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fha reform: FHA Tightens Lender Standards - 01/23/12 11:31 AM
On Friday, the Federal Housing Administration (FHA) announced it would toughen standards for lenders authorized to insure mortgages on its behalf, without first submitting documents to the agency. This news comes after it was revealed the 30-day delinquency rate on FHA mortgages neared 18 percent in December.
Some experts warn that FHA could soon require a bailout, something Main Street Americans certainly don't need. FHA Commissioner Carol Galante hopes the rule changes will loosen credit for borrowers and help speed up the housing recovery.
Some of the key changes include:
A stronger approval process Stricter monitoring of FHA-approved lenders Compensation to … (4 comments)

fha reform: George Washington University Experts Recommend Big Changes for Jumbo Loans - 07/22/11 01:47 PM
Are current FHA loan guarantees bloated, obsolete, and no longer useful in serving its traditional target audience of first time, minority and low-income homebuyers?
George Washington University’s Center for Real Estate and Urban Analysis (CREUA) released a study, co-authored by Anthony Yezer and Dr. Robert Van Order, professor of economics, that argues an emphatic "yes."The Obama Administration has proposed a modest decrease in the current upper FHA limit of $729,500, to take effect in October of this year. However, the report makes a compelling argument that this does not go nearly far enough.
Today on my CBS MoneyWatch blog, I review … (0 comments)

fha reform: Sexual Discrimination By Mortgage Lenders - 08/03/10 10:57 AM
Are mortgage lenders defying federal fair housing laws by denying home loans to pregnant women, new moms and their partners or spouses?  
In a recent story, the New York Times wrote about how mortgage lenders had tightened loan requirements so much that new mothers who were at home on short-term disability were denied a loan because their disability income was less than their full-time income.
The story was astonishing, as federal law prohibits sex discrimination. The action also seemed to run afoul of fair housing laws.
The Department of Housing and Urban Development (HUD) took note and on July 21, … (2 comments)

fha reform: Debt-to-Equity Ratios Rising - 07/19/10 12:01 PM

Sharon called my radio show a few weeks back. Her real estate broker had taken her to see a HUD home (which is nothing more than an FHA foreclosure). She could buy the house with only $100 down, but she'd have to pay $9,000 in closing costs. The house was priced at just $102,000.
Something didn't smell quite right. The Federal Housing Administration (FHA) does offer a program called the $100 Down Payment Incentive that's designed to help the Department of Housing and Urban Development (HUD) get rid of unsold HUD homes.
In other words, no matter how much the … (1 comments)

fha reform: HUD Secretary Shaun Donovan Speaks To National Association Of Real Estate Editors - 06/18/09 06:16 PM
Secretary of Housing and Urban Development Shaun Donovan spoke at the National Association of Real Estate Editors Annual Conference. Secretary Donovan spoke about how HUD is involved in President Obama's plans for the economic crisis and the Making Home Affordable act, FHA reform and how that will affect the housing markets, consumer protection, and building more sustainable communities. The transcript of the speech is below. See the blog for more details from Ilyce at the National Association of Real Estate Editors conference.
Prepared Remarks for Secretary of Housing and Urban Development Shaun Donovan at the National Association of Real Estate Editors … (0 comments)

 

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