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(via HUD) New FHA Mortgagee Letter: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, D.C. 20410-8000 OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER January 22, 2010 MORTGAGEE LETTER 2010-04 TO: ALL FHA-APPROVED MORTGAGEES ALL HUD-APPROVED HOUSING COUNSELING AGENCIES SUBJECT: Loss Mitigation for Imminent Default The Helping Families Save Their Home Act of 2009 expanded the authority to use FHA Loss Mitigation to [...] Mortgage market is currently down 12 bps this morning, and equity markets are picking up the losses from last week. Existing Home Sales report came in around 16% lower in December at 5.45M, a lot lower than the 6M expected. The main thing in the news today is Ben Bernanke and his chances of a second term. [...] Long, but very helpful… Increases in FHA UFMIP, monthly MI factor, and reductions in seller paid closing costs Yesterday was a pretty big day, and this morning even more. The DOW is currently down about 133 points, and while several economic reports are out, the biggest one is, again, the Jobless Claims is in at 482k, that is the largest jump in claims in the past 8 months – a pretty big figure. What does [...] (via MND) FHA to Raise FICO Requirements, Reduce Seller Concessions, Increase Premiums and Downpayment The Federal Housing Administration (FHA) is not, as some have claimed “the next subprime,” according to remarks prepared for presentation to congress this morning by Housing and Urban Development Secretary Shaun Donovan. Secretary Donovan told members of the House Committee on Financial Services that [...] So I’m sitting here watching CNBC, and what do I hear? FHA changes UFMIP to 2.25% and Down Payments are being increased! If you recall, I have been writing about my outlook on FHA changes for a while now, and folks, I wasn’t that far off. The Federal Housing Administration has been in some financial trouble due to [...] Well, we had a nice run from Jan. 14-15, but rates are taking a break from getting better…at least for now. Mortgage bonds are currently down 16 bps, and mortgage rates should open a tad higher this morning. There are no economic reports for today, but tomorrow we got a hell of a lineup: Producer Price Index (PPI) (via dallasnews.com) Federal investigators probing two North Texas mortgage firms The inspector general of the U.S. Department of Housing and Urban Development announced today that it has subpoenaed records from 15 mortgage companies whose FHA-insured loans have “significant” failure rates. The group includes two companies based in North Texas: Alacrity Financial Services of Southlake and Americare Investment [...] The reports are in folks, and here’s what we got this morning: Empire State Manufacturing Survey – estimated to be 13 , actually 15.92 |
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