hud: Fed Fannie Mae / Freddie Mac bail out - what next?
- 09/08/08 02:29 AM
By now everyone has heard about the historic bail out of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) by the government. In the short term this looks like a good move. The two companies are saved from insolvency and they can continue with business as usual. Is this good or bad in the long run? I think it depends on how ready FHA is to take the lead in mortgage lending in America. Look at some of the ramification of the take over.
The CEOs will be fired - Great… it … (6 comments)
hud: H.R. 6694 means Seller funded downpayment assistance is not dead. Yet!
- 08/12/08 09:14 AM
The support for H.R. 6694 the bill recently introduced to revive seller assisted DPA is growing.Supporters include Jerry Howard, chief executive officer of the National Association of Home Builders, said the association supports HR 6694. Also today, Nehemiah Corporation of America announced the launch of www.DPAGroundSwell.org, a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance (SF-DPA).On the new site you will see an inpressive list of supporters, a countdown clock showing when the current programs like Nehemiah's will expire. You will also find links and information showing you how you can … (5 comments)
hud: FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008
- 08/02/08 09:06 AM
FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 This bill - H.R. 6694 was introduced 8/1/2008 by U.S. Rep. Al Green (TX), and co-sponsored by U.S. Representatives Gary Miller (CA), Maxine Waters (CA), and Christopher Shays (CT). It is a short addendum to the housing bill recently signed into law by President Bush that attempts to correct the exclusion of seller assisted down payment assistance. The bill also sets some risk based pricing guidelines for HUD. As introduced seller assisted DPA would be allowed for borrowers with a credit score of 620 or higher. There are some M.I. … (0 comments)
hud: Down Payment Assistance (gift funds) attacked again!
- 06/25/08 03:31 AM
A recent WSJ article on the DPA sector of down payment assistance showed how HUD is still looking for ways to shut this financing option down. If this area of down payment assistance is new to you here are the basics on how it works. Q: Can this program be used on any loan product?A: Loan guidelines must allow a gift from a seller-contributed non-profit charity. All FHA loan products allow for this type of charitable contribution. Q: Doesn't this program simply mean the price of a home is raised to cover the funds?A: No. The market value of the home is … (0 comments)
I work at SecurityNational Mortgage and am always looking for experienced loan officer and branch managers that are interested in a better opportunity.
By now everyone has heard about the historic bail out of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) by the government. In the short term this looks like a good move. The two companies are saved from insolvency and they can continue with business as usual. Is this good or bad in the long run? I think it depends on how ready FHA is to take the lead in mortgage lending in America.
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