The department has recommended a scorecard to ensure FHA borrowers re-ceive financing that is appropriate and sustainable for long-term homeowner-ship. Meanwhile, the Treasury has outlined the new role Fannie Mae and Freddie Mac would play in a revamped housing-finance system.
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The Treasury has recommended Congress empower Ginnie Mae to provide “last position” guarantee on MBS backed by conventional home loans and au-thority to adjust its guarantee fee.
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Despite a legal setback, the department said it intends to proceed with a for-mal rulemaking on downpayment assistance provided by government entities. This time, though, with proper notice to stakeholders.
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Overall, 42.8% of government-backed loans originated in 2018 were sold to unaffiliated non-agency buyers, according to recently released Home Mortgage Disclosure Act data. The majority of sellers with at least $1.0 billion in sales were nonbanks.
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Federal prosecutors have charged the top executive of defunct reverse-mortgage lender Live Well Financial for allegedly masterminding a $140 mil-lion bond fraud involving Home Equity Conversion Mortgage loans.
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The Consumer Financial Protection Bureau has issued guidance for Home Equity Conversion Mortgage borrowers on how to meet reverse-mortgage ob-ligations while recovering from a natural disaster.
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