The U.S. Federal Housing Administration, facing as much as $14 billion in losses from a down-payment-assistance program terminated in 2008, is seeking to block efforts to bring it back. A bill introduced by U.S. Representative Al Green, a Texas Democrat, and supported by the U.S. Conference of Mayors, would restart a program that allowed nonprofit groups to donate the 3 percent down payment low-income buyers needed to get FHA-insured mortgages. Sellers, often homebuilders, then contributed that amount, plus a fee, to the nonprofits. The plan, which funded the purchase of more than 1 million homes over 10 years, was halted by lawmakers concerned about rising defaults and evidence that some buyers were overcharged.
Reviving Down-Payment-Assistance Program Faces FHA Opposition
Most Popular Articles
Latest Articles
The Retirement Trifecta
To retire successfully, to meet the challenges and manage the risks Boomers face, they will need to secure their own personal, Financial Trifecta.
-
Ocwen improves overall reverse mortgage performance despite volume contraction
-
Top LO Tim Potempa joins E Mortgage Capital
-
Mountain West Financial sells retail assets to ML Mortgage Corp.
-
New appraisal bias protections apply to reverse mortgage program: FHA
-
Engel & Volkers continues its expansion in Atlanta