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FHA News

A Foreclosure Rescue That Can’t Be Trumped
8/19/2008 5:43 AM
The story is hard to beat: Donald Trump will buy Ed McMahon’s Beverly Hills mansion — a property facing foreclosure — and then rent it back to the 85-year-old entertainer. According to the Los Angeles Times, Trump will pay off the existing $4.8 million debt, acquire the property, and then lease it back to the long-time [...]

Is Subprime Finished In New York State?
8/18/2008 5:01 AM
If you want to increase the use of FHA mortgages here’s the way to do it: Freddie Mac has announced that it will stop buying subprime loans in New York state after September 1st. The reason? A new law which could make mortgage investors liable if a loan has been improperly originated in the [...] New Effort To Bring Back Downpayment Assistance
8/15/2008 5:36 AM
This being the Internet Era, the Nehemiah Corporation of America has created a new web site to get downpayment assistance programs (DPAs) re-instated for FHA mortgage borrowers. The programs were eliminated under the FHA mortgage reform package passed earlier in the month. While HUD has long-sought the elimination of the programs on the grounds tha......

Loan Applications Down, Says HUD
8/14/2008 5:10 AM
The latest figures from RealtyTrac show that foreclosure numbers continue to mount. In July, says the company, “foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from......

Helping Veterans Today — But Not After December 31, 2010
8/13/2008 5:11 AM
What started out as an FHA mortgage reform measure has concluded with various additions. One of the best concerns foreclosure help for veterans — but help with both good news and bad news. It used to be that service members were protected against foreclosure actions while on active duty and for 90 days thereafter. Under the [...] Subprime Loans Displaced In New Mortgage Market
8/12/2008 5:15 AM
I was reading a release from Lenders One Mortgage Cooperative, a self-described “national alliance of mortgage bankers.” According to the group they closed mortgages worth $3.4 billion in a 30-day period. What was interesting to me was the composition of the loans they originated: “More than 50 percent of the loans originated and ......

Will Local Sales Fall With Mortgage Reform?
8/11/2008 5:38 AM
Below is a news release from a Phoenix real estate broker predicting that local sales will soon fall another 10 percent. You don’t usually see new releases from real estate brokers, and it’s surely unusual to see a release which suggests a decline in market activity. These reasons alone would make the release below stand out, [...]

Can We Expect Home Sales To Pick Up?
8/8/2008 5:30 AM
The National Association of Realtors is out with its pending home sale information and the numbers are up! According to NAR, “the Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 [...]

FHASecure News You Can Believe….
8/7/2008 5:22 AM
We have been a critic of the FHASecure program since HUD first began issuing news releases which claimed vast success in preventing foreclosures, claims not supported by HUD’s own figures — but claims gleefully repeated at the White House and various news outlets. You could say that in the past year HUD “mis-wrote.” Frequent......

FHASecure: Did It Really Do That?
8/6/2008 5:36 AM
The White House reported yesterday in a “fact sheet” that “last year, the President launched FHASecure, which has helped more than 290,000 families avoid foreclosure by refinancing into safe Federal Housing Administration (FHA)-insured mortgages.” Unfortunately, and inconveniently, the official numbers from HUD tell a differ......