Skip to main content

Lenders One and Mortgage Builder partner for end-to-end loan origination

National Mortgage Professional
Feb 24, 2009

U.S. housing finance director comments on continued vital role of private mortgage insurance in Housing Recovery Plan MortgagePress.comMortgage Insurance Companies of America, MICA, James B. Lockhart III, FHFA In a letter to the Mortgage Insurance Companies of America (MICA), Federal Housing Finance Agency (FHFA) Director James B. Lockhart III emphasized the vital role the private mortgage insurance industry will play in President Obama's housing recovery program. Director Lockhart notes in his letter that Fannie Mae and Freddie Mac, as well as the nation's homeowners, need the continued assistance of mortgage insurers to provide market stability and safety and soundness for the housing finance system. The letter makes clear that mortgage insurance will continue to credit enhance loans that are sold to the GSEs with loan to value ratios above 80 percent, consistent with their charter. To view the letter click here. "We commend Director Lockhart for offering this important clarification of the President's housing recovery program," said MICA President Kevin D. Schneider. "The purpose of the program is to help mitigate losses to American homeowners during this stressful period. We support these efforts because they will help families maintain their homes by easing the financial strain of mortgage obligations they may be unable to afford." "The private mortgage insurance industry is a vital component of the nation's housing finance system," added MICA Executive Vice President Suzanne C. Hutchinson. "Mortgage insurers make homeownership more affordable by helping borrowers seeking a low down payment home loan. We will continue to work with Fannie Mae and Freddie Mac to mitigate losses in the mortgage market." In his letter to MICA, Lockhart also reiterated his call for capital support for the industry so that mortgage insurers might expand their ability to make affordable and sustainable mortgages available in the current market environment. MICA is the trade association representing the private mortgage insurance industry. Its members help loan originators and investors make funds available to home buyers for low down payment mortgages by protecting these institutions from a major portion of the financial risk of default. MICAs members have helped more than a million families during the past twelve months save money by buying or refinancing a home with less than the traditional 20 percent down payment. Private mortgage insurance premiums are now tax deductible for many borrowers who purchase or refinance a home. For more information, visit www.privatemi.com.
Published
Feb 24, 2009
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022
400 Mortgage Loan Originators Caught Trying To Skip School

400 mortgage loan originators nationwide deceptively claimed to have completed their annual continuing education as required by state and federal law.

Industry News
Jan 19, 2022
Infamous Better.com CEO Is Back And Employees Are Upset

After a month-long hiatus or “break” as Garg likes to call it, the CEO is back at the helm of the company.

Industry News
Jan 19, 2022