Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

Federal Housing Administration (FHA)

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

For Sale Sign Home Pic

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

Huricane_Sandy/Credit: Comstock

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

House Atop Money/Credit: Creatas

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


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


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