Three Lenders Booted from The FHA Loan Guarantee Program
Big changes
Thus far in 2010, the lending scene and real estate sector have experienced rapid change with news coming out making it look like 2011 will be a very different landscape for the industry.
With the foreclosure crisis, HUD just declared that they’d speed foreclosure resales (by waiving the FHA rule that disallows insuring a mortgage on a home owned by the seller for under 90 days) while FHA itself announces major changes from raising mortgage insurance premiums to altering the amount buyers are required to put down depending on their credit score.
Which brings us to today
Today, the FHA’s Mortgagee Review Board said it was removing Strategic Mortgage Corporation, ProMortgage Inc and Americare Investment Group Inc from its list of qualified lenders for its loan guarantee program and suspending Home Mortgage, Inc. according to Reuters. This is the most current effort to fix the housing crisis by increasing vigilance against indiscretion in the lending industry.
As banks close, lenders are booted from the FHA Program, and Barney Frank calls for abolishing Fannie Mae and Freddie Mac, the scene surrounding the industry is sure to continue changing.
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This article published on Tuesday, January 26th, 2010 at 12:02 am | Contact the editor
Topics: News
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AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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Three Lenders Booted from The FHA Loan Guarantee Program: Big changes
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Three Lenders Booted from The FHA Loan Guarantee Program: Big changes
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