New initiative targets jobless, cuts or eliminates some monthly mortgage payments.
Obama boosts help for homeowners is a post from: Mortgage Insider
Archive for FHA
Extremes in housing finance
Just a short post to note that homebuyers in Orange County are at two financial extremes, according to MDA DataQuick.
On one hand, between 20% to 26% of homebuyers have used a loan insured by the Federal Housing Administration every month since October 2008. Most folks here using FHA are putting down the minimum 3.5% (that’s [...]
U.S. tightens standards on FHA program
The Federal Housing Administration today announced a few tweaks to its home loan insurance program, charging borrowers a little more and requiring a bigger down payment for folks with very low credit scores.
The FHA program, which generally allows for down payments as low as 3.5%, has accounted for roughly 20% to 25% of purchase loans [...]
Crackdown on FHA lenders skips California
Federal officials said today they have subpoenaed 15 mortgage companies “with significant claim rates against the Federal Housing Administration mortgage insurance program.”
Curiously, none of the companies are based in California — the largest housing market in the country.
Subpoenas from the HUD Office of Inspector General (OIG) demand documents and data related to failed loans which [...]
FHA is not the next “subprime”
Shaun Donovan, head of Housing and Urban Development, told members of a House committee that his agency’s federal insurance program is anything but the next “subprime” debacle. And he outlined steps to protect FHA’s insurance fund and thus, taxpayers.
“Subprime delinquencies are 240 percent higher than FHA’s for a reason,” Donovan said. “While others participated in [...]
