The Department of Housing and Urban Development this week unveiled the beefed-up agency budget for fiscal 2010, outlining major increases to FHA’s discretionary authority. The core FHA lending program is projected to make $1.71 billion next year, though the reverse mortgage program will need a large subsidy to stay afloat and HUD Secretary Shaun Donovan said he can’t guarantee that fees...
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Government officials said their agencies’ role in the mortgage market is finally honing in on appropriate levels necessary to provide a foundation to the troubled market, but the rapid spike in business is still leaving the door open for fraudulent activity from all angles. Nowhere is the new role of government lending more apparent than at the FHA, which... [Includes one chart and one graph]
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Both houses of Congress this week approved separate bills that would make meaningful changes to the FHA program and its role in the changing mortgage market. S. 896, introduced by Senators Chris Dodd, D-CT, Richard Durbin, D-IL, and Chuck Schumer, D-NY, was heavily debated on the Senate floor as lawmakers considered dozens of amendments...
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The Obama administration’s new guidelines for its Making Home Affordable program – along with a bill in Congress – may bring the disappointing HOPE for Homeowners refinance program closer to the top of the barrel of homeowner assistance initiatives. The White House last week announced that mortgage servicers must consider H4H as an option when...
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On the heels of a substantial round of disciplinary actions against lenders, the Department of Housing and Urban Development’s Mortgagee Review Board could get expanded options and stronger powers to police problem lending practices at the FHA. Senate bill S. 896, which passed by an overwhelming majority this week, contains several provisions that strengthen the MRB’s...
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Lawmakers in the Senate Committee on Banking, Housing and Urban Affairs last week blocked the confirmation of David Stevens, the Obama administration’s pick to become the next FHA commissioner. Sources close to the situation said the move relates to a lawsuit filed against Stevens’ former employer, Long & Foster, and it’s a “petty objection” that has irked many industry participants...
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Ginnie Mae mortgage-backed securities issuance continued to rise through the first quarter of 2009 as lenders are riding the wave of ballooned FHA and VA lending. Ginnie issuance hit $88.58 billion in the first three months of the year, more than double the $39.25 number through the same span in 2008, according to the Inside Mortgage Finance MBS Database... [Includes one chart]
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