The Department of Veterans Affairs has announced its loan limits for 2016, which are the same as the loan limits set by the Federal Housing Finance Agency for Fannie Mae and Freddie Mac this year. Currently, the VA’s maximum guaranty amounts are indexed to the FHFA loan limits, which range from a base of $417,000 to a high-cost area limit of $625,500. The FHFA conforming loan limit will remain unchanged at $417,000 for single-family homes, effective Jan. 1, 2016, to Dec. 31, 2016. However, in 39 counties deemed “high cost,” the conforming loan limits will increase this year. VA loan limits are calculated based on the county median home values reported by FHA. The maximum guaranty amount for loans over $144,000 is 25 percent of the current VA county loan limit. Veterans with full entitlement available may borrow up to this limit and VA will guarantee 25 percent of the loan amount. In addition, the VA county limits ...
Joint civil fraud initiatives have resulted in $558.5 million in recoveries and receivables to the Department of Housing and Urban Development in FY 2015, according to the HUD inspector general’s semiannual report to Congress. The amount includes civil settlements of $212.5 million from First Tennessee Bank, $29.6 million from Reverse Mortgage Solutions, and $1.8 million from three other settlements. The settlements resolved enforcement actions brought by the Department of Justice on behalf of HUD in pursuit of civil remedies under a variety of statutes, including the False Claims Act, Program Fraud Civil Remedies Act, and the Financial Institutions Reform, Recovery and Enforcement Act. Recoveries and receivables for other entities during the reporting period – April 1 to Sept. 30, 2015 – totaled $86.9 million and $268.2 million for the entire fiscal year. Some of the payments were made to the ...
In 2015, the two GSEs sold credit risk on about $407 billion of UPB through their back-end risk-transfer programs. The actual amount of credit risk transferred was $12.6 billion.
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