Posts tagged as:

fha loan

Former loan officer sent to prison for defrauding HUD

by Moe Bedard

FORT WORTH — A former loan officer at a local mortgage company was sentenced last week to 3½ years in federal prison and ordered to pay $751,075 in restitution for faking mortgage documents sent to the U.S. Department of Housing and Urban Development.

Lynn Anne Ingle, 36, of Burleson is the second person to admit guilt [...]

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Fannie and FHA Pushing the Sales of Foreclosures

by Moe Bedard

Starting today home “Flippers” are now welcome at the FHA.

That’s right, with a glut of foreclosures plaguing the nation’s neighborhoods, the FHA is temporarily removing restrictions on investors who buy and sell homes within 90 days.

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FHA’s New Mortgage Guidelines

by Moe Bedard

After the real estate crash decimated the mortgage market, a tiny government agency has assumed an outsize role in the housing recovery. In 2006, the Federal Housing Administration—which insures home loans against default—backed just 3 percent of new home-purchase mortgages.

Shaun Donovan, secretary of housing and urban development, responded to such criticism yesterday by outlining a [...]

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FHA Goes High End on Home Loans

by Moe Bedard

Legislation last year nearly doubled the maximum mortgage the FHA could insure, to $729,750 for single-unit properties and almost $1 million for multi-unit ones. As a result, the FHA is moving into expensive markets, especially on the West Coast, in which it previously had little or no role. Even some fairly fancy condo buildings are [...]

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Video: FHA Mortgage Probe

by Moe Bedard

FHA, the Federal Government’s home mortgage insurer is at risk of running out of money. As Hari Sreenivasan of CBS reports, a federal agency has been helping the housing market, but this is risky.

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Will FHA Make it Through “This” Depression?

by Moe Bedard

That hasn’t come without cost. As the FHA filled the void left by the private sector, it has assumed the risks of those loans. And now that a growing number of people have stopped paying their mortgages, the FHA has had to pay out more in claims that it forecast. The agency has just $3.6 [...]

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Does FHA need a bailout?

by Moe Bedard

WASHINGTON – The Federal Housing Administration, which propped up the collapsing housing market last year, acknowledged yesterday that it has drained its cash reserves to dangerously low levels, heightening concerns that it might need a taxpayer bailout.
The agency, which guarantees loans for many first-time homebuyers, could be hit if housing prices lose ground or if [...]

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New Homebuyer Program Already Seeing Signs of Mortgage Fraud

by Moe Bedard

While government officials said many suspect claims could turn out to be simple errors, the report found examples of claimants who already owned homes or had not yet bought one. Some 582 taxpayers were under 18 years old — as young as 4. Of the 1.4 million people who have claimed nearly $10 billion in [...]

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Home Loans Brokered By Nonprofits Helped Fuel The Housing Crisis

by Moe Bedard

Nehemiah, the Sacramento, Calif.-based inventor of seller-funded down payment assistance, and its closest competitor, AmeriDream of Gaithersburg, Md., together facilitated 40 percent of all such loans backed by the FHA. Over eight years, they arranged 392,000 mortgages worth $54 billion, records from the Department of Housing and Urban Development show.
While the two nonprofits earned tens [...]

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FHA foreclosures up, reserves down

by Moe Bedard

As the Federal Housing Administration rapidly increases its role in the mortgage lending business, it’s starting to face a growing number of foreclosures. While in 2006 the FHA’s market share was just 2.7 percent, now that the subprime market is just about dead, the FHA has picked up the slack and its market share reached [...]

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No Hope for These Homeowners Part 1

by Moe Bedard

De Las Mercedes, on October 20th, 2008 at 8:34 pm Said:
I am having a problem with Countrywide/Bank of America allowing me to apply for this program because I have not been delinquent.
I meet all the qualifications outlined by the Hope for Homeowners program; however, the home retention unit states that I am not [...]

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Hope for Homeowners: Will it Help You?

by Moe Bedard

The Hope for Homeowers (H4H) program has been launched and as I have mentioned before here on LoanWorkout, I am very apprehensive as to what this will do for struggling homeowners on Main Street. The reason I am looking at the H4H so pessimistically is because it still leaves lender and mortgage servicer participation in [...]

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Uncle Sam Realty and Loans Inc.

by Moe Bedard

Sadly, recent events in Washington suggest that this optimism of some kind of meaningful rescue plan for Main Street may have been misplaced and that politicians, never the most economically intelligent of mankind, may be working towards constructing the Great Depression - Part II.
The reality now is that we are heading into a major recession and the [...]

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American Housing Rescue and Foreclosure Prevention Act

by Moe Bedard

Washington, DC – The House this week will consider the American Housing Rescue and Floreclosure Prevention Act.  This bill will amend the Senate-passed H.R. 3221 (As amended by the Senate).  Click here to view the legislation
Everyone—homeowners, lenders, neighborhoods, indeed our entire economy is worse off when a foreclosure occurs and when significant quantities of homes [...]

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Barney Frank Makes Threats and the Bush Administration Undermines the House

by Moe Bedard

Business as usual in Washington.
I have been ranting on this blog for almost a  year now on why our government needs to step in and demand action from lenders and servicers to do more to help clean up the toxic mortgages that are eating up our country one home, one family and one city at a time. 
Barney Frank [...]

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The FHA Secure Flop and The No Hope Now Plan = 2 Strikes for the Bush Administration

by Moe Bedard

In only the first 4 months of FHASecure, more than 40,000 households have refinanced under the new housing insurance program to protect their families’ investment in the American Dream.  Announced by President Bush on August 31, 2007, along with HUD Secretary Jackson and Treasury Secretary Paulson, FHASecure is already helping thousands of American families, faced [...]

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FHA Secure Facts

by Moe Bedard

Website are starting to pop up left and right as the next internet gold rush is on the way. With the announcement of the FHA Secure, struggling loan officers, lenders and webmaster rushed to register domain names and jump on the new lending band wagon. Hell, they have been starving for loans and many loan [...]

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