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FHA Helps B&C Refinancing.
Washington -- Now that the FHA Secure program has fallen short in helping slightly delinquent subprime borrowers, proposals are being floated to expand the Federal Housing Administration program to refinance a growing number of seriously delinquent borrowers.
The Credit Suisse Group has proposed an expanded FHA Secure program that could potentially help 600,000 delinquent subprime borrowers refinance into an FHA-insured mortgage. Under the CSG proposal, lender/servicers "may need to forgive some debt" to meet FHA loan-to-value and debt-to-income requirements. And the borrower must make three timely payments on the modified loan before FHA insures it.
The National Association of Realtors is working on a similar proposal. But the Realtors contend it is too risky to have the FHA refinance these borrowers and only require a 3% downpayment. Based on certain risk criteria, NAR wants the loans refinanced at a 90% LTV or 80% LTV to compensate for the credit risk and to protect the FHA from falling house prices. Major banks have ...
- Securing Your Borrowers: The FHA Secure Program is good news for originators...
- News wire article from: Mortgage Line Finkelstein, Brad January 15, 2008 700+ words
...identify and market to potential FHA Secure customers, as well as customers...challenging period." In terms of the FHA Secure program, Intellidyn uses a combination...property. Not qualifying for the FHA Secure program exists on both sides of the...
- HUD Kills FHA Secure Effort.
- Magazine article from: National Mortgage News January 5, 2009 700+ words
...Development has terminated its FHA Secure program, which was originally designed...loans. President Bush launched FHA Secure program in August 2007 as part of his...global financial crisis. The FHA Secure program refinanced only 4,000 delinquent...
- Determining FHA Secure Eligibility.
- Magazine article from: National Mortgage News January 14, 2008 700+ words
SAN MATEO, CA -- Determining eligibility for the Federal Housing Administration's new FHA Secure program can be challenging given the "extensive criteria" set by the FHA, according to Andrew Housser, co-chief executive officer...
- Program Launched.(Bills.com)(Federal Housing Administration Secure...
- Magazine article from: Origination News January 1, 2008 700+ words
...candidates for the Federal Housing Administration's new FHA Secure program. Andrew Housser, co-chief executive officer of...criteria" set by the FHA. But with Bills.com's FHA Secure Check program, homeowners can complete a simple form...
- HUD Acts on B&C Refis.
- News wire article from: Mortgage Line Collins, Brian September 18, 2007 700+ words
...refinancing program, which is call "FHA Secure," just before the Labor Day weekend. The FHA Secure program will give "many families who...to its program. With the new FHA Secure program, HUD expects to reach another...
- Lenders Skeptical about FHA Role in Rescuing Borrowers.
- Magazine article from: Mortgage Servicing News Collins, Brian February 1, 2008 700+ words
...subprime borrowers to stem rising foreclosures, including delinquent homeowners under its FHA Secure program. But lenders have found the FHA Secure program difficult to implement and too narrowly targeted. Industry experts consider the refinancing...
- FHA Called Upon for More Help.
- Magazine article from: National Mortgage News Collins, Brian February 25, 2008 700+ words
...Urban Development launched the FHA Secure program on Sept. 5 to help delinquent...considering options to expand the FHA Secure program. "We are exploring ways to...supports an expansion of the FHA Secure program to help seriously delinquent...
- House Passes FHA Bill Despite Threat of Bush Veto.
- Magazine article from: National Mortgage News Collins, Brian May 12, 2008 700+ words
...insurance rates for the expanded FHA Secure program expected to be launched July 14. The current FHA Secure program has been successful in refinancing...affordable FHA loans. The expanded FHA Secure program would help delinquent homeowners...