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Tag Archives: FHA

FHA Solvency Act Passes Out of Senate Banking Committee

The Federal Housing Administration (FHA) Solvency Act of 2013 is headed to the Senate after receiving approval from the Committee on Banking, Housing, and Urban Affairs. The bill passed by a vote of 21-1, according to a release from the committee's website. The bill includes a number of bipartisan proposals from the committee intended to strengthen the FHA's financial situation, protect taxpayers, and ensure qualified borrowers still have access to credit.

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Galante Expresses Concerns with Senate’s FHA Solvency Act of 2013

During a hearing before the Senate Banking Committee Wednesday, Carol Galante--assistant secretary for HUD and commissioner of the Federal Housing Administration (FHA)--expressed general approval for the senate's proposed FHA Solvency Act of 2013. However, she did highlight a few concerns. For one, Galante asked the bill authors to consider permitting FHA more authority when it comes to servicing. She also voiced an aversion to the bill's demand for mandatory premium increases when FHA's capital reserve ratio dips below its required level.

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Report: FHA’s REO Disposition Strategy Weak Compared to GSEs

The Federal Housing Administration (FHA) needs to work on improving its REO disposition strategy so it can bring in higher returns when properties go to sale, according to a recent report from the GAO. In fact, when compared to Fannie Mae and Freddie Mac, the congressional watchdog found FHA disposes its REOs at a much slower pace and sees smaller returns. After examining foreclosure timelines, the GAO revealed the FHA takes about 340 days to dispose of its REOs after foreclosure, which is more than 60 percent longer than the GSEs average of 200 days.

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Agency Watchdog Criticizes FHFA for Failing to Establish Clear Goals

The Federal Housing Finance Agency Office of Inspector General (FHFA OIG) argued in a report released Tuesday that the FHFA should define specific performance goals for encouraging private participation in the mortgage credit risk market. For example, FHFA has not defined what it considers ""increased private sector investment"" nor determined how much it must raise guarantee fees to achieve this goal, according to the report. Similarly, FHFA has not set specific goals for its pricing initiatives with FHA.

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Senate Committee Proposes Bill to Put FHA on ‘Stable Footing’

The Senate Banking Committee reached a milestone in its efforts to stabilize the Federal Housing Administration (FHA) with the release of a discussion draft of a new bill Monday. The Federal Housing Administration Solvency Act of 2013, authored by Committee Chairman Sen. Tim Johnson and Ranking Member Sen. Mike Crapo (R-Idaho), has provisions to strengthen underwriting, make lenders more accountable, and strengthen the FHA’s reverse mortgage program.

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Report: FHA’s Financial Woes May Be Greater than Prior Estimates

A House panel is investigating what it believes is an attempt by Federal Housing Administration (FHA) officials to cover up the full details of the agency's financial troubles regarding its Mutual Mortgage Insurance (MMI) Fund. The House Oversight and Government Reform Committee reviewed emails between FHA and IFE Inc., the firm that conducted the agency's actuarial report last year.

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HUD Secretary Speaks on Possibility of FHA Bailout

The Obama administration released Wednesday its budget proposal for fiscal year (FY) 2014, revealing that the Federal Housing Administration (FHA) may require a bailout of up to $943 million to reinforce its capital reserves. The agency has drawn fire in recent months over the losses it took from insuring risky loans before the crisis. In a conference call with reporters, HUD Secretary Shaun Donovan explained the ground gained from the estimated $16.3 billion shortfall to today's estimated $943 million deficit is the result of newer, safer business expected this year.

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House Reps Renew Efforts to Reinforce FHA

The FHA Emergency Fiscal Solvency Act, introduced by Rep. Maxine Waters (D-California) and sponsored by Rep. Michael Capuano (D-Massachusetts), is designed to give the Federal Housing Administration (FHA) more flexibility to take action against originators who engage in faulty underwriting or who have high loan losses. Additional measures include authorizing the agency to require indemnification for improperly written loans. Lawmakers say there is clear, bipartisan agreement on the need to provide FHA with additional risk management tools.

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Industry Representatives Address FHA’s Role in the Market

The Senate Committee on Banking, Housing and Urban Affairs continued a series of hearings on the Federal Housing Administration (FHA) Thursday morning. Representatives heard from various members of the housing industry, who expressed their opinions of FHA's recent performance and ongoing role in the market. The six panelists discussed the appropriateness of FHA's countercyclical role in the housing market in recent years, with special attention to loan limits and FHA's market share.

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Carrington Offers Three-Day Turn Times for FHA, Conventional Loans

Effectively immediately, Carrington is offering three-day turn times on conventional purchase loans and loans insured by the Federal Housing Administration (FHA). In addition, Carrington announced that it stands ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded.

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