The U.S. Department of Housing and Urban Development (HUD) has announced a new reverse mortgage alternative aimed at cash-strapped seniors who are looking to reduce the up-front costs of tapping their home equity in exchange for lower loan proceeds. The move comes on the heels of increases in the cost of mortgage insurance. Mortgage insurance [...]

Questions about the validity of the foreclosure process continue to spread and may have reached the Federal Housing Administration. Washington advisory firm Patton Boggs LLP said the federal agency may “soon be taking steps to address faulty foreclosures of FHA-insured mortgages as a result of the recent foreclosure furor.” The firm said it expects the Mortgagee Review [...]

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the October edition of the Obama Administration’sHousing Scorecard.  The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low interest rates. The housing scorecard is a [...]

The following is a message from David H. Stevens, Commissioner of the Federal Housing Administration (FHA) on the state of the FHA and the Administration’s latest initiatives: As FHA has now moved into a new fiscal year, I want to take the opportunity to update you on several FHA policy initiatives that went into effect earlier [...]

“There’s a reflection in the media that we aren’t holding ourselves accountable enough,” said David H. Stevens, commissioner of the FHA, noting that the recent news of flaws in some banks’ foreclosure processing methods is adding to the problem. Read more on Fannie, Freddie urge lenders to fix ‘robo-signer’ controversy. In the public’s eye, the mortgage [...]

To the extent that there’s anything to be encouraged about by the Administration’s response to the foreclosure mess, it’s that Shaun Donovan publicly stated that loan servicers were violating FHA standards by failing to offer affordable modifications to borrowers before foreclosing on them. That would be a sea change from the current position, which through HAMP [...]

FHA Commissioner David Stevens sent out the following note outlining recent FHA updates and newly proposed rules. HERE is the actual release. ———————- As FHA has now moved into a new fiscal year, I want to take the opportunity to update you on several FHA policy initiatives that went into effect earlier this month (October [...]