Fraud fears cloud FHA’s success in stabilizing housing market – National Business – MiamiHerald.com
WASHINGTON — As the Federal Housing Administration has stepped in to help stabilize the housing market by underwriting more mortgages, the Depression-era agency is seeing growing default rates that could undermine its health, the Department of Housing and Urban Development inspector general testified Thursday.
Kenneth Donohue also told the Senate Appropriations housing subcommittee that unscrupulous lenders [...]
HUD Looking at Hefty Principal Balance Reductions
The creators of the wildly-popular, one customer served, Hope for Homeowners program are reportedly looking to expand their stable of loss mitigation tools.
The Department of Housing and Urban Development is considering principal balance reductions of up to 30 percent on FHA loans in an effort to keep homeowners afloat, according to National Mortgage News.
Details are [...]
Maryland program to stave off foreclosures
Homeowners fearful of losing their homes because of looming defaults and foreclosures could get help through a new state initiative.
Called Homeowners Preserving Equity, the HOPE program offers a commitment of $100 million in private capital to help about 500 homeowners to refinance and switch adjustable-rate mortgages to fixed-rate mortgages.
The state also plans to use $10 [...]
