The federal government should move forbearance to the front of the loss-mitigation waterfall, researchers at the Urban Institute proposed. A similar policy during the pandemic did more good than harm, they found.
Officials are examining multiple factors, including current housing and economic conditions, as well as trade-offs within the Congressional appropriations process, when considering a reduction to FHA mortgage insurance premiums.
FHA premium cuts are being closely analyzed by HUD while FHFA and Treasury have had no talks about reforming the GSEs through the PSPAs. MBA also pressed FHFA on LLPA changes for conforming jumbos and mortgages for second homes.
While some of the White House’s latest measures are funded through previous legislation and codified into law, several actions rely on as-yet-unfunded proposals.
Federal agencies want servicers of government-backed mortgages to pause foreclosure proceedings when the homeowner’s application for relief under the Homeowner Assistance Fund is pending.
The new option is for borrowers who cannot achieve at least a 25% reduction in the principal and interest portion of their payment through a 30-year loan modification with a partial claim.
Experts continue to debate how and when FHA should implement insurance premium reductions. Also, last week, Julia Gordon’s nomination to head FHA advanced in the Senate.
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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