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Federal Housing Administration (FHA)

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

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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"

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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

Refinance Activity Remains Strong Through End of 2012

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Historically low mortgage rates, with 30-year fixed-rates remaining close to 3.5 percent, maintained refinance activity near a peak level through the end of 2012. The refinance share of applications rose gradually throughout 2012 to end at the highest level of the year at 82.9 percent of all applications in December. Refinance application demand is largely a function of mortgage rates. However, many borrowers in the past few years had incentive to refinance, but were unable to qualify given the lack of equity in their homes.Click to continue

Sen. Corker Praises FHA's Plans for Solvency

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U.S. Sen. Bob Corker (R-TN) has announced his support of the Federal Housing Administration (FHA) for following through on steps that Sen. Corker requested to get the Administration back to solvency. In December, Sen. Corker secured a commitment from FHA Commissioner and Assistant Secretary for Housing Carol Galante to make substantial changes to FHA underwriting requirements in order to begin restoring financial stability at FHA after substantial losses, primarily from a flawed reverse mortgage program.Click to continue

FHA Takes News Measures to Manage Risk

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As part of an effort to strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMI Fund), FHA Commissioner Carol Galante announced a series of changes to be issued that will allow the agency to better manage risk and further strengthen the health of the MMI Fund. “These are essential and appropriate measures to manage and protect FHA’s single-family insurance programs” said Galante.Click to continue

Extended Foreclosure Relief Provided to Victims of Hurricane Sandy

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U.S. Department of Housing & Urban Development (HUD)Secretary Shaun Donovan, who serves as President Obama’s Chairman of the Hurricane Sandy Rebuilding Task Force, and Federal Housing Finance Agency Acting Director Edward J. DeMarco have announced that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac will extend expiring protections against foreclosure actions against homeowners whose properties were damaged or destroyed due to Hurricane Sandy.Click to continue

TD Bank to Offer New Alternative to FHA-Backed Products

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TD Bank has announced that it is now offering “Right Step,” a mortgage product built for home buyers in TD Bank’s Maine to Florida footprint who make up to 80 percent of the median area income as determined by the U.S. Department of Housing & Urban Development (HUD). “Right Step” provides qualified homebuyers with an alternative to Federal Housing Administration (FHA) backed loan products and features flexible downpayment options, simplified underwriting and appraisal processes and the potential for significant savings on mortgage insurance.Click to continue

Legends of Lending: United Wholesale Mortgage

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Legends are born on the field of battle or on the fields and courts of play. In the mortgage world “legendary status” is not achieved overnight— it’s earned after years of hard work, overcoming adversity and excelling where others have failed. Michigan-based United Wholesale Mortgage, a division of United Shore Financial Services, Inc.Click to continue