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Peter G. Miller
June 9th, 2008
Having been rebuffed repeatedly in court, HUD is at it again attempting to end third-party down-payment assistance programs for FHA mortgages.
In a typical arrangement, a seller makes a contribution to a charitable organization of up to 6 percent of the sale price. The charity then provides a grant for the same amount to the buyer. read more
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by
Peter G. Miller
June 8th, 2008
The Washington Post is reporting that “senior lawmakers are meeting behind closed doors to draft what they hope will be a measure to help homeowners facing foreclosure and to create a strong new regulator to oversee the mortgage financing giants Fannie Mae and read more
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by
Peter G. Miller
June 5th, 2008
The foreclosure mess keeps getting worse — but in the world of FHA mortgages the good news is that foreclosure levels are down.
According to figures just released by the Mortgage Bankers Association, “the percentage of loans in the foreclosure process was 2.47 percent at the read more
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by
Peter G. Miller
June 5th, 2008
Tyler Belong asks Should We Fingerprint Loan Officers and suggests that such an effort would be expensive and unnecessary.
Tyler says that under a proposed nationwide licensure program, loan officers would be fingerprinted. He objects to this for two reasons:
First, “the proposed identification system is not read more
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by
Tyler Belong
June 4th, 2008
On Tuesday, May 19, 2008, the Senate Banking Committee passed the Federal Housing Finance Regulatory Reform Act of 2008 (H.R. 634). The tail-end of the bill, entitled the S.A.F.E. Mortgage Licensing Act (Title VI), if passed, would establish a nationwide regulating system for all mortgage loan originators and others who even assist in loan origination. read more
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by
Peter G. Miller
June 3rd, 2008
HUD is out with still-another news release proclaiming the real estate equivalent of “Mission Accomplished.”
According to HUD, “in August 2007, the Bush Administration launched a new initiative at FHA to modify its refinancing program, FHASecure, to help creditworthy homeowners read more
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by
Peter G. Miller
June 2nd, 2008
It was last August when HUD first allowed the use of the LIBOR index with FHA ARMs.
In other words, borrowers –who had been able to get an FHA adjustable-rate mortgage with rates that move up or down with the one-year Constant Maturity Treasury (CMT) index — read more
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