HUD Secretary Alphonso Jackson says the new Federal Housing Administration commissioner will be charged with increasing the FHA's share of the mortgage market, which has declined over the years to 3.5% as of year-end 2004."I expect him to work with the mortgage bankers, homebuilders, homeowner associations" and others to develop a strategy to "get our share of the market back rather than abrogating it to subprime lenders," the secretary of the Department of Housing and Urban Development said in response to a question at an industry conference. President Bush has indicated that he intends to nominate Brian D. Montgomery, a White House political operative, to be the new FHA commissioner, replacing Commissioner John Weicher, who is expected to step down by the end of April. "I think you will be able to work with him," the secretary told the Mortgage Bankers Association Washington conference. "I think we can come up with very innovative ways to capture back the market."
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
10h ago -
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.
11h ago -
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.
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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 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28