Here are the 5 things you need to know about these changes: Changes are effective for case numbers assigned on or after April 15th, 2010. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%. This change applies to all standard FHA Single Family Programs … [Read more...]
San Diego Real Estate Outlook 2010
January 11, 2010 By Leave a Comment
By now we've all had a chance to read, listen and watch the economists, gurus, and professors for some of the most prestigious academic institutions in the world analyze the economy. I know I have grown tired of listening to speculative predictions that swing from utopia to apocalypse. In this post, I will do my best to narrow down the items … [Read more...]
Will You Be Able To Explain The New Good Faith Estimate To Your Home Buyers
January 7, 2010 By 2 Comments
For the last 6 weeks I have attended several webinars, live classes and spent countless hours reading the changes coming on 1/1/2010 with regards to the new lending disclosures. I did it because I had to. I know that once my first set of disclosures go out EVERYBODY related to the transaction will get a call from the consumer asking for an … [Read more...]
How long does it take to go from “Exotic” assets to “Toxic” assets?
May 22, 2009 By 2 Comments
The answer is simple: from one Fed Chairman’s term to the next. It was not that long ago when the Pay Option ARM, also known as Negative Amortization Loans, where offered attractively by all major lenders such as Washington Mutual, Countrywide, Downey Savings, and World Savings (formerly Bank of The West). Wall Street’s hunger for these … [Read more...]
Has the Treasury Secretary lied to the people in need of a bailout?
November 13, 2008 By Leave a Comment
Has the Treasury Secretary lied to the people in need of a bailout? You decide. November 12, 2008 In a statement made on national television the The Treasury Secretary, Hank Paulson, claims " I believe we have taken the necessary steps to prevent a broad systemic event. Both at home and around the world we have already seen signs of … [Read more...]
Don't pay attention to the Doom and Gloom painted by the media
September 17, 2008 By Leave a Comment
October 1st is right around the corner and the impacts of the reform are already making an impact in the mortgage business. Hopefully it will help more people achieve the dream of owning a home. That is, once the media stops focusing on the doom and gloom of the Lehman failure and the bailouts that are going on almost every week. Yesterday was an … [Read more...]
FHA Releases New Mortgage Limits
March 6, 2008 By Leave a Comment
* FHA Press Release * WASHINGTON - Tens of thousands of families could be eligible this year to purchase or refinance their homes using affordable, government-backed mortgages, thanks to the economic growth package signed into law by President Bush. The Economic Stimulus Act of 2008 will allow HUD's Federal Housing Administration (FHA) to … [Read more...]
CAMB Government Affairs Chair, Ed "Smitty" Smith Jr. sends you this important message from Congressional Quarterly.
October 11, 2007 By Leave a Comment
Democratic leaders on Wednesday called on President Bush to appoint a "mortgage czar" to coordinate the federal response to the subprime mortgage crisis, saying the administration's response so far has been inadequate. Senate Majority Leader Harry Reid, D-Nev., characterized the mortgage woes and the accompanying wave of foreclosures as a "national … [Read more...]
Administration Offers Plan to Curb Foreclosures
October 10, 2007 By Leave a Comment
The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. Treasury Secretary Henry M. Paulson Jr. said the initiative would help coordinate efforts by financial companies to help an estimated 2 million homeowners whose introductory mortgages … [Read more...]
BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
September 18, 2007 By Leave a Comment
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...]
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...]
President Bush in the News again
August 31, 2007 By 1 Comment
AP Bush Outlines Aid for Mortgage Holders Friday August 31, 1:27 pm ET By Deb Riechmann, Associated Press Writer Bush Outlines Proposals to Help Homeowners With Risky Mortgages Keep Their Homes WASHINGTON (AP) -- President Bush outlined ways the federal government can help troubled borrowers keep their homes Friday in an effort to address … [Read more...]
Borrower Eligibility
August 27, 2007 By Leave a Comment
U.S. Citizens • Standard guidelines • Borrower must have a social security number. • Borrower must demonstrate 2 years of employment Permanent Resident Aliens Acceptable: • FHA will insure mortgages made to lawful permanent resident aliens under the same terms and conditions as U.S. Citizens. • Borrower must have a social security … [Read more...]