Legislation awaiting the president's signature would give the secretary of the Department of Veterans Affairs the authority to change the VA's hybrid ARM program so that it conforms to the industry norm.But the secretary is ready to act as soon as President Bush does, according to Keith Pedigo, director of the VA's Loan Guaranty Service. The bill allows the agency to insure five-year or longer hybrids with 2% annual rate caps and 6% life-of-loan rate caps "at the secretary's discretion," but "the plan is to fix the hybrid ARM problem right away" by making the switch from 1% annual caps, Mr. Pedigo said at the Mortgage Bankers Association's Government Housing Finance Conference. The VA official also said his office will soon begin testing a program that will allow veterans to determine their eligibility for VA-insured mortgages online and on their own. He told the meeting he's "not too" concerned with the recent dropoff in the agency's loan volume. "I think it will come back," he said. The VA backed 165,854 mortgages in fiscal 2005, down from the most recent high of nearly 500,000 in fiscal 2003 and an all-time high of some 600,000 in 1994.
-
Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
3h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
5h ago -
The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
5h ago -
The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
5h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
6h ago -
The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
6h ago