Thanks to what government-controlled GSE Freddie Mac is calling a “material increase in mortgage insurer rescissions, cancellations and denials of coverage” in its mortgage portfolio, the GSE is warning mortgage sellers and servicers that it may be demanding that they buy back loans if it is determined that the mortgage “does not have the mortgage insurance coverage as required at Read full article »
Tag archives for Mortgage Insurance
Freddie Mac Warns More Repurchase Demands on the Way
HUD Facing $11 Million in Losses Thanks to Non-Compliant FHA Loans
In a recent review of more than 250 loans from 15 lenders, HUD’s Office of the Inspector General (OIG) determined that 49 percent of those loans were non-compliant with FHA guidelines and were likely to cost the FHA insurance fund $11 million or more. OIG recommended that HUD bring suit against each lender who violated lending regulations by misstating borrower Read full article »
New Premium Structure for FHA-Insured Loans Announced
In the future, even with excellent credit it’s going to cost you more to get a mortgage – at least if you are looking for the prime terms provided by many FHA loans. Yesterday the FHA announced that it will increase annual mortgage insurance premiums by 0.25 percentage points on 30- and 15-year loans. Upfront premiums will hold steady at Read full article »
Text Of FHA’s Waiver of Property Flipping Prohibition
Waiver of Requirements of 24 CFR 203.37a (b)(2) Pursuant to §7(q) of the Department of Housing and Urban Development Act (42 USC 3535(q) and 24 CFR 5.110, I hereby waive §203.37a(b)(2) of the regulations. That regulation prohibits a mortgage from being insured by FHA if the sale of the property that will be the security for the mortgage is within 90 Read full article »
HUD/FHA Press Release Allowing Property Flipping
FHA Extends Financing For Immediate Purchase Of Foreclosed Homes Measure seen to bring stability to home values and accelerate sale of vacant properties. WASHINGTON - In an effort to stabilize declining home values in certain neighborhoods, the Bush Administration today announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties. For one year, Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
