The Senate proposed FHA Solvency Act could reduce federal discretionary spending by $514 million over a four-year period of time while forcing the FHA to build up to a 3% capital ratio, the Congressional Budget Office said.
The sales are an attempt by HUD to stem losses from its Mutual Mortgage Insurance fund, while providing an alternative for distressed borrowers that are on the brink of foreclosure. Even though investors did not meet the reserve requirements, the agency will carry on with business as usual.
The Federal Housing Administration sounded the alarm on a new Congressional Budget Office report, disputing some of its findings on the mutual mortgage insurance fund and the FHA single-familiy mortgage guarantee program.
With the Federal Housing Administration drawing $1.7 billion from the Treasury into its Mutual Mortgage Insurance Fund for the first time in FHA history, the balance of the fund ended up costing the federal government a hefty sum.
Federal Housing Administration Commissioner Carol Galante testified before the House Financial Services Committee, asserting that the federal agency can avoid an immediate Treasury bailout.Congressional members grilled...
Melvin Luther Watt quietly slid into his office as the first appointed director of the Federal Housing Finance Agency. It was the end of last year, in mid-December. Christmas was coming and the markets were in the middle of the harshest winter in years. As he took over the office of Acting Director Ed DeMarco — himself the unassuming lightning rod for the nation’s housing policy — Watt gave no indication of what he intended to do with his new position; arguably the most powerful job in mortgage finance..
Crowdfunding has swept through large verticals of consumer finance, including student loans and credit card debt. And so, naturally, in a market of rising property values, the real estate market is the latest frontier for crowd-based financing. Read More
Like oxygen, warehouse lending is one of the mortgage industry’s essential life-supporting elements. And fortunately, the warehouse segment is in much better health today than it was six years ago, as we are back up to around 70 warehouse lenders at my last count. Read More