Small Cut in LTV Could Have Big Impact on FHA
The head of the Federal Housing Administration warns that lowering the loan-to-value on FHA loans -- even just a little -- would wipe out 40 percent of FHA originations.
FHA Commissioner David H. Stevens gave that assessment today in testimony before the House Financial Services Subcommittee on Housing and Community Opportunity.
The commissioner highlighted suggestions by some to raise the minimum downpayment on all FHA loans to 5 percent.
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FHA Testimony Addresses LTVs, Suspensions
Mortgage bankers cautioned Congress today about suspending Federal Housing Administration mortgagees on a national basis because of regional performance. Lawmakers were also warned about increasing downpayment requirements on FHA loans.
Mortgage Lending Goes on the Road
Mortgage fraud, mortgage compliance and reverse mortgage lending are among topics being addressed at mortgage conferences. Mortgage licenses, mortgage leads and mortgage legislation are the areas of focus at several other events. Much of the latest activity is happening in the nation's capitol.
Appraisers Oppose Short-Sale Plan
U.S. appraisers warn that a government plan to encourage short sales will only raise the risk of mortgage fraud. The groups noted that scammers have turned their attention from flipping to "flopping."
Exec Changes at HUD, Fed
As a federal housing official was sworn in, a Federal Reserve official announced his intent to resign.
HARP Extended
The government's refinance program has been extended. Nearly 200,000 loans have already been refinanced through the initiative.
Ginnie Has New Chief
President Barack Obama's nominee to head the Government National Mortgage Association has been sworn in.
FHA Premiums Rising, LTVs Falling
The secretary of the U.S. Department of Housing and Urban Development outlined to Congress a plan to increase premiums for borrowers with small down payments and decrease loan-to-values for borrowers with poor credit scores.
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Graveyard Journal: Broker Warns About Big Banks
An Oklahoma mortgage broker, who also is in the state's legislature, has closed his company and warns that big banks are benefiting from federal initiatives at the expense of small firms like his. As another casualty emerged from recent Federal Housing Administration actions against mortgagees, four bank failures last week are expected to cost more than $1 billion.
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Mortgage Broker Running for Office
A West Virginia mortgage broker is running for political office. While he supports members of his profession, he had some harsh words to say about servicers and the appraisal code.
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