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Federal Housing Administration

BUSINESS
March 18, 2012 | By Kenneth R. Harney
The Obama administration's new plan to stimulate refinancings of FHA mortgages is likely to help large numbers of homeowners — even those who are deeply underwater — cut their monthly costs by switching to a loan with a rate below 4%. Here's a quick overview of the "streamline refi" program and what it will take for you to qualify. First, the baseline criteria: Your current home loan must be FHA-insured and must have been put on the Federal Housing Administration's books no later than May 31, 2009.
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BUSINESS
February 15, 2012 | By Nathaniel Popper and E. Scott Reckard, Los Angeles Times
Citigroup Inc. is paying $158 million to settle accusations that it took advantage of a federal mortgage insurance program. In a settlement with the Justice Department, Citi admitted that it provided misleading information about the quality of its mortgages to a federal insurance program run by the Department of Housing and Urban Development. The government provided backing for the mortgages and ended up losing millions when the borrowers defaulted. In the complaint filed Wednesday as part of the settlement, the U.S. attorney's office in Manhattan said CitiMortgage violated the rules of the Federal Housing Administration insurance program for six years until it was subpoenaed in July.
BUSINESS
November 16, 2011 | By Jim Puzzanghera, Los Angeles Times
There might yet be another casualty in the real estate market: the Federal Housing Administration. With home prices still seeking their bottom, the federal agency that insures more than $1 trillion in mortgages faces a nearly 50% chance that it could need a taxpayer bailout next year, according to a government report released Tuesday. If the housing market fails to rebound next year, the FHA would need as much as $43 billion from the U.S. Treasury to stay afloat, the report said.
BUSINESS
April 3, 2011 | By Kenneth R. Harney
Could the federal government's booming FHA mortgage program be forcing homeowners to pay tens of millions of dollars of extra interest charges when they sell their houses or refinance their loans? Critics say yes. The government says the critics aren't providing the full picture. Those critics include Sen. Benjamin L. Cardin (D-Md.), who is sponsoring legislation that would prohibit Federal Housing Administration lenders from collecting a full month's worth of interest from sellers and refinancers who pay off their mortgages — close escrow — before the final day of the month.
BUSINESS
January 9, 2011 | By Lew Sichelman
Homeowners who trade in loans insured by the Federal Housing Administration could be in for a big payday, and not just in the form of a lower interest rate and correspondingly lower payments. If your old FHA loan is less than 3 years old, you will be getting back some of the insurance premium you paid at closing. But only if you take out another government-insured mortgage. If you refinance into any other type of loan ? one guaranteed by a private insurer, for example, or perhaps a conventional mortgage without any coverage at all ?
BUSINESS
July 25, 2010 | By Lew Sichelman
Condominium owners who are trying to sell in today's agonizingly slow housing market should make sure that their community is on the Federal Housing Administration's approved list. Ditto for someone who is thinking about refinancing a condo. Under a little-noticed edict put in place in December, the FHA is no longer approving mortgages on condominium units on a spot, loan-by-loan basis. Now the entire project must be cleared by the agency before a buyer can purchase a unit in the community with a government-insured mortgage or an owner can trade in his loan for a less expensive one backed by the FHA. That's important because FHA financing is being used more frequently today than at practically any other time in the agency's 76-year history.
BUSINESS
January 31, 2010 | By Kenneth R. Harney
Call it three birds with one stone: The federal government hopes simultaneously to help low-down-payment home buyers, investors who fix up foreclosures, and local communities burdened with too many bank-owned and foreclosed homes -- all with one potentially far-reaching policy change. The Federal Housing Administration is revising its long-standing "anti-flipping" rule starting Monday and just might score a hit with all three target groups. For years the FHA has had a strict prohibition: It wouldn't insure a mortgage on a house whose seller had owned it less than 90 days.
BUSINESS
January 20, 2010 | By Mary Ellen Podmolik
The Federal Housing Administration will raise mortgage insurance premiums, update requirements for so-called FICO credit scores and down payments for new home buyers and take other measures designed to shore up the agency's low capital reserves. The FHA, which insures mortgages, also will reduce allowable seller concessions to 3% from 6% and institute a number of measures to increase lender enforcement, the agency is expected to announce today. The proposals were outlined last month by U.S. Housing and Urban Development Secretary Shaun Donovan.
BUSINESS
January 13, 2010 | By E. Scott Reckard
Government officials have subpoenaed documents from 15 lenders whose Federal Housing Administration-backed loans have high default rates, including a failed Missouri bank that was owned by an Orange County financial firm. Many of the FHA-backed loans issued by the lenders went bad almost immediately, said Kenneth M. Donohue, inspector general for the Department of Housing and Urban Development, which includes the FHA. At a news conference Tuesday, he called the action a review that was not yet an investigation.
BUSINESS
December 3, 2009 | By Jim Puzzanghera and Alejandro Lazo
Reporting from Los Angeles and Washington Alejandro Lazo -- Thousands of Southern California home buyers, and millions nationwide, will have to come up with more cash and reach higher minimum credit scores to get a government-backed mortgage under changes unveiled by the Federal Housing Administration. Some loans might require more than the current 3.5% minimum down payment, but the Obama administration is resisting calls for an across-the-board hike. Instead, it is looking at other ways to increase the amount of cash at closing, such as requiring borrowers to pay more of their mortgage insurance premiums up front.
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