The House has approved final passage of a housing bill that creates a downpayment assistance program, fixes a glitch in the Federal Housing Administration hybrid loan program, and increases the FHA multifamily loan limit in high-cost areas.The bill (S. 811) includes the president's American Dream Downpayment Assistance program to help low-income renters purchase their first home. It authorizes $200 million annually for downpayment and closing cost assistance. S. 811 also fixes the FHA hybrid adjustable-rate mortgage program. It would remove a one-percentage-point cap on the initial interest rate adjustment for a five-year hybrid. The FHA is expected to issue its hybrid ARM regulations early next year. The housing bill also increases FHA multifamily loan limits in high-cost areas such as New York and San Francisco by changing the statutory maximum adjustment percentages from 110% to 170%. S. 811 now goes to President Bush for his signature.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
7h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
11h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24