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Federal Housing Administration (FHA)

Industry Leaders Agree FHA is Headed in Right Direction


With tight mortgage lending standards preventing well-qualified home buyers from obtaining home loans and impeding the housing and economic recovery, the National Association of Home Builders (NAHB) expressed support for congressional efforts to reform the Federal Housing Administration (FHA) but urged lawmakers to proceed in a cautious manner to avoid any disruptions to the nation's housing finance system. Testifying before the House Financial Services Subcommittee on Housing and Insurance at a hearing titled "Sustainable Housing Finance: Perspectives on Reforming the FHA,"&Click to continue

NAMB Wraps 2013 Lobby on Capitol Hill

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NAMB—The Association of Mortgage Professionals has wrapped up its 2013 Legislative & Regulatory Conference in Washington, D.C. Day one of the event featured a Compliance Symposium geared toward bringing attendees up to speed on the latest regulations that govern the mortgage business.Click to continue

Ginnie Mae Guarantees $38.66 Billion in MBS in February


Ginnie Mae has announced that it guaranteed more than $38.66 billion in mortgage-backed securities (MBS) in February. Issuance for Ginnie Mae II single-family pools led the way with more than $31.77 billion, while Ginnie Mae I single-family pools totaled nearly $6.88 billion. Issuance for the Ginnie Mae Home Equity Conversion Mortgage-Backed Security (HMBS), included in Ginnie Mae II single-family pools, was $695 million. Total single-family issuance for January was $36.62 billion. In addition, Ginnie Mae’s multifamily MBS issuance reached $2.03 billion for the month.Click to continue

Bill Reintroduced to Ensure FHA Long-Term Solvency


Rep. Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, reintroduced the FHA Emergency Fiscal Solvency Act. The legislation, co-sponsored by Rep. Michael E. Capuano (D-MA), Ranking Member of the Subcommittee on Housing and Insurance, is designed to strengthen FHA and to help ensure its long-term solvency. In recent years, the agency has stepped into the void, providing crucial liquidity as private firms have retreated from writing mortgage insurance policies, particularly for key groups such as first-time homebuyers.Click to continue

MBA Addresses Concerns Over FHA

Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), has issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs:Click to continue

Gold Star Mortgage Fears Appeal of the Reverse Mortgage is Waning


Gold Star Mortgage Financial says America's reverse mortgage program is in trouble—and with new regulations in the works, reverse mortgages might soon become even less appealing to homeowners and consumers. The company highlights a recent report from AARP, which highlights some of the troubles currently facing America's reverse mortgage program, and also indicates some of the pending changes to federal regulations.Click to continue

FHFA: U.S. Home Price Growth Exceeds One Percent for Third Consecutive Quarter

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U.S. house prices rose 1.4 percent from the third quarter to the fourth quarter of 2012 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI is calculated using home sales price information from Fannie Mae and Freddie Mac mortgages. Seasonally adjusted house prices rose 5.5 percent from the fourth quarter of 2011 to the fourth quarter of 2012. FHFA’s seasonally adjusted monthly index for December was up 0.6 percent from November.Click to continue

Ginnie Mae Guarantees $40 Billion-Plus in MBS in December


Ginnie Mae has announced that it has guaranteed more than $41.21 billion in mortgage-backed securities (MBS) in December 2012. “Ginnie Mae has proven to be essential to the health of the housing finance market,” said Ginnie Mae President Ted Tozer. “Ginnie Mae’s MBS are a dependable source of liquidity for lenders who originate government-backed mortgage loans and for investors who rely on our guarantee.”Click to continue

GAO Classifies the FHA as "High-Risk"


The Government Accountability Office (GAO) has released an update on its High-Risk Series, wherein Financial Services Committee Chairman Rep. Jeb Hensarling stated that the FHA is incredibly vulnerable to fraud, waste, abuse and mismanagement. The GAO aims to monitor various government organizations in order to find inconsistencies and evidence of misuse and misappropriation of funds. Over the past 23 years, the GAO has examined multiple government-based agencies, but now has its sights set squarely on the FHA.Click to continue

FHA to Speed Up Approval Process of NY and NJ Victims of Superstorm Sandy

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U.S. Housing and Urban Development Secretary Shaun Donovan, who also chairs President Obama’s Hurricane Sandy Rebuilding Task Force, has announced that the Federal Housing Administration (FHA) will speed the approval of applications of multifamily apartment owners in New York and New Jersey seeking to refinance their mortgages, substantially rehabilitate their properties or construct new developments in areas impacted by Hurricane Sandy.Click to continue