The Obama administration’s top housing official took a beating from Republicans on the House Financial Services Committee during a hearing this week over recent changes to the Department of Housing and Urban Development’s Distressed Asset Sales Program, also known as DASP. For more than two hours, HUD Secretary Julian Castro faced a relentless attack by Republicans angered by what they perceived as preferential treatment given to nonprofits and local government over private investors in the DASP bidding process. The federal program sells pools of severely delinquent FHA mortgages to investors to help distressed borrowers stay in their homes and, at the same time, minimize losses to the FHA Mutual Mortgage Insurance Fund. Most of the nonperforming loans in the DASP pools are...
Florida and New Jersey lead the way in having the most borrowers who are likely eligible to take advantage of the Federal Housing Finance Agency’s principal modification program, according to a new map the agency released this week. The FHFA introduced the one-time loan modification program in April focusing on a highly targeted group of underwater borrowers. It is limited to Fannie Mae and Freddie Mac loans that were seriously delinquent as of March 31, had remaining loan amounts of less than $250,000, and unpaid debt, including arrearages, exceeding 115 percent of the current market value of the home. The interactive map focuses...
One mortgage insurance lobbyist added: “Fannie and Freddie really don’t want to cut fees. It would hurt their earnings. It’s hard to imagine them doing anything right now that would reduce revenues.”
In 2015, Alterra Home Loans had a growth rate of 100 percent. The firm also has a small servicing portfolio but uses a subservicer to do the processing.
With the presidential election underway, many Americans are beginning to analyze and critique the candidate’s various policies – including their views on housing and finance.
The president and CEO of the Credit Union National Association countered that the current limitations on QMs may disqualify creditworthy members from obtaining a mortgage.
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