New FHA Premiums Released
New mortgage insurance premiums that take effect next month on loans insured by the Federal Housing Administration have been released. The changes were enable by the signing of a new law by the president.
The new mortgage insurance premium structure was outlined in Mortgagee Letter 2010-28 from the U.S. Department of Housing and Urban Development.
HUD was granted authority to increase annual M.I. premiums through Public Law 111-229, which was signed by President Barack Obama on Aug. 12.
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Behind-the-Scenes Look at Collapse of Wachovia, WaMu
It was nearly four years ago that Washington Mutual Bank and Wachovia went into a tailspin and were eventually deemed insolvent. A behind-the-scenes look at the demise of the two companies by a regulatory insider reveals two different strategies used in resolving the institutions.
Law Eliminates Federal Pre-emption
One of the many things the financial reform law does is eliminate federal pre-emption for mortgage lending subsidiaries -- leaving banks with two options.
HAMP Activity Fading
After peaking a few months ago, the pace of government loan modifications has slowed considerably. But as servicers weed out ineligible loans, the conversion ratio continues to improve.
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Industry, Gov Discuss Future of Fannie, Freddie
WASHINGTON -- Public and private officials met today in the nation's capitol to debate the future of Fannie Mae and Freddie Mac. The seizure of the two secondary lenders has so far cost the country nearly $150 billion. Political partisans as well as private-sector speakers promoted their positions on how to deal with the two government-controlled enterprises.
Summit Yields Varied Proposals
WASHINGTON -- Tuesday's mortgage summit yielded a number of ideas, including the elimination of the mortgage interest deduction and an automatic refinance of Fannie Mae and Freddie Mac loans. The Treasury secretary declared that Fannie and Freddie won't return to their former business models.
Future of Mortgage Lending Debated
Some of the biggest names in mortgage banking traveled to Washington Tuesday to discuss the future of real estate finance and what role the U.S. government should have in the mortgage market.
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The Great GSE Debate
WASHINGTON -- Many Democrats and Republicans each have their own ideas about what should be done with the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. But members of both parties have come to a consensus on some issues.
Big Names to Headline Mortgage Summit
Some of the biggest names in mortgage banking are scheduled as panelists at the upcoming mortgage summit sponsored by the Obama administration. Two members of the president's cabinet will moderate the panels. The event is part of a strategy to submit a mortgage overhaul plan to Congress by early next year.
Federal Foreclosure Programs Unveiled
Another $2 billion in federal funds is being handed out so that states can help unemployed borrowers avoid foreclosure. In addition, a second foreclosure prevention program was unveiled today.
