Housing secretary Alphonso Jackson said the Federal Housing Administration will be able to help "hundreds of thousands" of distressed subprime borrowers refinance into affordable FHA loans if Congress passes an FHA reform bill this summer.The Department of Housing and Urban Development secretary noted that 80% of subprime loans are sound. But the other 20% are "headed for trouble" and the borrowers will have difficulty making their payments once the loans reset. "If we can get FHA modernization legislation passed quickly, we can probably address 70% to 80% of those [troubled] loans," Mr. Jackson told the National Press Club. Otherwise, FHA's ability to help will be limited to "tens of thousands" of subprime borrowers. "We need this reform now. President Bush and I have repeatedly urged Congress to act," the HUD secretary said.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
13m ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
37m ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
45m ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
3h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25