Because the appropriations process is crowding out other legislation, House Financial Services Committee Chairman Barney Frank, D-Mass, says he believes passage of a Federal Housing Administration reform bill will have to wait until Congress returns from its August recess in September.During floor debate on a housing resolution, Rep. Frank said a dispute over origination fees on FHA-insured reverse mortgages held up action on the FHA bill until the July 4th recess. That has been resolved, he said, but added that "we then ran out of time because of the appropriation process." The House Financial Services Committee approved the FHA reform bill (H.R. 1852) on May 3. The reforms would increase the FHA single-family loan limits and allow the FHA to charge risk-based premiums and offer zero-downpayment loans. The Senate Banking Committee has scheduled its first FHA hearing for July 18, and FHA supporters are hoping it will lead to the introduction of an FHA reform bill in the Senate soon.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
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