FHA has published new implementation requirements for condominium units secured by Home Equity Conversion Mortgage loans. The guidance also ap-plies to condo units that qualify for HECM spot-financing.
The department has recommended a scorecard to ensure FHA borrowers re-ceive financing that is appropriate and sustainable for long-term homeowner-ship. Meanwhile, the Treasury has outlined the new role Fannie Mae and Freddie Mac would play in a revamped housing-finance system.