The Department of Housing and Urban Development still does not know whether downpayment assistance programs offered by nonprofit organizations are pushing up Federal House Administration default rates, and it doesn't seem to be in a hurry to find out.Back in September 2002, the HUD inspector general issued a report that found the default rate on FHA single-family loans with DPA increased from 4.6% in October 1999 to 19.4% in February 2002. Nonprofit DPA providers complained that the HUD IG used too small a loan sample, and FHA officials pledged to conduct a larger study. That study was supposed to be completed by December 2003. But it is taking much longer than expected, and some sources believe HUD will never release it. A HUD spokesman says the DPA report won't be completed until October, at which point HUD will have to review the results. One source noted that HUD officials are not concerned about the DPA programs because they can hold FHA lenders accountable for defaults. This approach is forcing lenders to be more conservative in their underwriting, the source said.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3