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The FHA's loan defect taxonomy "does nothing to reduce the confusion or increase the confidence that lenders can originate and insure loans through FHA without severe and unknown risk," said Quicken Loans CEO Bill Emerson.
The Federal Housing Administration's new loan defect "taxonomy" may give lenders better clarity on the quality assurance reviews of FHA loans, but it is not a shield from possible enforcement action by the Department of Justice and other regulators.
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Unless Congress acts before the end of 2015, homeowners who had their mortgage principal reduced in a loan modification or lost their homes through a foreclosure or short sale will find themselves in this position.
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