortgage. In some cases, it shouldn't come with that.""

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FHA Anti-Flipping Waiver Extended Through 2014

FHA flipping rules

HUD plans to waive the Federal Housing Administration's (FHA) anti-property-flipping rule through December 31, 2014. The agency is extending the temporary waiver that was put into place in January 2010 for another two years to encourage investors to acquire and renovate foreclosed and vacant homes.

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FHA Releases 2013 Loan Limits

The Federal Housing Administration has released its mortgage loan limits for 2013. According to an earlier announcement from the Federal Housing Finance Agency (FHFA) the national conforming loan limit will remain $417,000 for a single-unit property.

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Study Argues FHA’s Underwriting Policies Set Families Up for Failure

The Federal Housing Administration (FHA) has a mission of making the American dream of homeownership accessible to low- and moderate-income families and first-time homebuyers. However, due to FHA's underwriting policies and practices, Edward Pinto, resident at the American Enterprise Institute (AEI), argued the administration has instead put ""a high percentage of low- and moderate-income families and communities at risk of excessively high foreclosure rates.""

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HUD Provides Details for Next Distressed Asset Sale

HUD's next sale as part of the Distressed Asset Stabilization Program (DASP) will include even more loans. The agency announced it will put out about 10,000-15,000 loans in its next sale, which will take place in the first quarter of 2013. The most recent sale in September included about 9,000 loans.

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Donovan Questioned by Senate Committee on FHA’s Finances

In a testimony before the Senate Banking Committee on Thursday, HUD Secretary Shaun Donovan defended the Federal Housing Administration's (FHA) recent role in the housing market and the steps the agency has taken to avoid a possible bailout. In an annual report issued to Congress in mid-November, HUD revealed the capital reserve ratio of FHA's Mutual Mortgage Insurance (MMI) Fund had fallen to -1.44 percent (representing -$16.3 billion) based on data from an independent actuary. The report has many analysts, policymakers, and trade groups speculating about the likelihood of an imminent Treasury draw to keep the FHA alive.

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NJCC Selected to Buy 399 Distressed Loans Through HUD Program

New Jersey Community Capital (NJCC) was selected as part of HUD's Distressed Asset Stabilization Program (DASP) to purchase 399 troubled loans, the nonprofit announced Tuesday. Out of the 399 loans purchased by NJCC, 150 were based in Essex County, New Jersey and another 249 in Tampa Bay, Florida.

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Former Fannie Mae CEO to Chair Prospect Mortgage’s Board of Directors

Prospect Mortgage, LLC, announced the appointment of Michael J. Williams, former president and CEO of Fannie Mae, as chairman of its board of directors. Prospect Mortgage is a top-10 originator of home purchase loans, offering conventional, jumbo, super-jumbo, Federal Housing Administration, and Veterans Affairs mortgages as well as home renovation loans.

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FHA Revises Loss Mitigation Program

The Federal Housing Administration (FHA) announced revisions to parts of its loss mitigation program last week in order to expand the number of borrowers who can receive assistance. Through changes to the Loss Mitigation Home Retention Options, more homeowners in distress should be able to qualify for FHA foreclosure prevention efforts and the level of assistance available should also increase.

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