Citing new survey findings, Housing and Urban Development Secretary Alphonso Jackson told a recent Wells Fargo housing symposium that there is an "urgent need for Congress to pass legislation that modernizes the FHA to help both promote and protect homeownership."The survey, released by Wells Fargo, indicates that nearly 80% support legislation that would promote and protect homeownership in America "by providing a safer, fairer and more affordable mortgage alternative to high-cost subprime loans," HUD said. Addressing the symposium in Washington, D.C., Mr. Jackson said the survey shows that a modernized Federal Housing Administration would help hundreds of thousands of subprime borrowers find an exit strategy. "Americans are in support of an FHA that could help even more first-time homebuyers and people with moderate incomes have access to safer mortgages," he said. The survey also found that about 79% of Americans in the Northeast and 75% in the West, where real estate costs are the highest in the nation, favored the FHA modernization legislation.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
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Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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