Keyword: FHA
Trade association urges Congress to protect against changes to FHA insurance program
NAR President on the Hill This week, the National Association of Realtors’ (NAR’s) newest President, Moe Veissi spoke before the House Financial Services Committee of Congress asking them to “protect FHA from potentially destabilizing changes to the agency’s main insurance fund” in the light of a conversation by law makers that want to curb FHA “as a step toward reducing ...
Judge orders injunction against HUD in Allied Home Mortgage case
Rare case between HUD and lender Allied Home Mortgage Corporation was recently slapped with a mortgage fraud lawsuit filed by the U.S. Department of Housing and Urban Development (HUD) which immediately suspended Allied’s ability to originate Federal Housing Administration (FHA) insured mortgages which was the majority of their business. Allied argued that they had not been found guilty of anything ...
President Obama signs HR 2112, extends FHA and VA loan limits
Loan limit increase finalized We reported last week that bipartisan Congressional efforts passed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012 to restore higher FHA loan limits which expired on September 30, 2011. This agreement (that came with riders) increased the maximum dollar amount of mortgage loans that can be insured by the Federal Housing Administration (FHA) ...
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Bipartisan Congressional efforts restore higher FHA loan limits
FHA loan limits back up We reported yesterday that Bob Nielsen, chairman of the National Association of Home Builders (NAHB) released a statement urging Congress to pass legislation to reinstate the higher loan limits for the Federal Housing Administration which expired on September 30, 2011 as a means of stabilizing the housing market. Hours later, Congress reached a bipartisan agreement ...
Study shows current Obama proposal for FHA loan limits ineffective
FHA Assessment Report George Washington University has released the June 2011 edition of the “FHA Assessment Report: The Role and Reform of the Federal Housing Administration in a Recovering U. S. Housing Market” which finds that the White House’s current proposal to reduce the higher end of FHA’s loan limits would have little to no impact on its current market ...
FHA calls real estate market’s future “incredible” – overstatement?
Commissioner makes an overstatement? This week at the National Association of Realtors’ (NAR) Midyear conference, the FHA Commissioner David Stevens spoke before the audience of Realtors and executives, calling the long term prospects for the real estate market “incredible,” according to NAR. Pointing to young households as a demographic that is growing larger than the baby boomer demographic, Stevens notes ...
FHA Defaults Surpass 9% – Impending Doom or Just Predictable?
A historic era This year has already proven to be a news filled year for the Federal Housing Authority (FHA) as the real estate sector continues to struggle in light of a failing economy. To do their part to inject the real estate industry with life, the FHA has recently relaxed the anti-flipping rules but some argue that recent FHA ...
FHA Relaxes Anti-Flipping Rule Starting February 1, 2010
HUD steps it up Earlier this month, the Housing and Urban Development Department which oversees the Federal Housing Administration stepped up their effort to curb the foreclosure crisis by vowing to speed up the resale of foreclosures. This week comes the announcement making it official that from February 1, 2010 through February 1, 2011, the FHA is lifting the rule ...
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 ...
FHA Changes May Cause More Loans to Go Underwater
I first caught whiff of this in an Inman News article by Matt Carter. Then I saw an editorial about it in The Washington Post. Then I heard a short piece on Marketplace Money from American Public Media on my local NPR station (you know how us liberals love our NPR). So I know I wasn’t hallucinating. It seems that ...
Lend America Shut Down, FHA Urged to Complete Loans
Get on it, FHA! This week, Lend America was disqualified from lending FHA backed loans due to submitting false documents and completing loans that didn’t meet FHA requirements (leading to $512,500 in fines and Lend America shutting their doors the day after their FHA approval was yanked). Reuters reported today that Senator Charles Schumer “urged the Federal Housing Administration to ...
Christmas Comes Early For Some FHA Borrowers
The Federal Housing Administration repealed the second appraisal requirement for loans exceeding $417,000 in declining markets, and for cash-out refinances. The two appraisal mandate initially went into effect on April 1, 2008 and was strongly opposed by the National Association of Realtors. The second appraisal requirement will remain when a property is re-sold between 91 and 180 days following acquisition ...
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
