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Tag Archives: FHA

MetLife Agrees to $123.5 Million Settlement

MetLife admitted that from September 2008 through March 2012, it repeatedly certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements. The bank admitted it was aware that a substantial percentage of these loans were not eligible for FHA mortgage insurance due to its own internal quality control findings.

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Bad Credit, Excessive Debt, Low Income Cited as Top Reasons for FHA Loan Rejection

Before the recession about 15 percent of Americans had a FICO score less than 600, while after the recession about 25 percent of Americans had the same low score, according to a study released in 2010 by Deutsche Bank. More recently, the Urban Institute and Encore Capital Group's Consumer Credit Research Institute found that one-third of consumers with credit files had debt in collection. That report, which examined TransUnion credit data from 2013, found 77 million Americans have debt 180 days past due, with the average person having about $5,178 in credit card, utility bill, or medical bill debt.

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Wells Fargo Continues to Battle FHA Suit

Wells Fargo is alleged to have received insurance money from the U.S. Department of Housing and Urban Development even after some loans had defaulted. The bank allegedly submitted over 100,000 FHA loans said to be under HUD compliance and eligible for insurance, knowing that the loans were too risky and did not qualify.

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USMI President Testifies Before Congress, Stresses Need for Balance

President and CEO of Genworth Mortgage Insurance and Chair of U.S. Mortgage Insurers Rohit Gupta testified on behalf of the Mortgage Insurance Industry (MI) at the House Financial Services Committee Housing and Insurance Subcommittee today stressing the need for balance between the roles of the Federal Housing Administration and MI when to comes to taxpayers.

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Congress to Examine Financial Health of FHA in Hearing

The Housing and Insurance Subcommittee of the House Committee on Financial Services will hold the second hearing in the series, entitled The Future of Housing in America: Oversight of the Federal Housing Administration, Part II, on Thursday, February 26, beginning at 10 a.m. Eastern time.

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Origination Risk Grows in January

The American Enterprise Institute's (AEI) International Center on Housing Risk reported another rise in mortgage origination risk in January, marking five straight months of increasingly risky lending. Researchers at the center say the rise in risk is due to a shift in market share from large banks to non-banks, whose practices are "substantially riskier than the large bank business."

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First-Time Homebuyer Share Inches Up in January

First-time buyers accounted for nearly half of homebuyers taking out mortgages in January, improving just slightly from December, according to a metric released by the American Enterprise Institute (AEI). Isolating only the pool of purchase mortgages guaranteed or insured by the GSEs or the government, AEI estimates the share of first-time buyers was slightly higher at 56 percent.

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HUD Chief Faces Questions on FHA’s Financial Position

Castro faced the House Committee on Financial Services and explained why he believes that FHA is in a "strong" position to lower its premiums by 50 basis points down to 0.85 percent despite the MMI Fund's value falling well short of the 2 percent threshold it is required by law to maintain.

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