Free Republic 4th Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $19,204
21%  
Woo hoo!! And the first 21% is in!! Thank you all very much!! God bless.

Keyword: fha

Brevity: Headers | « Text »
  • Trump Adm. Moves to Reduce Chances for Real Estate Meltdown

    01/28/2017 6:44:52 PM PST · by VitacoreVision · 31 replies
    The New American ^ | 28 January 2017 | Steve Byas
    “What a terrible thing to do to American homeowners,” Senator Chuck Schumer (D-N.Y.) said in reaction to the Trump administration’s reversal of a last-minute action by outgoing Obama administration on the FHA home mortgage insurance rate.“In one of his first acts as president, President Trump made it harder for Americans to afford a mortgage by reversing a recent decision by the Department of Housing and Urban Development to reduce annual insurance premiums that many borrowers pay,” Schumer complained.William E. Brown, president of the National Association of Realtors (NAR), was also upset at the Trump administration’s action. “According to our estimates,...
  • Trump's first executive order suspends mortgage insurance rate decrease

    01/23/2017 7:22:55 AM PST · by Dacula · 30 replies
    Dayton Daily News ^ | Jan. 22, 2017 | Jared Leone
    President Donald Trump’s first executive order blocked a mortgage insurance premium cut that would have reduced the cost of mortgages for millions of middle-class home buyers.
  • Freddie Mac sells off $305 million in seriously delinquent mortgages

    10/12/2015 7:22:01 AM PDT · by george76 · 17 replies
    Housing Wire ^ | October 9, 2015 | Ben Lane
    Completes seventh non-performing loan sale. Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers. According to Freddie Mac, these loans have been delinquent for approximately two years, on average. In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or...
  • How The Government Caused The Mortgage Crisis [Overregulation vs Free Markets]

    06/04/2015 9:58:13 AM PDT · by Jan_Sobieski · 8 replies
    Business Insider ^ | 10/16/2009 | JOHN CARNEY
    It wasn't greed that caused the mortgage mess. In large part, the mess was the product of government policies designed to increase home ownership among the poor and ethnic minorities. Today Peter Wallison points out how Fannie Mae, Freddie Mac and the FHA created a demand for bad mortgages that encouraged mortgage brokers to generate millions of them. From the Wall Street Journal: Mortgage brokers had to be able to sell their mortgages to someone. They could only produce what those above them in the distribution chain wanted to buy. In other words, they could only respond to demand, not...
  • Obama Lawless Amnesty Costs Exposed (Weekly Update)

    12/06/2014 10:08:52 AM PST · by jazusamo · 13 replies
    Judicial Watch ^ | December 5, 2014 | Tom Fitton
    Obama Lawless Amnesty Costs Exposed – Congress AWOL? Exposed: Holder Uses Tax Dollars to Attack the Police Judicial Watch Fighting Against Disparate Impact Discrimination in Texas Obama Lawless Amnesty Costs Exposed – Congress AWOL? Despite all the budgetary pressure impacting vital programs of importance to the American people, the Obama administration apparently feels there’s still plenty of money to go around for illegal aliens. That’s what we learned back on September 9, 2014, when we obtained documents from the Department of Health and Human Services (HHS) that showed the Obama Administration paid Baptist Children and Family Services (BCFS) $182,129,786...
  • U of M study sees signs of mortgage redlining in Twin Cities

    04/11/2014 7:19:24 AM PDT · by TurboZamboni · 24 replies
    MPLS Star & SIckle ^ | 4-9-14 | JENNIFER BJORHUS
    Minority residents in the Twin Cities are much more likely than white people of similar incomes to be rejected for a mortgage, whether they’re buying a home or refinancing. If the home sits in a diverse or mainly nonwhite neighborhood, the application is also more likely to get the boot. Those are the findings of a new study from the University of Minnesota Law School suggesting that mortgage redlining remains alive and well in the Twin Cities. The report suggests that while banks may have justifiably tightened up credit standards, they have swung so far that they are cutting off...
  • Brown: FHA's Insurance Premiums Sidelining Buyers

    04/03/2014 12:35:47 PM PDT · by illiac · 5 replies
    RealtorMag ^ | 4/3/14 | RealtorMag
    The rising insurance rates on Federal Housing Administration mortgages are putting home purchases “increasingly out of reach” for many qualified buyers who rely on FHA financing, National Association of REALTORS® President Steve Brown wrote in a letter to FHA Commissioner Carol Galante. In the letter, Brown urged FHA to lower its annual mortgage insurance premiums. Brown acknowledged the significant losses that FHA’s Mutual Mortgage Insurance Fund faced during the housing crisis. FHA increased its premium structure as one way to reach a required 2 percent capital reserve ratio. But now that the agency is on the path to recovery, NAR...
  • FHA To Drop Loan Limits (Lowering The Brad Pitt Mortgage Limit), Hawaii Still The Highest

