FHA Breaking News :

Reverse Mortgage Debate In Overdrive

2009-07-03T10:47:00.002-04:00

The warning bells sounded pretty loud and clear earlier this month when a top banking regulator compared the potential risks of reverse mortgages with the subprime lending crisis. In a speech to bankers, John Dugan, comptroller of the currency, warned of concerns that seniors may fall victim to marketing pitches and investment schemes and be unaware of the high cost structure of these complicated financial instruments.

To read the entire article, please visit: http://www.chicagotribune.com/classified/realestate/chi-local-scene_chomes_0626jun26,0,1488112.column

F.H.A. Loans Help Sales

2009-07-03T10:40:00.001-04:00

When the credit markets snapped shut last year, getting a home mortgage became tricky business. The federal government stepped in to fill some of that void with loans insured by the Federal Housing Administration. The loans now make up nearly a quarter of the market, up from just 2 percent three years ago. Loans insured by the F.H.A., an arm of HUD, protect lenders from losses, thereby encouraging them to provide financing to those who might otherwise be refused a mortgage.

To read the entire article, please visit: http://www.nytimes.com/2009/06/28/realestate/28post.html

Mortgage Applications at 7-Month Low

2009-07-03T10:34:00.003-04:00

Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed Wednesday. The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines moderating in many regions of the country.

To read the entire article, please visit: http://money.cnn.com/2009/07/01/real_estate/mortgage_applications.reut/index.htm?postversion=2009070107

Reverse Mortgages - How They Work

2009-06-26T11:22:00.001-04:00

With basic living expenses slowly increasing mature Americans are often left wondering how they will supplement their current monthly income just to survive day-to-day. Fortunately, the US Department of Housing and Urban Development (HUD) and the Federal Housing Authority (FHA) created a program called the Home Equity Conversion Mortgage (HECM) or reverse mortgage. The program was designed to allow mature Americans, age 62 years and older, remain in their home and use their home as equity to provide them with the additional income they need per month.

To read the entire article, please visit: http://www.examiner.com/x-13871-Fort-Worth-Reverse-Mortgage-Examiner~y2009m6d23-Reverse-Mortgages--How-they-work

FHA Loans Are Taking Over US Home Mortgage Market

2009-06-26T11:18:00.002-04:00

FHA Loan applications and actual FHA loan closings have more then trippled over the last 2 years. The low down payment FHA Loan program is accounting for more loans then ever before in the loan industry nationwide. San Diego, California is one one the top 10 hardest hit counties in the nations housing market, but Broker and CEO of SD County Financial - www.SDCountyFinancial.com , Mark Revetta, reports that his San Diego FHA Loan corporation is closing San Diego FHA Loans in record volumes.

To read the entire article, please visit: http://www.webwire.com/ViewPressRel.asp?aId=97681

Housing Saviors: The Echo Boomers

2009-06-26T11:13:00.002-04:00

The seeds of a housing recovery have already been planted, according to a report released Monday. In fact, many of them were sown starting around 1979. According to an annual state of the nation's housing from Harvard University's Joint Center for Housing Studies, once the U.S. emerges from recession, strong demographic trends will restore health to the housing market. The key is echo boomers, the 75 million Americans born between 1979 and 1995.

To read the entire article, please visit: http://money.cnn.com/2009/06/21/real_estate/Harvard_state_of_housing/index.htm?postversion=2009062214

FHA's Expanded Market Share Must Be Supported, Say Realtors

2009-06-19T10:43:00.001-04:00

FHA's market share has grown from less than 3 percent to more than 25 percent in a short period of time. NAR submitted testimony to the House Financial Services Subcommittee expressing support for increased FHA staffing and resources to keep up with this rising demand. "As the leading advocate for homeownership, NAR strongly supports FHA's single- and multifamily mortgage insurance programs, and we have worked diligently with Congress to fashion housing policies that ensure federal housing programs meet their mission responsibly and efficiently," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

To read the entire article, please visit: http://au.sys-con.com/node/1007758

Slow Start For Federal Mortgage Programs

2009-06-19T10:39:00.006-04:00

The Treasury Department said this week that Making Home Affordable servicers have extended 150,000 loan modification offers to distressed homeowners, and about 55,000 borrowers are already enrolled in the three-month modification trial. In addition, about 3,650 homeowners have refinanced their mortgages through the government-driven program, although the Treasury says tens of thousands of loans are still in process.

