WASHINGTON - President George W. Bush today announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments … [Read more...]
BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
September 18, 2007 By Leave a Comment
Ahead of the Bell: FHA overhaul
September 18, 2007 By Leave a Comment
WASHINGTON House lawmakers are planning to vote Tuesday on an overhaul of a federal agency that insures mortgages against default in an effort to help struggling homeowners avoid foreclosure. The plan of leading House Democrats to expand the role of the Federal Housing Administration goes further than the Bush administration's plan to ease some … [Read more...]
New Limits on FHA loans could reach $500,000
September 14, 2007 By 1 Comment
U.S. Representative says GSE amendment would make loan cap $500,000 Last Update: 2:01 PM ET Sep 11, 2007 Print E-mail Subscribe to RSS Disable Live Quotes (Updates to add details) By Damian Paletta Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. House Financial Services Committee Chairman Barney Frank said Tuesday an … [Read more...]
The substitute to Subprime?
September 14, 2007 By Leave a Comment
FHA saddles up to help delinquent borrowers As millions of homeowners lie bleeding in the Subprime Corral, the feds ride in on an old mare to rescue a few borrowers suffering from scratches.The bailout plan, called FHASecure, is designed to prevent foreclosures among homeowners who fell behind because the rates went up on their adjustable-rate … [Read more...]
Refi rescue
September 13, 2007 By Leave a Comment
And potentially some tax help, too. Here are breaks that borrowers in a pickle may receive in the next few months. By Jeanne Sahadi, CNNMoney.com senior writer September 12 2007: 1:52 PM EDT NEW YORK (CNNMoney.com) -- Hundreds of thousands of homeowners who may struggle to make mortgage payments are likely to get some relief in coming months, … [Read more...]
Are the current iniciatives by the Fed and the President enough?
September 11, 2007 By 1 Comment
On Aug. 31, while many of us were getting ready for a long holiday weekend, President Bush addressed the nation about the mounting concerns in the housing market. His speech took place exactly one month before we'll see a record-breaking $50 billion in mortgages reset to a new rate. That's right, in the month of October alone, many homeowners will … [Read more...]
Letter from HUD regarding FHA-secure
September 8, 2007 By 1 Comment
MORTGAGEE LETTER 2007-11September 5, 2007 TO: ALL APPROVED MORTGAGEES ALL FHA ROSTER APPRAISERS SUBJECT: The FHASecure Initiative and Guidance on Appraisal Practices in Declining Markets The Federal Housing … [Read more...]
Bush Plan To Help The Ailing Housing Markets
September 6, 2007 By Leave a Comment
Word came late last week from both the Federal Reserve and the White House that the federal government does not intend to stand by and watch the housing and credit crisis drive the country into recession. President George W. Bush announced a series of proposals intended to help homeowners faced with mortgage defaults and Federal Reserve Chairman … [Read more...]
FHA Secure
September 6, 2007 By 2 Comments
Bush will apparently propose reforms to the Federal Housing Administration (FHA) which would allow the FHA to insure 80,000 more loans, a 50% increase in FHA-insured loans. Assuming an $200,000 loan size for subprime loans originated in 2005-2006, with roughly $30 billion in resets per month over the next year, this works out to around 5% -- … [Read more...]