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...
One by one, they filed into the city council chambers. They took their seats and waited their turn, and once there weren’t any seats left, they moved to the seldom-used overflow seating. When the overflow seating filled, they moved to the civic center so they could watch the meeting on a closed-circuit feed..
It’s a new world, and in this new world, data is more crucial than ever. Getting the best data possible, and then being able to interpret that data to improve performance, will be a competitive edge that no company in the mortgage finance space can do without in the current environment of volume contraction. Read More
Only seven or eight years ago, mortgage fraud was one of the top stories in the industry. It was quite common to see stories estimating losses in the millions, with some experts suggesting that these numbers were only the tip of the iceberg. Lenders and their partners scrambled to strengthen their fraud-prevention strategies. Read More