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Tag Archives: FHA

Judge Allows Allied to Resume Issuing FHA-Insured Loans

A federal judge has reversed HUD's decision to temporarily suspend Allied Home Mortgage Corporation after the agency accused the bank of committing fraud and violating several Federal Housing Administration (FHA) requirements. The judge said the damage to Allied's business as a result of the suspension outweighs any harm that would be suffered by the government before the issues can be litigated. Allied and its CEO deny the allegations against them.

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FHA Reserves Sink Further Below Legal Limit Amid Talk of Bailout

An annual audit of the Federal Housing Administration's (FHA) books has concluded there is a 50-50 chance the government mortgage insurer will need a bailout from taxpayers within the next 12 months. The agency's cash reserves have been cut almost in half over the past year and its capital reserve ratio has plunged to 0.24 percent. The minimum legal limit mandated by Congress is 2 percent. News of the agency's deteriorating bottom line comes just as lawmakers are advancing a bill that would likely increase FHA's market share.

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Ocwen Looks to Increase Market Share

Ocwen Financial continues to make moves to expand its portfolio. The special servicer disclosed in a filing with the Securities and Exchange Commission that it has agreed to purchase $15 billion in mortgage servicing rights from JPMorgan Chase. It's the latest in a string of transactions bolstering Ocwen's portfolio, and the company's not stopping there. Ocwen says a new venture will allow it to compete for the servicing rights of newly originated FHA loans. It is also looking to expand into reverse mortgages and home equity lines of credit.

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Hudson & Marshall to Auction Over 100 HUD REOs This Saturday

Hudson & Marshall has once again been selected to partner with HUD to auction over 100 foreclosed homes located in Nevada and Arizona. The auction will take place this Saturday, November 5th at the JW Marriott in Las Vegas. There will be two separate auction events on that day - one strictly for owner occupants and the second open to all bidders, including investors. HUD will pay a 3 percent selling agent commission to qualified brokers who are registered with HUD.

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Government Issues Housing Data, Says There’s ‘Much More Work to Do’

Treasury has released a new progress report on its Making Home Affordable initiative, covering all the ""H"" acronyms. Since the program started in April 2009, 857,000 homeowners have received permanent loan restructurings under HAMP, and 894,000 have refinanced their mortgages through HARP. HAFA transactions tally just under 19,000. Officials say they continue to see a fall in mortgage defaults due in part to foreclosure prevention programs reaching more borrowers upstream in the process, but there's ""much more work to do.""

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HUD and Ginnie Mae Suspend Allied Home Mortgage

As of Tuesday, HUD's Mortgage Review Board is suspending Houston-based Allied Home Mortgage Corporation from originating or underwriting new mortgages insured by the Federal Housing Administration (FHA), and Ginnie Mae is suspending the lender from issuing bonds through its mortgage-backed securities program. HUD also suspended James C. Hodge, Allied's president and CEO and may debar Hodge and Jeanne L. Stell, EVP of Allied Home Mortgage.

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Senators Urge Government to Act Fast to Create an REO Rental Program

Thirty-three senators have put out a letter encouraging the Obama administration and the Federal Housing Finance Agency (FHFA) to work quickly in developing a program to make vacant foreclosed homes available for rent. The administration is currently sifting through responses to the request for information (RFI) it issued in August regarding an REO rental program. The senators want federal officials to respond with a timeline for when they expect to finish reviewing the RFIs and their next steps.

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HUD Offers REO Homes for $100 Down in Select States

HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers. In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home. The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Contacts in the field say one of the most exciting features of this incentive program is that it can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home.

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Obama Chooses Carol Galante to Lead FHA

President Obama on Thursday announced his intent to nominate Carol J. Galante to lead the federal agency that insures mortgages against default. If confirmed, Galante would take on the role of assistant HUD secretary and commissioner of the Federal Housing Administration (FHA). Galante stepped up as acting FHA commissioner in April, when David Stevens vacated the post to take the head spot at the Mortgage Bankers Association.

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HUD and CitiMortgage in Dispute Over Short Sales

HUD's Office of Inspector General (OIG) alleges CitiMortgage, Inc. has violated the Federal Housing Administration's (FHA) Preforeclosure Sale Program by submitting improper claims for short sales. After examining 68 FHA claims, the inspector general found 63 claims for loans it says Citi did not properly review to verify that the borrowers were in default or in imminent danger of default. Citi ""respectfully disagrees"" in its written response.

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