The Office of Federal Housing Enterprise Oversight committed more than 60% of its budget to the supervision of Fannie Mae and Freddie Mac in fiscal year 2004, according to an audit by the HUD inspector general.However, neither OFHEO nor the Department of Housing and Urban Development "can be certain whether OFHEO has significantly exceeded the 60% requirement," the HUD IG says in a report requested by Sen. Christopher Bond, R-Mo. Sen. Bond, who chairs the HUD appropriations subcommittee, inserted the 60% requirement in OFHEO's budget last year. This year, the Senate appropriation bill requires OFHEO to spend 80% of its budget on supervisory activities. OFHEO Director Armando Falcon Jr. said he is "pleased" with the IG findings. The director estimated that 84% of OFHEO's funding paid for supervisory activities in fiscal year 2004.
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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.
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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.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18