FHA Mortgage Guide

Members of ACORN met with last week with Federal Reserve Chairman Ben S. Bernanke and Federal Reserve Gov. Randall Kroszner to ask that regulators finally use the power they have under the Home Ownership and Equity Protection Act (HOEPA) to protect the public interest.

And what is it that the nationwide community organization wants the government to do? They asked for four standards:

• Stop the abuse of stated-income loans

• Prohibit lenders from making adjustable rate loans that quickly become unaffordable when the rate increases

• Ban prepayment penalties on all subprime loans

• Require that subprime lenders include the taxes and insurance in the homeowner’s monthly payment.

If you think about, ACORN is asking the feds to adopt standards for the private sector that parallel those available for decades under the FHA mortgage loan program.

Check out these FHA resources for more information

This entry was posted on Monday, June 25th, 2007 at 2:08 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.