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Home » Store » News » HECM Needs Subsidy, Volume Down in 2010

HECM Needs Subsidy, Volume Down in 2010

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Originations of FHA home equity conversion mortgages slowed for the second straight month to end the first quarter of 2010. Meanwhile, Department of Housing and Urban Development officials are doubtful the agency will receive the $250 million government subsidy HUD requested in the fiscal 2011 budget. Total HECM lending dropped to $5.55 billion in 1Q10, down from $6.97 billion in the fourth quarter...
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