    12/08/2013 11:51:10 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 12/08/2013 | Anthony B. Sanders
    According to Nick Timiraos at the Wall Street Journal, Housing Agency (FHA) Will Reduce Mortgage-Loan Limits next month. The maximum for single-family homes in certain “high-cost” housing markets including Los Angeles, San Francisco and New York will fall to $625,500, from the current level of $729,750. This is an attempt to bring the FHA back in line with their original mission of supporting first time homebuyers, not the Brad Pitts of the world. Why does the Federal government insure mortgages in expensive cities that are far more costly than middle America? Ask your Congressman. Example. Honolulu leads the nation in...
  • Take A Giant Step: The New Fair Deal Banking And Housing Stability Act of 2013

    11/25/2013 12:48:07 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/25/2013 | Anthony B. Sanders
    There are a plethora of housing finance bills being written or circulating. These include the deeply flawed Corker-Warner bill, the Crapo-Johnson bill (that I have not seen), the PATH Act from the House. Now we have another House GSE reform bill, The New Fair Deal Banking And Housing Stability Act of 2013, from Representatives Justin Amash (sponsor), Jeff Duncan, Jim Jordan, Doug Lamborn, Tom McClintock, Mark Meadows, Tom Price and Matt Salmon. The New Fair Deal Banking and Housing Stability Act of 2013 takes decisive action to end the cycle of booms and busts, of bad behavior and bailouts: -...
  • No Country For Mortgage Lenders: JPMC And SunTrust Staggering Mortgage Settlements

    10/11/2013 8:05:09 AM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 10/11/2013 | Anthony B. Sanders
    The climate for mortgage lenders is definitely taking a downward turn. Wells Fargo has released their Q313 Quarterly Supplement which revealed a shrinking mortgage pipeline. WFC Originations_0 (1) Of course, this is not surprising given a rise in mortgage rates starting May 1st (Q2) and declining real household income. rhoinmbrate But the humming dragon lingering in the background is the cost of litigation for originating and servicing mortgage loans. According to JPMorganChase’ Q3 earnings report, they paid a staggering $9.15 billion in pretax legal expenses. JPM Q3 1 addbacks_0 And then there is SunTrust which has been ordered to pay...
  • Take This Loan And Eat It: Banks May Have to Eat $57B of FHA Loans

    10/08/2013 8:43:53 AM PDT · by whitedog57 · 14 replies
    Confounded Interest ^ | 10/08/2013 | Anthony B. Sanders
    According to Kate Berry at American Banker, “The nation’s four largest banks are holding $57 billion of seriously delinquent loans that they’ve been slow to move into foreclosure over concerns that the Federal Housing Administration, the government mortgage insurer, will refuse to cover the losses and hit them with damages, according to industry sources.” The FHA insures home loans issued by banks and other mortgage lenders to low-income and first-time home buyers. Those buyers pay the FHA insurance premiums to cover potential losses. In the event that an FHA-backed loan goes into foreclosure, the lender has the right to file...
  • Levitan's Crony Capitalism Plea to Senate On Housing Reform (Wants Public-Private Hybrid Model)

    10/02/2013 11:01:44 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 10/02/2013 | Anthony B. Sanders
    Georgetown law professor, Adam Levitan, testified in the US Senate yesterday on “Fundamentals of a Functioning Private Label Mortgage Backed Securities Market.” 172476171-Levitin-Senate-Banking-Testimony-10-1-13 Levitan was a student of Consumer Financial Protection Bureau architect and former Harvard law school professor Elizabeth Warren (now a US Senator). Levitan is a believer in BIG government and everything is the private sector’s fault. “Relying on PLS (Private Label Securities) to serve as the main financing source for the housing market would be a high-risk gamble with the US economy. Instead, a hybrid public-private system with first-loss private capital backstopped by an explicit and priced...
  • FHA's Galante Says $1.7 Billion Treasury Draw Doesn't Reflect State Of Insurance Fund

    09/27/2013 7:37:47 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 09/27/2013 | Anthony B. Sanders
    It’s official. The FHA is crawling to Treasury for $1.7 billion. That is, more gruel. And the FHA blames senior citizens for their plight. Washington (AP) — A federal housing agency says it needs a $1.7 billion bailout from the Treasury to cover projected losses in a mortgage programs for seniors. At issue are reverse mortgage programs, which allow seniors to borrow against their homes for everyday living expenses. Carol Galante is Federal Housing Administration Commissioner. Galante wrote Congress Friday that her agency will withdraw the money from the Treasury before the fiscal year ends Monday. Congressional approval is not...
  • No Country For Young Men: Part-time Jobs, Renting, Obamacare, Massive Debt

