The report from the Center for American Progress makes recommendations for the FHA's distressed loan sale program to apply stronger standards in order to achieve the best outcomes for the borrowers and their communities.
Read More »Ocwen Reaches Settlement In HAMP, FHA Suits
Those suits sought damages intended to triple the total HAMP and FHA payments made on Ocwen-serviced loans, or roughly $5,500 to $11,000 per alleged false claim, according to Ocwen's SEC filing.
Read More »FHA Proposes Enhancements to HECM Program
FHA was praised last year for making changes to its HECM program that helped non-borrowing spouses avoid foreclosure. What further changes did the FHA propose to help seniors sustain their HECM loans?
Read More »The Face Off—FHA vs. Private Mortgage Insurance
In the time period following the housing market collapse, private mortgage insurance was not easy to obtain. This left the door open for the FHA to step in to accommodate low-down payment borrowers and pick up more market share. But the tables have since turned.
Read More »The Re-emergence of Loan Defects
For a while, loan defects had settled down in the mortgage industry, but they appear to be making their way back into the market due to heightened risk from government loans.
Read More »NAR Calls for Further FHA Insurance Premium Reductions
According to the National Association of Realtors, low inventory, affordability, and tight credit are still plaguing the housing market. But NAR President Tom Salomone says he has the solution.
Read More »Freedom Mortgage Resolves FHA Allegations
Freedom Mortgage Corp., is the latest company to resolve claims that it violated the False Claims Act by knowingly originating and underwriting single-family mortgage loans insured by the FHA that did not meet the mortgage insurer's requirements.
Read More »Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices
The settlement stems from Wells Fargo’s participation in the Direct Endorsement Lender program, a federal program administered by the Federal Housing Administration. It is the largest recovery for loan origination violations in FHA history.
Read More »Is Bank of America’s New Mortgage Program a Substitute for FHA Lending?
Bank of America's Affordable Loan Solution program provides an alternative for low-income borrower but despite being an innovative solution to market demand, industry analysts feel it does not provide enough competition to substitute the FHA completely.
Read More »FHA Clarifies Bank Liability For Mortgage Errors
The FHA hopes this added clarity will appease banks and large lenders that have pulled out of the FHA loan program or implemented harsher credit standards fearing lawsuits and penalties over troubled loans.
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