Democrats and Republicans on the House Financial Services Committee will get a chance to debate the merits of their respective Federal Housing Administration reform bills April 19 at a housing subcommittee hearing.The competing bills are aimed at re-energizing the FHA single-family program so it can serve more subprime borrowers by charging risk-based premiums. The Republicans' bill (H.R. 1752), introduced by Judy Biggert, R-Ill., would allow the FHA to charge a maximum upfront mortgage insurance premium of 3% and an annual premium of 2%. The Democrats' bill (H.R. 1852), introduced by Rep. Maxine Waters, D-Calif., would cap the upfront premium at 2.25% and the annual premium at 55 basis points for borrowers who make a downpayment, even if their credit score is below 560. For those risky borrowers, the FHA can require homeownership counseling and take other consumer protection measures. Democrats contend that the Republicans are charging too much for borrowers who make a downpayment.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28