Underwater homeowners who have remained current on their payments will be able to relinquish their houses and cancel their debt under the terms of a new GSE policy change to take effect in March.
The Department of Housing and Urban Development this week announced the latest changes designed to bolster the solvency of the FHA and ease Congress’ fear of a potential taxpayer bailout. The announcement is in connection with additional reforms, which FHA Commissioner Carol Galante committed to in an agreement with Sen. Bob Corker, R-TN. In a deal that cleared the way to her confirmation as FHA chief, Galante promised to have the measures in place by the end of the month to better manage risk and strengthen the FHA Mutual Mortgage Insurance Fund. As expected, HUD is...
FHA reported $21 billion of new residential endorsements in November, down from the previous month but up substantially from the same period a year ago. Fixed-rate mortgages accounted for 80 pecent of the total. For details see the new edition of Inside FHA Lending.
Residential Capital Corp., the bankrupt mortgage division of Ally Financial, has asked for court permission to sell an estimated $130 million of FHA-insured residential loans.
Fourteen months after the White House signaled its intention to make Carol Galante the nation’s next housing commissioner, the Senate on Sunday afternoon finally confirmed her nomination.
Competition in FHA lending may get a boost following the easing of reporting requirements for insured depository institutions with $500 million or less in total assets.
Sen. Bob Corker, R-TN, a key member of the Senate Banking Committee, has secured a commitment from Acting FHA Commissioner Carol Galante to toughen agency rules to put the insurance fund on a sounder financial footing.
Bexil American Mortgage has finally obtained its Ginnie Mae servicer approval and this week inked a deal to purchase a small nonbank lender whose identity it, so far, has not been revealed.
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