Peter G. Miller
January 16th, 2008
The good folks at HUD, in an effort to change reality, now claim that FHASecure isn’t a program to help borrowers facing foreclosure after all. It seems, says HUD, that there has been much “confusion” over the FHA mortgage program announced by President Bush on read more
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Peter G. Miller
January 15th, 2008
With Congress back in session the matter of FHA mortgage reform remains outstanding.
When we last left off, the House had passed HR 3915 while the Senate had approved S. 2338
Given that both houses of Congress have passed read more
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Peter G. Miller
January 14th, 2008
Lora B asks “I was just wondering if there is a way to apply for an FHA loan for your house if it has already been foreclosed on?”
The answer likely depends on your jurisdiction. If you have received foreclosure papers there are several steps to read more
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Peter G. Miller
January 13th, 2008
HUD has some new numbers for FHA mortgage production during the last two weeks of December, the period from December 16th through December 31st:
“During this period,” says HUD, “25,234 mortgages were insured — 21,300 forward mortgages and 3,934 HECM’s. It is interesting to note that 71 percent of the forward mortgages were handled with Lender Insurance, while just 24 read more
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Peter G. Miller
January 10th, 2008
If you’re wondering why the alleged “subprime” meltdown has caused such widespread havoc, consider today’s statement in Washington by Federal Reserve Chairman Ben Bernanke.
Bernanke says investor confidence was damaged by high levels of subprime foreclosures, but you have to wonder: If subprime defaults are such a minor manner, is not investor confidence curiously out-of-touch read more
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Peter G. Miller
January 9th, 2008
What is a “high cost” area if you want an FHA mortgage?
That’s a question raised by Jim, and the practical answer is this:
Under today’s system, a single-family home in a “high cost” area can get an FHA mortgage equal to 87 percent of the conventional read more
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Peter G. Miller
January 8th, 2008
We now have a new stage in the foreclosure war: More begging.
On August 31st the President announced his anti-foreclosure program including the newly-developed FHASecure mortgage from HUD. The President’s plan was a voluntary effort which required nothing of no one but did produce a lot of news releases and resultant media coverage.
The obvious read more
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Peter G. Miller
January 7th, 2008
Carl Pruitt makes an interesting point regarding the new popularity enjoyed by the FHA loan program.
“These numbers on FHASecure are definitely not adding up correctly!” he says. “However, I know that it is true that many are avoiding the necessity to use FHASecure because they read more
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Peter G. Miller
January 6th, 2008
Over at Calculated Risk, one of my favorite blogs, Tanta makes an interesting point. She discusses the case of a borrower who was foreclosed, yet title to the property did not change for years — meaning the defaulting owner remained responsible for property taxes, maintenance and other costs.
“Reading things like this, read more
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Peter G. Miller
January 4th, 2008
Jen Jones offers a view which should be discussed. She says:
“Mr. Miller, so many of these homeowners in trouble bought their homes with 0 down and refinanced over and over cashing out all of their equity year after year. Will they be eligible for the FHA read more
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Peter G. Miller
January 3rd, 2008
For much of the past year weekly application reports from the Mortgage Bankers Association have shown an increase when compared with a year earlier. This morning, however, MBA came out with stats showing a huge drop.
Given the current state of the housing market it seems difficult to imagine why applications would have been up read more
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Peter G. Miller
January 2nd, 2008
CNBC Reporter Diana Olick reported on her blog that “here’s the truth: FHA Secure has receive about 3,000 applications from homeowners who are delinquent on their loans and has closed on about 600 since September, that answer from an official HUD staffer who gave me the actual numbers read more
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