To read the entire article, please visit: http://www.dsnews.com/index.php/home/news_stories_all/7/6

FHA the Cure All

2009-06-19T10:35:00.002-04:00

Mortgage Originators realize that one loan product does not fit all. Several loan types exist and has had initial success but failed to perform as designed. The FHA insured loan has been a strong contender on the home buying, home-ownership front and is still performing. In 2004 FHA only counted for 4% of all home loans, in 2008 FHA insured $205 billion dollars of single family mortgages and in the first 6 months has insured an additional $158 billion in single family homes.

To read the entire article, please visit: http://www.examiner.com/x-12359-Indianapolis-Mortgage-Examiner~y2009m6d18-FHA-the-Cure-All

Mortgage Applications At Lowest Since November

2009-06-12T12:17:00.003-04:00

A spike in U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday. Borrowing costs have soared as bond yields have risen, even as the Federal Reserve has sopped up hundreds of billions of dollars in bonds to keep rates low and stimulate the housing market.

To read the entire article, please visit: http://money.cnn.com/2009/06/10/real_estate/loan_applications.reut/index.htm?postversion=2009061007

U.S. Regulator: Be Wary Of Reverse Mortgages

2009-06-12T12:14:00.003-04:00

Reverse mortgages could be the next subprime mortgage product to experience rapid growth while taking advantage of a vulnerable segment of the population, top U.S. bank regulator John Dugan said Monday. Dugan, who heads the Office of the Comptroller of the Currency and supervises some of the nation's largest banks, said regulators are crafting guidelines to ensure that robust consumer protections are in place for reverse mortgages

To read the entire article, please visit: http://money.cnn.com/2009/06/08/real_estate/reverse_mortgages.reut/index.htm?postversion=2009060813

Mortgage Rates Highest in Seven Months

2009-06-12T11:57:00.004-04:00

Long-term mortgage interest rates have climbed to their highest levels since late last year, casting a dark cloud on any early signs of a housing recovery and stalling the recent wave of refinances many struggling homeowners employed to get out from under unsustainable mortgages. According to the Primary Mortgage Market Survey (PMMS) issued by Freddie Mac on Thursday, interest rates for 30-year fixed-rate mortgages (FRMs) are now averaging 5.59 percent. Freddie Mac says the last time the 30-year FRM was higher was the week ending November 26, 2008, when it was 5.97 percent. Last week, the average rate for a 30-year FRM was 5.29 percent, and last year at this time, it was 6.32 percent.

To read the entire article, please visit: http://www.dsnews.com/index.php/home/news_story/3086

Why The Future Looks Bright For FHA 203K

2009-06-05T12:10:00.002-04:00

The US Government is stepping up to help regular folks buy foreclosures or short-sale properties that need repair with a limited repair loan program. The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family programs. Bank competition with foreclosures and short-sales has resulted in a great opportunity for real estate buyers who want a fixer- upper.

To read the entire article, please visit: http://www.evliving.com/2009/06/04/7127/fha-203k/

HUD Announces Sanctions Against More Than 120 FHA-Approved Lenders

2009-06-05T12:00:00.004-04:00

The U.S. Department of Housing and Urban Development's Mortgagee Review Board today announced actions against more than 120 lenders for violating FHA requirements. Violations range from failure to conduct sufficient quality control, to failure to continue to meet FHA recertification requirements, to falsifying loan documents.

To read the entire article, please visit: http://www.hud.gov/news/release.cfm?content=pr09-070.cfm

Mortgage Rates Staying Above 5%

2009-06-05T11:51:00.004-04:00

Mortgage rates burst past the 5% mark for a 30-year fixed-rate loan late in May, peaking at an average of 5.45% on Thursday. It was the highest level reached by mortgage rates this year, but on Friday they fell back to 5.27%.

To read the entire article, please visit: http://money.cnn.com/2009/05/29/real_estate/Mortgage_rates_going_up/index.htm?postversion=2009052916

Mortgage Rescues Up In April

2009-05-29T12:48:00.004-04:00

Nearly 270,000 troubled homeowners were issued mortgage workouts in April, according to a industry report released Wednesday. That was up from about 250,000 in March.

