Posted in Mortgage Insurance, Mortgage Repurchase The U.S. Department of Housing and Urban Development recently announced that it is accepting applications for investors interested in buying distressed residential mortgage loans formerly insured by the FHA, focusing on mortgages in Chicago, IL, Newark, NJ, Phoenix, AZ, and Tampa, FL. The Distressed Asset Stabilization Program is an expansion of an FHA disposition program… Continue Reading
A Rare Point of Agreement Margaret Chadbourn of Reuters recently reported {April 23} that both Republicans and Democrats have “found a rare point of agreement.” They want to phase out or at least substantially reduce the role of the Federal National Mortgage Association (Fannie Mae ) and the Federal Home Loan Mortgage Corporation (Freddie Mac… Continue Reading
Posted in Legislation/Regulation The Obama Administration unveiled details today of a broad refinancing program affecting non- Government Sponsored Enterprise (GSE) residential mortgage loans, which program was first announced by the President in his State of the Union address last month. Under the refinancing program, which requires congressional approval, borrowers with qualifying non-GSE mortgages who are current on their… Continue Reading