-
Nearly one in four Federal Housing Administration loans would go belly up in the next five years if another recession hit the U.S., a new study has found.
December 16 -
Lower credit losses and higher premium revenues pushed the Federal Housing Administrations mortgage insurance fund closer to positive territory and the agency says it is on pace to reach its statutory capital requirement two years ahead of schedule.
December 13
WASHINGTON Rep. Gary Miller, R-Calif., introduced legislation Wednesday to curb efforts by the Department of Housing and Urban Development to lower Federal Housing Administration loan limits.
The bill takes aim at a December announcement by FHA that it would reduce loan limits for some high-cost areas this year. Roughly 650 counties have been affected by the change, which went into effect in January.
The Stabilizing FHA Loan Limit Calculations Act would require the agency to use in its calculations for determining the limits a median home price value equal to at least the2013 value. It would also grant HUD the authority to sub-divide real estate markets and set different loan limits within a single county.
"This bipartisan legislation guarantees that thousands of first-time home buyers across the Inland Empire will have the opportunity to own a home by providing access to low down payment financing that is affordable," Miller said in a press release.
Reps. Peter King, R-N.Y., Ken Calvert, R-Calif., Brad Sherman, D-Calif., Rep. Carolyn Maloney, D-N.Y., and Jerry McNerney, D-Calif., are co-sponsoring the bill.