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Tag Archives: Mortgage Insurance

Donovan Questioned by Senate Committee on FHA’s Finances

In a testimony before the Senate Banking Committee on Thursday, HUD Secretary Shaun Donovan defended the Federal Housing Administration's (FHA) recent role in the housing market and the steps the agency has taken to avoid a possible bailout. In an annual report issued to Congress in mid-November, HUD revealed the capital reserve ratio of FHA's Mutual Mortgage Insurance (MMI) Fund had fallen to -1.44 percent (representing -$16.3 billion) based on data from an independent actuary. The report has many analysts, policymakers, and trade groups speculating about the likelihood of an imminent Treasury draw to keep the FHA alive.

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FHA Revises Loss Mitigation Program

The Federal Housing Administration (FHA) announced revisions to parts of its loss mitigation program last week in order to expand the number of borrowers who can receive assistance. Through changes to the Loss Mitigation Home Retention Options, more homeowners in distress should be able to qualify for FHA foreclosure prevention efforts and the level of assistance available should also increase.

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Mortgage Insurers Report Q3 Refis and Modifications

Mortgage Insurance Companies of America (MICA), an association of private mortgage insurers, reported Monday that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means. The $86.9 billion is distributed among 496,961 homes across the nation.

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FHA Deficit Leads to Concerns of a Possible Bailout

Vintage loans brought the Federal Housing Administration's (FHA) Mutual Mortgage Insurance (MMI) Fund to its knees in fiscal year 2012, but the agency insists it does not immediately need to draw from the Treasury. A review conducted by an independent actuary found that the capital reserve ratio of the MMI Fund fell below zero to negative 1.44 percent, representing a negative economic value of $16.3 billion.

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Mortgage Insurers Join GSEs in Effort to Shorten Short Sale Process

Fannie Mae and Freddie Mac servicers will be able to skip a step when attempting to get a short sale or deed-in-lieu of foreclosure approved. On Wednesday, the GSEs announced standard delegation agreements were reached with nine mortgage insurers to allow servicers to approve of short sales and deeds-in-lieu without a separate review process with the mortgage insurer. The agreement takes effect November 1, along with additional short sale guidelines the GSEs announced in August.

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Home Affordability Limited to Half of All Major U.S. Cities: Study

With home prices down so far down from their peak and mortgage rates hovering around record lows, many analysts are saying home affordability could hardly be any higher. However, a study released by Interest.com shows homes are only truly affordable in about half of the nation’s major cities. Rising expenses and stagnant wages are preventing median-income households from being able to afford median-income homes, explained Mike Sante, managing editor for Interest.com.

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Radian Reports September Delinquencies

Radian Guaranty Inc. wrote $3.54 billion in new mortgage insurance in September, the company reported Wednesday. The mortgage insurer started off with 94,823 delinquent loans in September and ended with more loans, 94,831, in delinquency.

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Countrywide Counters MBIA Fraud Claims

The long-running legal proceedings between MBIA Insurance Corporation and Countrywide Home Loans (acquired in 2008 by Bank of America) turned into a blame game Friday as the companies battled over liability for insurance losses on bad loans.

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Wells Fargo Faces Federal Charges of Mortgage Fraud

The U.S. government is suing Wells Fargo over what officials allege constitutes more than 10 years of misconduct as a direct endorsement lender for the Federal Housing Administration (FHA). The civil fraud suit was filed in federal court Tuesday and alleges Wells Fargo falsely certified the credit and underwriting quality of FHA loans it originated. According to the complaint, thousands of Wells Fargo's FHA-insured mortgages defaulted as a result of deficient underwriting, causing the government agency to lose hundreds of millions of dollars.

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