Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund. “We [...]

Housing and Urban Development (HUD) Secretary Shaun Donovan and Homeland Security (DHS) Secretary Janet Napolitano today announced the launch of DisasterRecoveryWorkingGroup.gov-a new interagency website that will allow federal disaster recovery officials to solicit public comments from state, local and tribal partners and the public. The new website will be used by the federal government’s newly-formed [...]

NEW YORK (CNNMoney.com) — Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer. The Mortgage Bankers Association said its index of mortgage application volume fell 13.7% in the week ended Oct. 16 from the prior week. The [...]

Welcome back to Attorney Richard D. Vetstein. Today, he explains the new FHA regulations and how they will put more obstacles in the path of would-be condo buyers. Under revised guidelines set to go into effect November 2, 2009, the Federal Housing Administration (FHA) is implementing a new stricter approval process for condominiums to be [...]

See this press release below: OBAMA ADMINISTRATION TO ENSURE INCLUSION OF THE LGBT COMMUNITY IN HUD PROGRAMS Commissions first-ever national study of discrimination against members of the LGBT community in the renting and sale of housing WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced a series of proposals to ensure that [...]

There have been all kinds of rumors about the changes FHA are making for 2010, so I wanted to give you a condensed version of what are the most important ones. The No. 1 change is how FHA certifies it lenders. FHA is getting rid of what they call the mini eagle. This is how [...]

While reverse mortgages have become a bigger part of the senior population’s financial picture, the nation’s most popular program has undergone a mandatory change that will reduce the total proceeds available to Federal Housing Administration (FHA)-insured reverse mortgage borrowers. The move is in response to a projected $798 million shortfall in the FHA’s budget for [...]

First it was Fannie Mae and Freddie Mac. Now concern is growing that another government mortgage giant might teeter. A year after Fannie and Freddie were effectively nationalized, problems at the Federal Housing Administration are raising worries among industry executives and Washington policy makers. In testimony before a House subcommittee yesterday, the FHA’s commissioner, David [...]

The Treasury has announced new “capital cushion” requirements for financial institutions to reduce excessive risk and prevent taxpayer bailouts. Seems sensible enough. Perhaps the Administration will even impose those safety and soundness standards on federal agencies. One place to start is the Federal Housing Administration, the nation’s insurer of nearly $750 billion in outstanding mortgages. [...]

The Federal Housing Administration, the government agency that insures more than 20 percent of U.S. single-family mortgages, said its reserves will fall below congressional requirements as home prices decline. The FHA isn’t in danger of failing, and the mortgage insurance fund will likely recover on its own within two years without any policy changes, Commissioner [...]