Large parts of the Bay Area and Southern California qualify for the top high-cost limit, while other California markets such as San Diego ($546,250) and Sacramento ($474,950) have intermediate high-cost limits.
CFPB director Richard Cordray could be softening somewhat in response to the mortgage industrys plea for regulatory enforcement relief when the new rules take effect in January.
The city councils favorable vote represents a rare notch in the win column for MRP, which has suffered numerous defeats in local jurisdictions across the nation, likely at a substantial loss to the firms financial backers.
Over the years, HUD has seen a steady decline in its staffing level perhaps to its lowest level ever, in fact while at the same time being called upon to administer an increasing number of programs.
The program is intended to provide smaller mortgage lenders that lack direct access to the secondary mortgage market with another option for their home buying customers.