    09/26/2013 12:47:26 PM PDT · by whitedog57 · 11 replies
    Confounded Interest ^ | 09/26/2013 | Anthony B. Sanders
    The Patient Protection and Affordable Care Act (aka, Obamacare) may be the worst piece of legislation ever passed by Congress and signed by a President .. and that covers a lot of ground. Why is it so bad? For one, do you REALLY want government in charge of your healthcare? Other than that, Obamacare distorts the healthcare market enormously. See the American Action Forum for an excellent analysis. And Obamacare varies quite a bit by state. Socialist Democrat states like New York, New Jersey, Vermont, Rhode Island and Taxachussets will have lower Obamacare premiums on average. All other states, hold...
  • FHA To Ask Treasury For More Gruel (FHA GAAP Net Worth At -$26.68 Billion)

    09/25/2013 5:08:42 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 09/25/2013 | Anthony B. Sanders
    The Federal Housing Administration, weighed down by losses on souring loans, will likely need a cash infusion from the U.S. Treasury for the first time in its nearly 80-year history when the current budget year ends, according to sources familiar with the matter. The agency, which offers private mortgage lenders guarantees against homeowner default, has nearly exhausted its reserves for the mortgages it backs, making it necessary for the government agency to turn to the Treasury Department for a cash injection. The FHA has never needed to tap the Treasury before because it has been able to take other actions,...
  • It's Official: Affordable-Housing Zealots Hijack Mortgage Reform

    08/30/2013 5:04:45 PM PDT · by jazusamo · 17 replies
    Investots.com ^ | August 30, 2013 | Editorial
    Housing: Under pressure from civil-rights activists, federal bank regulators have killed tougher mortgage rules requiring minimum down payments and credit scores for loans bundled into securities. Here we go again. The Fed, FDIC, SEC and three other agencies regulating Wall Street have adopted the same weak underwriting standards the Consumer Financial Protection Bureau set earlier this year for loans. The Dodd-Frank Act was supposed to require banks and other issuers of mortgage-backed securities to retain 5% of the credit risk of the bonds on their books to avoid the moral hazard that led to the financial crisis, when lenders quickly...
  • AG Holder Subpoenas Mortgage Documents For Years Before Crisis (Here Is What He Will Find)

    08/29/2013 3:32:27 PM PDT · by whitedog57 · 8 replies
    Confounded Interest ^ | 08/29/2013 | Anthony B. Sanders
    The U.S. Justice Department has subpoenaed documents from what was Wall Street’s largest mortgage due-diligence firm as it ratchets up an investigation into bank actions in the years before the financial crisis. The Justice Department delivered a subpoena to Clayton Holdings LLC last month for an extensive number of documents related to the firm’s work on residential mortgage-backed securities deals. Information sought includes due diligence reports, internal communications related to reviews of pools of loans and correspondence with clients, according to a copy of the subpoena filed as an exhibit in federal court. Let’s take the case of the FHA....
  • Healing? Q2 Real GDP Revised Upwards to 2.5%, Home Foreclosures Dropping, FHA Improving

    08/29/2013 8:02:11 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 08/29/2013 | Anthony B. Sanders
    Is the economy finally healing? It has been over 4 years since the alleged end of the recession. Foreclosures are improving, mortgage rates came down a bit and Q2 GDP was revised upwards to 2.5% from 2.2%. today The Freddie Mac Loan Commitment rate for 30 year fixed actually fell a bit. This is not surprising giving the recent trends in the Treasury 10 year yield. Still, the 10 year Treasury yield is up 115 basis points since May 1st. freddke30us10 FHA Serious Delinquencies and Foreclosures are down to 7.57% as of June 2013, a noticeable decline from 9% at...
  • Dueling Housing Reform Bills: The House’s PATH Bill Versus The Senate’s Corker-Warner Bill

    08/14/2013 11:29:06 AM PDT · by whitedog57
    Confounded Interest ^ | 08/14/2013 | Anthony B. Sanders
    House Financial Services Committee Chairman Jeb Hensarling spoke yesterday in Texas on housing reform. Hensarling pointed out that the Protecting American Taxpayers and Homeowners (PATH) Act specifically: * Ends the costly Fannie and Freddie bailout; * Protects and restores the FHA by defining its mission; * Increases mortgage competition, enhances transparency, and maximizes consumer choice; and * Breaks down barriers for private investment capital. Here is a markup of the PATH bill. The PATH bill is superior to the Senate’s Corker-Warner bill that proposes winding down Fannie Mae and Freddie Mac, but creates yet another government insurance corporate (The Federal...
  • FHA: Take This Loan And Shove It (Harry Reid Objects To Closing Down Fannie and Freddie)

    08/13/2013 10:39:05 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 08/13/2013 | Anthony B. Sanders
    According to Kate Berry of American Banker, the cost of doing business with the Federal Housing Administration could skyrocket if the agency adopts a new method for calculating lenders’ liability for poorly underwritten loans that default. The method under consideration would have the FHA examine a random sampling of each lender’s loans, calculate the percentage of loans in the sample with underwriting defects, and then extrapolate that rate to the lender’s FHA portfolio. Lenders would then have to compensate FHA for the “estimated total risk” to the agency’s insurance fund. “If this goes through, it means it will be a...