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Peter G. Miller
May 12th, 2008
What do you do with a mortgage applicant who pays cash for everything? You might rejoice that somebody, somewhere is not addicted to credit cards, however for such an individual to qualify for a mortgage is a problem. Why? They suffer from the anguish of a “thin file” credit report, a report with so few read more
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by
Peter G. Miller
May 9th, 2008
HUD has announced that it will begin using a “fair and flexible” mortgage insurance premium system for FHASecure loans starting July 14th.
“With a flexible premium structure, FHA can fulfill its mission of assisting families who do not have access to prime-rate financing. Fair pricing will allow FHA to reach more troubled homeowners without placing read more
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by
Peter G. Miller
May 8th, 2008
The House has just passed H.R. 5830, the FHA Housing Stabilization and Homeownership Retention Act, by a vote of 266-154.
The legislation, introduced by Rep. Barney Frank (D-MA), would allow the FHA to guarantee up to $300 million in mortgage lending for with read more
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by
Peter G. Miller
May 8th, 2008
The House today passed H.R. 5818, the Neighborhood Stabilization Act of 2008, by a vote of 239-188. This is one of two housing-related bills scheduled for a vote today.
The legislation, introduced by Rep. Maxine Waters (D-CA), will provide loans and grants to read more
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by
Peter G. Miller
May 8th, 2008
Given the House vote scheduled for today regarding HR 5830, the legislation which would allow the HUD to insure up to $300 billion in FHA mortgages, you might wonder what the Bush Administration thinks about the foreclosure rescue plan.
President Bush says he will read more
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by
Tyler Belong
May 7th, 2008
On March 3, 2008, Freddie Mac entered into a formal agreement with the New York Attorney General’s office in order to adopt a “Home Valuation Code of Conduct” (“HVCC”) that Freddie Mac will require all loan brokers and appraisers to comply with starting January 1, 2009. The agreement states (in part):
“To ensure appraisal independence and valuation protection, read more
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by
Peter G. Miller
May 6th, 2008
This is the week that FHA reform is going to be debated in the House.
What will be discussed is the $300 billion legislation proposed by Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee. In essence, for the first time there will be a realistic alternative to the voluntary measures proposed to date read more
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by
Peter G. Miller
May 5th, 2008
The New York Times has reported what we have been saying here for months: The FHASecure program is a dud:
“Fewer than 2,000 homeowners at risk of foreclosure have been helped by a Federal Housing Administration program that President Bush promised would help homeowners who had fallen behind on their mortgage payments, federal housing statistics show,” read more
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by
Peter G. Miller
May 2nd, 2008
H.R. 5830, the FHA Housing and Homeowner Retention Act, has now passed the House Financial Services Committee.
Introduced by Committee Chair Barney Frank (D-MA) and now with more than 40 co-sponsors, the legislation if enacted would authorize up to $300 billion in FHA loan guarantees for troubled homeowners — and thus troubled lenders.
As explained in depth read more
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Peter G. Miller
May 1st, 2008
The head of the FDIC, Sheila Bair, has proposed a $50 billion bail-out for homeowners and lenders. In basic terms, her plan would have Uncle Sam create something outside the FHA mortgage program, a so-called HOP or Home Ownership Preservation loan.
Distressed borrowers would get a government loan equal to 20 percent of their current mortgage balance read more
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