A proposed rule that would allow lenders in the federal Farm Credit System to participate in the FHA mortgage insurance programs is being closely scrutinized at the Department of Housing and Urban Development. The measure is one of several regulatory actions taken by HUD in response to President Obama’s directive in January calling for a government-wide review of rules and regulations. The review is aimed at weeding out rules that are outdated, unnecessary, excessively burdensome, and redundant or in conflict with other federal rules. Twenty rules, including the proposed FHA approval for FCS lenders, are now being streamlined or rewritten to ease the regulatory burdens of small businesses and spur economic growth. The proposed changes build ...