December's index, which saw about 215,000 new loans added to the pool of risk-rated mortgages, was up 0.4 percentage points from the average for the prior three months and 1.1 percentage points from a year earlier, AEI said. As ever, the largest portion of risk came from the Federal Housing Administration (FHA), which had a risk index of 24.33 percent, up 0.2 percentage points from the prior three-month average. Following that were the Veterans Affairs index, which was at 11.5 percent, and the Fannie/Freddie index, which was 6.2 percent, just above the 6 percent threshold AEI says is "indicative of conditions conducive to a stable market."
Read More »Castro: It’s Time to ‘Remove the Stigma’ Promoting Homeownership
Secretary for the U.S. Department of Housing and Urban Development (HUD) Julián Castro told the audience at the National Press Club Tuesday afternoon that it was time for the nation to "remove the stigma" promoting homeownership. During his hour-long speech at the Press Club in Washington, D.C., which included a question and answer session, Castro spoke of the economic progress the nation made in 2014, such as experiencing the fastest job growth rate in 15 years, and he addressed HUD's initiatives which are aimed at promoting, increasing, and expanding opportunities for Americans to own a home.
Read More »Report Predicts Big Year for Housing in 2015 Based on Recent Government Actions
In a report released Monday morning, Fitch outlined five big events—all of which have taken place in the past few months—that, taken together, "could have a relatively meaningful impact on home buyer psychology, pent-up demand and housing trends in 2015 and beyond," the company says.
Read More »Obama Lauds Housing Market Progress In Phoenix Speech
In a 30-minute speech Thursday morning at Central High School in Phoenix, Arizona, President Barack Obama spoke of the progress the housing market has made since 2009 and measures his administration is taking to help everyone achieve homeownership.
Read More »Updated: President Announces Reduction in FHA Premiums
FHA raised premiums in response to its declining mortgage insurance fund, which forced the agency to take a $1.7 billion bailout in 2013. Since then, it has rebuilt its capital, spurring some commentators to call for a cut. In a statement, the White House estimated that the reduction will translate to a $900 increase in annual mortgage payments for first-time buyers, with existing homebuyers expected to see similar savings.
Read More »Michigan Lender Becomes Latest Institution To Settle Over Faulty Mortgages
It is not just the larger lenders that are under the microscope, however; a recent multi-million dollar settlement between a lender and the U.S. Attorney for the Eastern District of Michigan showed that the smaller lenders cannot escape intense scrutiny from industry regulators.
Read More »New York-Based Lender Settles with U.S. for $36 Million Over Mortgage Fraud Claims
The U.S. has settled a civil mortgage lawsuit against Golden First Mortgage Corp. that accused the mortgage company and its owner, David Movtady, of defrauding a government mortgage program, according to an announcement from U.S. Attorney for the Southern District of New York Preet Bharara.
Read More »FHA Loan Limits Will Not Change for 2015
FHA recalculates its national loan limit every year, basing its math on a percentage calculation of the national conforming loan limit for mortgages eligible for purchase or guarantee by the GSEs.
Read More »Report: Bank, Government Unlikely to Reach Settlement Over Mortgage Fraud Claims
Settlement talks between Wells Fargo and the U.S. government over alleged mortgage insurance fraud have stalled, according to a media report.
Read More »Superior Home Services Names New Assistant VP of Insurance Operations
Arizona-based hazard claim and Federal Housing Administration (FHA) repair management pioneer Superior Home Services has announced that Ruth Delgado has joined the company as assistant VP of insurance operations.
Read More »