Industry Groups Call for Withdrawal of FHA’s Proposed Claim-Filing Timelines, Warn of Long-Term Negative Effects
September 10, 2015
Industry trade groups are calling for the withdrawal of a proposed servicing rule that would set new deadlines for filing FHA insurance claims and penalize lenders with termination of insurance coverage if they failed to comply. Banks, independent mortgage lenders and credit unions warn that FHA’s proposed changes to its claims regulations could result in higher interest rates, credit restrictions and lenders exiting from the FHA program. Such effects could be magnified in the hardest hit housing markets, particularly in states that have long foreclosure timelines or older housing stock. The FHA proposal addresses...
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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