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Open Forum: FHA Can Help Stem Foreclosures: Mr. Montgomery's remarks on the Bush administration's plan to help nearly one-quarter of a million homeowners avoid foreclosure are presented as our Open Forum.
The president has indicated his support for a modified version of the existing FHA refinance product. The president wants FHA to help break the cycle of foreclosure and price depreciation, and bring much-needed liquidity to a mortgage market that has quickly become constricted.
Let me explain his position. The president realizes that many subprime borrowers are now in mortgages that are resetting at much higher interest rates. Some are doubling. Some are even tripling from the teaser rate that lured these borrowers in. And many subprime borrowers are looking for an exit strategy. And we recognize this fact. And we have acted to help as many people as we could under current legal constraints.
We have already proactively helped many borrowers this year. In fact, we estimate by the end of this fiscal year, we will have helped more than 100,000 borrowers refinance and do an FHA loan, which is, by the way, a 66% increase from last year.
But in order to assist more Americans, we want to go further and are going further. At the moment, only borrowers who are current on their existing loan are allowed to refinance in FHA.
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- Risk-Based Pricing Proves Controversial for FHA.
- Magazine article from: National Mortgage News Collins, Brian July 7, 2008 700+ words
...supposed to implement risk-based pricing for FHA mortgage insurance premiums...month moratorium on the FHA converting to risk-based pricing. The House version restricts...bill and authorize the FHA to use risk-based pricing. But President George...
- Congress Divided on Merits of Risk-Based Pricing for the FHA.
- News wire article from: Mortgage Line April 20, 2007 700+ words
...Biggert, R- Ill., gives the FHA wider discretion in charging charge...Frank, D-Mass., allows the FHA to charge risk-based pricing but it is more restrictive. Both...are aimed at re-energizing the FHA single-family program so it...
- Risk Based Pricing Proposed for FHA.
- Magazine article from: National Mortgage News Collins, Brian January 30, 2006 700+ words
...Administration to use risk-based pricing is expected to be included...would authorize the FHA to adjust mortgage insurance...sources. "It would allow FHA to set premiums like...Conceptually, risk-based pricing would help the FHA compete for more creditworthy...
- FHA Is Going To Risk-Based.
- News wire article from: Mortgage Line Collins, Brian June 11, 2008 700+ words
...ahead with risk-based pricing so it can refinance...less expensive FHA-insured loans...resistance to FHA adopting risk-based pricing in Congress and...issued a risk-based pricing proposal last...Senate to pass an FHA modernization...
- FHA Changing Pricing.
- Magazine article from: Origination News June 1, 2008 700+ words
...ahead with risk-based pricing so it can refinance...less expensive FHA-insured loans...resistance to FHA adopting risk-based pricing in Congress and...issued a risk-based pricing proposal last...Senate to pass an FHA modernization...
- Lenders Fear FHA 'Whiplash'.
- News wire article from: Mortgage Line Collins, Brian August 5, 2008 700+ words
...is a one-year moratorium on the FHA using risk-based pricing. If enacted into law, FHA lenders would have to revert back...reached a compromise on the risk-based pricing issue. And other FHA issues, such as loan limits and seller...
- Automating FHA; Is HUD doing everything it can to make the process...
- Magazine article from: Mortgage Technology September 4, 2008 700+ words
...spokesperson for one veteran FHA lender dismissed FHA Secure as "more fluff than substance...lobbied Congress has put a moratorium on FHA's risk-based pricing plan, causing some to worry that FHA may fall prey to the same flawed lending...
- GAO Concerned About Higher-Than-Expected FHA Defaults.
- Magazine article from: National Mortgage News Collins, Brian August 19, 2002 700+ words
...GAO says. And GAO assumes conventional lenders will be able pick off the FHA's best customers unless the FHA offers risk-based pricing. Even if the FHA perfects an automated underwriting system, "it may not change the risk profile...
- Opposition Emerges to FHA Bill.
- Magazine article from: National Mortgage News July 24, 2006 700+ words
...opposition to allowing the FHA to adopt risk-based pricing on single-family loans...delay any action on the FHA reforms until a congressional...completes an analysis of the FHA reforms. "In view...authorization of risk-based pricing not be acted upon before...
- FHA Reform Could Provide Borrowers With Safer Mortgage Alternative.
- News wire article from: The America's Intelligence Wire March 15, 2007 700+ words
...consumers' needs and demands. Changes that FHA has proposed and that are supported by...down payment flexibility; allowing the FHA to offer risk-based pricing; and increasing the loan limits for FHA loans. "Because FHA has not changed with...
Source: HighBeam Research, Open Forum: FHA Can Help Stem Foreclosures: Mr. Montgomery's remarks...
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