Leaders of the House Financial Services Committee are working toward a mark-up of a Federal Housing Administration reform bill by the end of this month, possibly May 24, sources say.The FHA reform bill, co-sponsored by Reps. Bob Ney, R-Ohio, and Maxine Waters, D-Calif., would eliminate the FHA 3% downpayment requirement so FHA borrowers could get a low- or no-downpayment loan under a new risk-based premium structure. The bill (H.R. 5121) is based on a Bush administration proposal to modernize the FHA single-family program, provide safer and lower-cost loan products for subprime borrowers, and gain back market share for the 70-year-old mortgage insurance program. The FHA's market share has been declining for years, and only 3% of homebuyers use FHA loans today. Originations for the first six months of fiscal year 2006 (ending March 31) totaled $25.4 billion, down 25% from the level recorded a year earlier. And its shrinking insurance portfolio has pushed up the FHA default rate to 7.16%.
-
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
8h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24