A spokesman described the new product as “an additional feature not unlike private mortgage insurance” although he refuses to call it an insurance policy…
Aggressive refinancing now occurs immediately after the six-month window has expired, as some of the activity may have shifted into the custom pool market…
FHA Commissioner Nominee Brian Montgomery: “To be clear, fraud and misrepresentation have no place in any industry … but I wonder if we haven’t gone too far.”
Rep. Heck said he will ask the GAO to study and recommend options for improving the reverse-mortgage program, including shifting HECMs out of the MMIF...