Below is the announcement of changes to the FHASecure program.

What’s new? Two things.

First, HUD is loping off the borrowers most in need. When the FHASecure program was first announced the FHA, a high-ranking FHA official told reporters that virtually all delinquent borrowers would be welcomed into the program. He specifically mentioned read more

The Federal Reserve issued the statement below on Sunday night at 6 PM — this is at the opening of Australian stock trading and thus timed to reduce turmoil in securities markets worldwide.

For years Fannie Mae and Freddie Mac have each had the ability to withdraw $2.5 billion directly from the U.S. Treasury. The new read more

Late Friday afternoon the Senate voted 63-5 to approve FHA reform. The measure, H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act, now goes to the House for consideration. In practice, the House and Senate versions of the measure will be combined into a finalized form by a conference committee and then read more

The FHA bill has not cleared the Senate, but it could happen today, Friday.

July 4th was a week ago and here is today’s interesting thought:

Congress was not in session for a few days during the past week — as the old joke goes, the time when the Nation is safest….

Senators and representatives read more

One of the smartest ideas remaining in the FHA and VA programs is the concept of streamline refinancing.

Essentially the idea is that if you can afford your current mortgage you can surely afford your current mortgage if the monthly payments are reduced. The result is that with a streamline refinance there are relatively few read more

Jose writes and says:

“We bought our home three years ago at $450,000 here in California, and it has devalued to $360,000. Our interest-only is up in another year and a half, I feel we are screwed!! We called a lender for FHA loan, read more

Tom Lawler writes and says that down payment assistance programs should be banned under the FHA program. He makes these points:

“1. Why should the FHA “require” a 3% down payment, but then let the seller “pay” the down payment by hiking the home price by 3% — effectively meaning that read more

Late Monday afternoon the Senate voted 76 to 10 to invoke cloture, effectively meaning an end to debate regarding the proposed FHA modernization bill.

The cloture vote moves the Senate closer to final consideration of FHA reform, perhaps Tuesday.

Also on the schedule for read more

Once again, HUD has redefined the FHASecure program to assure that few borrowers facing for foreclosure will actually have access to the program.

As HUD explains, “FHA has not changed its underwriting guidelines, but rather its eligibility criteria.”

Right. As the lawyers say, this is a distinction without a difference.

Forget about saving families from read more

Each year on July 4th it’s great to look around and see how fortunate we are to live in the U.S.

Those who have traveled overseas understand the astonishing wealth of a society which allows people to have differing ideas, to debate and argue without fear or punishment, to worship as we elect, to read more

Suzanne writes and asks about FHA loans and mortgage insurance:

“I do have an question regarding my 15 year FHA refinance loan with mortgage. They not only charge me with $1,600 on PMI (mortgage Insurance) upfront, but they also charge me on monthly basis. The mortgage guy told me read more

If you financed a home with an FHA loan and held it long enough, the odds are good that you have a lot of equity. For many borrowers the way to access the value within a home is to take out a home equity line of credit, a HELOC.

In recent months, however, a number read more

Tom Lawler, discussing down payment assistance programs (DPA’s), says that “if a seller artificially inflates a home’s sales price, but then gives the buyer some “cash back” under the table for a “down payment” on that buyer’s mortgage, it is read more