To read the entire article, please visit: http://money.cnn.com/2009/05/27/real_estate/mortgage_rescues_up_in_April/index.htm?postversion=2009052713

Mortgage Rates 'All Over The Map'

2009-05-29T12:44:00.005-04:00

Home mortgage rates were mixed this week, with the average 30-year ticking higher, according to a report released Thursday. The average 30-year fixed mortgage rate jumped to 5.24%, up from 5.21% the previous week, according to Bankrate.com's weekly national survey.

To read the entire article, please visit: http://money.cnn.com/2009/05/21/real_estate/mortgage_rates/index.htm?postversion=2009052116

What Happened To The FHA Plan to ‘Monetize’ The Homebuyer Tax Credit?

2009-05-29T12:41:00.006-04:00

The real-estate industry rejoiced when Housing Secretary Shaun Donovan told a Realtor conference earlier this month that the FHA was finalizing policies that would allow first-time buyers to apply an $8,000 tax credit towards the down payment of their home. The gist: The FHA would offer bridge loans that would allow buyers to get a cash advance on their tax credit, to be repaid when the buyer receives their tax credit check from the Internal Revenue Service.

To read the entire article, please visit: http://blogs.wsj.com/developments/2009/05/27/what-happened-to-the-fha-plan-to-monetize-the-homebuyer-tax-credit/

Mortgage Rates Hold Steady

2009-05-22T16:27:00.003-04:00

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, which showed that mortgage rates remained flat this week, largely due to recent actions by the Treasury Department and the U.S. central bank to create more affordable conditions for homebuyers and homeowners looking to refinance their existing mortgages.

To read the entire article,please visit :
http://www.dsnews.com/index.php/home/news_story/2993/-1/0

Mortgage Rescue: Still More Hurdles

2009-05-22T16:21:00.003-04:00

Loan servicers are overwhelmed by the flood of applications. Mortgage investors are angry about a congressional bill prohibiting them from suing servicers that modify loans. Foreclosures are rising as unemployment soars.

Nearly three months after President Obama first announced his $75 billion mortgage rescue effort, his administration is still refining the program in hopes of reaching its goal to save 9 million homeowners from foreclosure.

To read the entire article, please visit: http://money.cnn.com/2009/05/15/news/economy/Obama_mortgage/index.htm?postversion=2009051807

Administration Considers Single Mortgage Regulator

2009-05-22T15:26:00.005-04:00

Senior government officials are weighing the prospect of charging one federal agency with oversight of mortgages, as well as other consumer-oriented financial products, according to multiple media reports. The structure of the nation's financial system, particularly within the mortgage industry, has come under considerable scrutiny since the recession took hold.

To read the entire article, please visit: http://www.dsnews.com/index.php/home/news_story/2995

Mortgage Applications Fall

2009-05-18T15:34:00.008-04:00

Mortgage application demand slid to the lowest level since mid-March, driven by a drop in requests to refinance loans even as borrowing costs dipped toward record lows last week, the Mortgage Bankers Association said on Wednesday.

To read the entire article, please visit:http://money.cnn.com/2009/05/13/real_estate/mortgage_applications.reut/index.htm?postversion=2009051308

Home Prices Slide 14%

2009-05-18T15:09:00.007-04:00

The steep slide in home price accelerated at a record pace during the first three months of 2009, according to an industry report issued Tuesday.

To read the entire article, please visit: http://money.cnn.com/2009/05/12/real_estate/first_quarter_home_prices/index.htm?postversion=2009051212

Freddie Mac Needs Another $6.1B in aid

2009-05-18T14:51:00.011-04:00

Freddie Mac asked for another $6.1 billion in government aid Tuesday, after reporting a $9.9 billion quarterly loss. Including the most recent request, Freddie Mac (FRE, Fortune 500) has drawn $51.7 billion of its $200 billion lifeline from the Treasury Department. Last quarter, when it reported a loss of $23.9 billion, the company asked the government for $30.8 billion.

To read the entire article, please visit: http://money.cnn.com/2009/05/12/news/companies/Freddie_results/index.htm?postversion=2009051218

FHA Seeks $800 Million to Cover Losses

2009-05-11T18:25:00.001-04:00

Because of falling home values, the Federal Housing Administration plans to ask Congress for nearly $800 million in taxpayer money to buttress a mortgage program for seniors.

Nonetheless, the agency's flagship home-buying program remains solid, Housing and Urban Development Secretary Shaun Donovan said yesterday.

To read the entire article, please visit:
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/07/AR2009050704253.html?hpid=sec-business