The Bush administration is proposing to increase loan limits on Federal Housing Administration single-family loans so that FHA is not shut out of high-cost areas of California and Massachusetts.The legislative proposal would increase the FHA loan limit in high-cost areas to $417,000 -- which is the conforming loan limit on Fannie Mae and Freddie Mac loan purchases. Currently, the ceiling for FHA loans is $362,790 in high-cost areas and the floor is $200,160. The legislation proposal the Department of Housing and Urban Department sent to Capitol Hill raises the floor to $271,050 or 65% of the conforming loan limit. The legislative proposal also allows FHA to charge risk-based premiums so it can price its mortgage insurance based on the borrowers' credit score and loan-to-value ratio. HUD secretary Alphonso Jackson told the House Financial Services Committee this pricing flexibility would allow FHA to offer lower-cost mortgages to borrowers who are currently paying excessively high interest rates on subprime loans. FHA reform is a "top legislative priority for me this year," he said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25