The Department of Housing and Urban Development has backed off from raising insurance premiums on multifamily mortgages in the face of industry and congressional opposition.HUD had proposed to increase annual Federal Housing Administration insurance premiums from 45 basis points to 77 bps on multifamily construction and rehabilitation mortgages, as well as refinancings. However, HUD received letters from 121 congressmen and 26 senators opposing the premium increase, which the Bush administration had proposed as part of the president's budget. The Mortgage Bankers Association warned the administration that lenders have other options, which means the FHA would lose business and the government would not collect the premiums it expects. "I think that was one of the things that persuaded them, plus there are a lot of good arguments against it," said MBA senior vice president Cheryl Malloy. "It would increase rents by 5% on affordable housing units. That's not something anyone wants to do."
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18