Department of Housing and Urban Development officials announced major changes to FHA borrower requirements on Capitol Hill this week, responding to calls from lawmakers and industry experts to take measures that will restore the program’s depleted capital reserve. HUD Secretary Shaun Donovan did not divulge specifics but told the House Financial Services Committee...
Read More
The Department of Housing and Urban Development this week followed through on previously announced changes that will dictate which companies get to originate FHA loans, and on what terms. Although the agency argues that more mortgage brokers may end up doing FHA business as a result of its decision to no longer approve loan correspondents directly, the new system... [Includes one chart]
Read More
The Obama administration’s newly announced strategy to get more trial loan modifications into permanent resolutions is getting a mixed response from stakeholders, particularly those clamoring for a much bigger role for housing counselors in the government’s Home Affordable Modification Program. Increasingly frustrated by HAMP’s low trial-to-permanent modification results, the administration...
Read More
The Obama administration this week released detailed guidance on a new Home Affordable Foreclosure Alternatives program that features cash incentives for borrowers, servicers and investors for executing short sales or deeds-in-lieu of foreclosure. The HAFA program is available for loans that otherwise meet the criteria for the Home Affordable Modification Program but can’t be...
Read More
Refinance activity remained the driving force in the mortgage market during the third quarter of 2009, although production volume cooled considerably from record levels reached in the first half of the year, according to an Inside Mortgage Finance ranking and analysis.Mortgage refinancing accounted for 60.2 percent of total originations during the third... [Includes two charts and one graph]
Read More
Fannie Mae continues to crank out new programs to help communities ravaged by the growing numbers of foreclosures and struggling homeowners who can’t otherwise nail down a loan modification avoid foreclosure. Last week, Fannie announced a “First Look” initiative under which prospective owner-occupants and homebuyers using public funds will get first crack at buying Fannie-owned foreclosed...
Read More