FHA

President Trump's budget released Thursday calls for slashing the Department of Housing and Urban Development's funding by 13%, or $6.2 billion, compared with 2016 levels, a blow to many bankerswho say affordable housing programs and other HUD initiatives are vital to their work.

Rising interest rates have slowed a recent run of unexpectedly high prepayments of government-insured mortgages, making servicing rights for loans held in Ginnie Mae securities more attractive to investors.

Republican lawmakers are citing a recent report that delinquencies rose for loans guaranteed by the Federal Housing Administration as a reason to delay a premium cut, but economists suggest the uptick is related to seasonal issues.

Housing and Urban Development Secretary-designate Ben Carson is open to finding alternatives to the 30-year fixed-rate mortgage, but believes there must be some government backstop to the housing market.

HUD Secretary-designate Ben Carson is all but certain to get confirmed to his post—unless he makes a major mistake during his confirmation hearing.

The Federal Housing Administration said it would cut the annual premium by 25 basis points starting on Jan. 27, giving President-elect Donald Trump a limited window to delay or scrap the cut.

The Federal Housing Administration is cutting its annual mortgage insurance premium by 25 basis points, to 60 basis points, starting Jan. 27, the agency said Monday.