U.S. Senator and Senate Banking Committee member Bob Corker (R-Tennessee) warned federal regulators Tuesday to stick to simplified, synchronized lending rules in order to avoid driving out private capital. Corker specifically pointed to the qualified residential mortgage (QRM) rule, which includes an exemption on risk retention for loans sold to Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA)--an exemption Corker believes may drive lenders away from the private market.
Read More »Harvard Researchers Argue for New ‘FHA Corporation’
A recent report from Harvard University's Joint Center for Housing Studies argues for more flexibility for the Federal Housing Administration (FHA). Under direction of a congressionally appointed advisory board and CEO, the new "FHA Corp." should be free to enact its own hiring process, manage its own budget and adapt to market changes "without Congress legislating each change or mandating numerous complex or inconsistent rules and regulations," researchers suggest.
Read More »Envoy Mortgage Expands FHA Loan Product Offerings
In Houston, Texas, Envoy Mortgage is enhancing its loan product offerings to start the new year. Currently operating mortgage retail branches in nearly every U.S. state, Envoy's customers will now have access to an expanded range of Federal Housing Administration (FHA) 203(k) mortgages.
Read More »FHA Tones Down Reporting Requirements for Small Lenders
The Federal Housing Administration (FHA) is easing back on reporting standards for smaller supervised lenders.
Read More »Barclays Keeps Positive Builder Outlook as Housing Skies Clear
With the fiscal cliff negotiation out of the way--at least, the first phase of it--analysts at Barclays assert in a new release that "housing policy is transitioning from being a source of negative headline risk to a potential positive factor for the housing stocks." As the haze surrounding the state of the mortgage interest tax deduction (MID) lifts and the Federal Housing Administration (FHA) prepares to make reforms to its business model, analysts note that "anticipated policy changes have been less severe than feared."
Read More »Congress Approves Carol Galante as FHA Commissioner
Congress approved the appointment of Carol Galante as assistant secretary for housing and commissioner of the Federal Housing Administration (FHA). The appointment was finalized Sunday with 69-24 vote from the Senate.
Read More »FHA’s Galante Commits to Underwriting Reforms
Weeks after HUD Secretary Shaun Donovan defended her performance in front of a Senate banking committee, Federal Housing Administration (FHA) Acting Commissioner Carol Galante may have earned a new ally on Capitol Hill. Senator Bob Corker (R-Tennessee) announced he "feels comfortable supporting [Galante's] bid to become FHA commissioner after receiving a letter detailing her commitment to reforming FHA's underwriting requirements and restoring its Mutual Mortgage Insurance (MMI) Fund to health.
Read More »Senators Propose Legislation to Bring FHA Back from Brink
The new year may bring with it new reforms for the FHA as Congress considers legislation to bring the agency back to fiscal solvency.
Read More »AEI Report Calls Out FHA’s ‘Abusive Lending Practices’
A study from the American Enterprise Institute (AEI) asserts the Federal Housing Administration (FHA) is inadvertently setting the country up for another housing collapse. In a report titled How the FHA Hurts Working-Class Families and Communities, AEI resident fellow and former Fannie Mae EVP Edward Pinto says an analysis of FHA's books for fiscal years 2009 and 2010 show the agency's "lending practices are inconsistent with its mission and represent a disservice to American working-class families and communities."
Read More »FHA Announces 2013 Loan Limits
The Federal Housing Administration (FHA) has released its mortgage loan limits for 2013.
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