June 24th, 2008 by http://fhaappraiserbatonrouge.info
The Wall Street Journal (WSJ) editorial begins by stating that FHA just announced that it “suffered a $4.6 billion dollar loss last year.” First, in spite of the way it was widely reported, this was not exactly what FHA Commissioner Brian Montgomery said. Here is the exact quote from his testimony before Congress:
Currently, FHA is solvent. In fact, we have a reserve of about $21 billion.
However, as a result of our annual re-estimate, we had to book an additional of $4.6 billion in unanticipated long-term losses, mostly due to the increased number of certain types of seller-funded loans in the FHA portfolio.
I’m not completely sure yet, but maybe this statement should be looked at a little more closely. First, Commissioner Montgomery uses the present tense to describe FHA’s reserve fund of $21 billion. Then he says a “re-estimate” is responsible for FHA having to “book” an additional $4.6 billion in unanticipated long term losses.
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June 23rd, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Carl Pruitt - FHA Sends Letters Direct To Homeowners
Source: Expert FHA Loans Consultant, Carl Pruitt
On Thursday June 19, 2008 HUD issued a press release indicating that they were sending out letters to 675,000 “at risk” homeowners. As has been the case with most of HUD’s efforts for troubled borrowers, the gist [...]
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June 21st, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - FHA Guidelines - Fees To Non-FHA Approved Mortgage Brokers
Source: Carl Pruitt
On Oct. 30, 2007, I published a post entitled “FHA Mortgage Co-brokering: Watch Out!” in which I warned of potential violations of FHA’s policy regarding payments to non-approved mortgage brokers. HUD made an announcement that day outlining their policy, but it [...]
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June 17th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Guidelines FHA: FHA Waives Anti-Flipping Rule
Source: FHA Loans Expert, Carl Pruitt
In response to my post “Warning: Why HUD May Stop Your Loan From Closing“, HUD has now waived their anti-flipping rule in certain circumstances. (Just kidding about them responding to my post, but they have taken action.)
You can find all the [...]
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June 13th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - Guidelines FHA: FHA Guidelines On Bankruptcy Rules
Source: FHA Loans Expert, Carl Pruitt
One of the most touching experiences loan officers go through when we conduct marketing campaigns seeking FHA mortgage prospects are the borrowers who call us wanting to buy a home for their family but they just have too much bad [...]
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June 11th, 2008 by http://fhaappraiserbatonrouge.info
http://fhaappraiserbatonrouge.info/ - FHA Guidelines: FHA Down Payment Assistance On The Chopping Block?
Source: FHA Loans Expert, Carl Pruitt
HUD is once again about to propose the rule banning down payment assistance programs and open it up for a 60 day comment period. You can find more about that at the link above.
HUD continues to use [...]
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