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Tag Archives: FHA

Administration Officials Reject Idea of National Foreclosure Moratorium

Evidence of major servicers mishandling foreclosure paperwork has cast a cloud of doubt over the entire industry and servicing procedures across the board. Consumer advocacy groups and a number of state attorneys general have demanded a nationwide moratorium on foreclosures. But two senior White House officials have indicated that the Obama administration will not support an all-out foreclosure freeze. So far, five companies have announced voluntary foreclosure suspensions because of potential deficiencies in the legal paperwork.

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HUD Proposes Tighter Rules to Recoup Losses from FHA Lenders

HUD is recommending new regulations to force lenders to reimburse the Federal Housing Administration (FHA) for insurance claims paid on mortgages that don't meet the agency's underwriting guidelines. The proposed rule would also require all new and existing FHA lenders to meet stricter performance standards to gain and maintain their approval status. FHA, at its own discretion, without any judicial or administrative action necessary, will have the authority to immediately withdraw a lender's ability to insure mortgage loans.

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MBA Sees Sharp Jump in Purchase Activity Led by FHA Loan Apps

The Mortgage Bankers Association's (MBA) index of loan applications for home purchases jumped 9.3 percent last week as mortgage interest rates dropped again. It's the highest reading for purchase activity since the expiration of the homebuyer tax credit, and could signal a rebound in home sales ahead. The increase was led by a 17.2 percent upsurge in Federal Housing Administration (FHA) applications, as borrowers sought to beat the agency's October 4th effective date for higher credit score and down payment requirements.

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Congress Extends Higher Loan Limits for GSEs

The U.S. Senate and House of Representatives voted Thursday to extend increased loan limits on mortgages backed by Fannie Mae and Freddie Mac. The higher loan limits of $729,750, which were scheduled to expire at the end of 2010, have been extended for an additional nine months, and are now set to expire September 30, 2011. The approved bill also appropriates $20 billion for the Federal Housing Administration to continue making loan commitments though the end of 2010 for a special risk fund.

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Five Brothers Introduces New HUD Claims Processing System

Warren, Michigan-based Five Brothers, a nationwide provider of commercial and residential mortgage default management solutions, announced the release of its ClaimSys HUD claims processing system this week. ClaimSys acts as an enhancement to existing claims processing programs and expedites Federal Housing Administration (FHA) claims by allowing users to generate completed HUD claims A through E quickly and efficiently, according to the company.

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Mortgage Litigation Index Declines as Focus Shifts to Criminal Cases

The government has shifted its resources from civil to criminal mortgage-related cases in recent months. As a result, an industry index that tracks mortgage litigation lawsuits has dropped by more than half. Active cases totaled 75 in the second quarter, according to the report released this week. Activity tumbled 52 percent from the first quarter and was 40 percent lower than a year ago, as the U.S. Department of Justice executed its nationwide crackdown on mortgage fraud, dubbed Operation Stolen Dreams.

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Investigation Finds Criminals Making FHA Loans

The Federal Housing Administration (FHA) has failed to root out several executives with criminal records whose firms continue to do business with the agency, according to the Center for Public Integrity. The Center's investigation found that more than 34,000 home loans have been issued over the past two years by FHA-approved lenders that have employed people who were convicted of felonies, banned from the securities industry, or previously worked for firms barred by FHA. Nine percent of these loans are delinquent.

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CalHFA and FHA to Offer Low-Interest Mortgages to First-Time Buyers

The California Housing Finance Agency (CalHFA) has partnered with the Federal Housing Administration (FHA) to offer a fixed rate, 30-year FHA-insured mortgage to low- and moderate- income California families who purchase their first home. Benefits include below-market interest rates and affordable down payments. CalHFA says many first-time homebuyers cannot meet the loan requirements of conventional lenders and its new program will help open the door to homeownership for California families.

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FHA Program for Underwater Borrowers Now Underway

Tuesday marked the start of a new government housing program designed to help the millions of Americans who owe more on the mortgage than their home is worth. The Federal Housing Administration (FHA) is now offering certain non-FHA borrowers with negative equity the chance to refinance into a new FHA-insured loan, as long as existing lien holders will write off at least 10 percent of the unpaid principal balance. Officials suggest the program will provide 500,000 to 1.5 million underwater borrowers with new mortgages, but analysts say the number is closer to 250,000.

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Freddie Mac’s Streamlined Refi Program Is Nothing New: Barclays

Rock-bottom interest rates and less-than-encouraging economic data have kept mortgage-backed securities (MBS) investors worried about what the government could do next to prop up the ailing housing market, with the latest concern stemming from a recent announcement by Freddie Mac, according to Barclays Capital. The GSE has issued a new servicing guide detailing an ""easy refinance"" option with loan-to-value ratios up to 95 percent and $2,000 cash back to the borrower. Barclays says the program ""is everything but new.""

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