One year after the FHA’s capital reserves dipped to historically low levels, the Department of Housing and Urban Development’s annual actuarial audit showed that the key indicator has not improved – in fact, it worsened slightly. But long-term projections have HUD officials optimistic that the FHA will be able to sustain...[Includes one data chart]
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Although the FHA’s Home Equity Conversion Mortgage program sustained heavy losses in fiscal 2010, the program could be self-sustaining by next year thanks to house price changes and the new HECM Saver product, the Department of Housing and Urban Development said in its annual financial report to Congress last week. According to the much-anticipated report...[Includes one data chart and one graph]
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The percentage of FHA-insured mortgages at least 90 days past due fell to the lowest level of 2010 in October, and the Department of Housing and Urban Development expects even better performance as old books of business balance with newer borrowers with better credit qualities. The latest HUD data show...[Includes one data chart and one graph]
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Ginnie Mae said last week it will soon release enhanced disclosure information on its HMBS program, which securitizes FHA Home Equity Conversion Mortgages. For Ginnie HECM pools, the additional disclosure information will include the number of new HECM Saver loans and their remaining principal balance. The agency will also disclose...[Includes one graph]
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The Department of Housing and Urban Development provided an overview of the various regulatory changes to FHA lender eligibility standards in a recent mortgagee letter. The Helping Families Save their Homes Act, which President Obama signed in May, said that FHA-approved mortgagees shall not be “subject...
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