HUD Reports Big Increase In Most FHA Production Numbers
February 1st, 2008
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The FHA loan program continues to grow while much of the mortgage marketplace withers.
For the first 15 days of January FHA mortgages applications continued to grow. HUD says in its FHA Outlook report that “after seasonal adjustment, the annual rate for applications was 1,485,000 — 20.5 percent above the prior period — and a continuation of a trend started early last year.”
The actual count of application receipts was 53,121, according to the report, almost 46 percent higher than the end of the December reporting period.
The FHA endorsed 33,491 mortgages during the first 15 days of January, a figures up 32.7 percent from the last period in December. The last few weeks of December, of course, include a major holiday period.
HUD reports that it received 625 applicants from delinquent conventional mortgage borrowers during the period, and insured 171 loans from such borrowers.
Delinquent conventional borrowers are, of course, the very folks that the FHASecure program was designed to save from foreclosure. Despite HUD’s claims to the contrary, the FHASecure program as it was originally sold to the public is plainly not making a dent in the toxic mortgage mess, given that roughly 200,000 households a month are getting foreclosure notices.
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