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mortgage insurance: FHA Reform Passes House - 06/12/10 10:15 AM
One of the results of the mortgage crisis is the movement to reform the agencies and GSE's - primarily Fannie Mae, Freddie Mac, and FHA. Much of this push worries me a good bit about the potential to harm a system that for decades was successful in building home ownership in the US. The FHA Reform Act though seems to provide some flexibility and tools to enable FHA to manage more effectively its risk and its insurance funds.
In the bill there are provisions to:
Allow FHA to ncrease the Annual Mortgage Insurance premium. Allow charging annual mortgage insurance premiums to be discretionary Authorize HUD … (8 comments)
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mortgage insurance: Mortgage Insurance Companies - losses increase concerns - 11/08/09 07:13 PM
Mortgage insurance company losses are a mounting concern for the industry. A concern that has not received much coverage in the media, nor in Congress. These companies have taken a beating in the market downturn.
Mortgage insurance enables home buyer to purchase with less than a 20% down payment. For FHA loans, the home buyer purchases government mortgage insurance from HUD. For conventional loans, the home buyer purchases private mortgage insurance.
Several companies offer mortgage insurance. All have taken heavy losses and as a result have tightened their lending guidelines. In many cases the MI companies have tightened their guidelines more than Fannie … (28 comments)
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mortgage insurance: Federal response market recovery - 10/07/08 08:07 PM
The market response after the bailout bill has been disappointing, but the bill actually did little to address the economy's problem. As massive as it is, as costly as it is, as loaded with pork as it is, the bailout did not address foreclosures, home inventory, unemployment, unfreezing the credit markets, or increasing home lending.
The bailout seems like a good solution to working out solutions for bad mortgages, and I think it will not be too costly to the US Treasury. It just does not address the problems.
This week the Federal Reserve has taken creative steps to move the economy … (4 comments)
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mortgage insurance: FHA announces mortgage insurance premiums - 08/27/08 04:25 PM
The first of a series of expected mortgagee letters from FHA on their implementation of the new Housing Law came out this afternoon.
FHA has announced the new upfront and monthly mortgage insurance premiums that will replace the existing premiums that were tiered based on credit risk.
The new premiums are the same for all credit levels, but they are higher than the premiums used to be before the tiered MI pricing went into effect on July 14.
Confusing isn't it.
The new upfront mortgage insurance premium is 1.75% for purchase money and all full credit qualifying loans.
For streamline refinance … (6 comments)
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mortgage insurance: HUD on Housing Bill - Not real happy? - 07/28/08 03:06 PM
HUD Secretary Steve Preston in a press release hints that the Housing Bill will force FHA to "increase prices on all customers or eliminate its refinancing program for subprime borrowers at a time when they need it the most. "
The press release regarding FHA provisions in the Housing Bill is available on HUD's website. The release is dated July 23, but I have not found any updated releases on the website. It seems to me that HUD received most of their requests with the Housing Bill.
Certainly they were able to ban Down Payment Assistance. They increased the minimum investment requirement from … (16 comments)
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mortgage insurance: Declining markets - MI company response - 06/01/08 01:46 PM
A big question about the GSE's declining markets policy is whether lenders and MI companies will honor the effort to open lending to these areas. Fortunately, Chattanooga has not been designated a declining market, but the possibility had crossed my mind. Not so much now, as the market locally seems to be rebounding well.
For markets that have been designated as declining, the GSE policy change is extremely good news, that is if lenders will lend, mortgage insurance companies will insure, and secondary markets will invest, at the higher loan to values.
PMI announced Friday their policy. this seems to me to … (0 comments)
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Richard Smith FHA VA Rural Development in TN GA
Chattanooga,
TN
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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343
Office Phone: (423) 280-0345
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