hud: President Obama's Chance to Help Seniors
- 01/24/09 09:58 AM
According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation … (0 comments)
hud: HUD Inspector General Warns Congress About HECMs
- 01/16/09 02:54 AM
James A. Heist, assistant inspector general for HUD, testified before the Committee on Financial Services about concerns throughout the FHA program as the volume of insured single-family mortgages tripled from $59 billion in fiscal year 2007 to more than $180 billion in fiscal year 2008, which ended Sept. 30, 2008. He cited a critical need for more personnel and resources for the FHA. The increased demand is having "collateral implications for the integrity" of the Ginnie Mae mortgage-backed securities program. HUD "needs to consider the downstream risks to investors and financial institutions" Heist added. Increased demand on the Federal Housing Administration … (0 comments)
hud: Investor Interest Waning in Reverse Mortgages
- 01/09/09 07:50 AM
JB Nutter issues a two week moratorium on new file submissions and 1st reverse issues the following statement: "At present there is very little investor interest in product and actually a lack of secondary availability. Fannie Mae remains the principal ultimate investor and continues to address a number of internal issues which will affect their ability to provide a level of confidence in the marketplace as well." … (0 comments)
According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation … (0 comments)
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