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Federal Housing Administration

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NEWS
April 14, 1995 | by Earni Young, Daily News Staff Writer
Like the old woman who lived in a shoe, Housing Secretary Henry Cisneros has a lot of remodeling to do if he is to save the beleaguered Department of Housing and Urban Development from the Republican Congress' demolition team. One of the key changes in a massive overhaul proposed by Cisneros last month calls for the 60-year-old Federal Housing Administration, now managed by HUD, to become a separate, downsized, government-owned corporation. "We are proposing to completely recast FHA," HUD Secretary Henry Cisneros told the Senate Banking, Housing and Urban Affairs subcommittee.
BUSINESS
April 17, 2016 | By Harold Brubaker, Staff Writer
Freedom Mortgage Corp., of Mount Laurel, agreed to pay $113 million to settle allegations that from 2006 through 2011 it certified hundreds of mortgages for Federal Housing Administration insurance that did not qualify, Paul J. Fishman, the U.S. attorney for the District of New Jersey, said Friday. Mortgage companies authorized to certify home loans for the federal loan insurance - designed for borrowers who cannot afford a large down payment - are required to monitor loans for defaults within the first six months.
NEWS
March 6, 2012
President Obama said Tuesday that homeowners with FHA-insured mortgages endorsed on or before May 31, 2009, who choose to refinance their loans to record low rates would see upfront and annual premiums reduced when they do. Effective for existing FHA loans refinanced starting June 11, the upfront premium will fall from 1 percent to 0.01 percent of the base loan amount, FHA acting commissioner Carol Galante said. The annual premium will decline to 0.55 percent. Last week, Federal housing Administration announced premium increases for new loans, beginning April 1. To take advantage of this streamlined refinancing program, borrowers must be current on their mortgages, she said.
REAL_ESTATE
November 2, 2014 | By Erin Arvedlund, Inquirer Staff Writer
Helen Heenan bought a 19th-century house on the 400 block of East Wildey Street in Fishtown in 2013. It was uninhabitable at the time. Using an FHA program called 203k, Heenan was able to finance both the acquisition of the property and nearly all of a total renovation. A native of Port Richmond, Heenan has lived on and off in Fishtown for nearly 20 years. First, she was renting houses with roommates, and then, after a stint working in Ireland and attending business school in London, she finally bought her own Philadelphia house in 2005.
BUSINESS
September 20, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
City, state and federal officials meeting at the Philadelphia Federal Reserve yesterday laid out plans to help homeowners facing foreclosure. Efforts include a $3.8 million program by the Philadelphia Neighborhood Transformation Initiative to shore up low-income areas with high ownership rates that have seen rapid housing-price appreciation because they are near some of the city's hot neighborhoods. Officials from the Federal Housing Administration and the Pennsylvania Housing Finance Agency talked about efforts to refinance borrowers caught in unaffordable adjustable-rate mortgages.
NEWS
March 25, 2008 | By Harold Brubaker INQUIRER STAFF WRITER
Law professor Alan M. White welcomed Hillary Rodham Clinton's plan to get the mortgage crisis at the center of the nation's economic slowdown under control. "The sad thing is, a lot of this needs to be done before January 2009," said White, who left Philadelphia's Community Legal Services last year to join the faculty at Valparaiso University School of Law in Indiana. Clinton's proposals include a new role for the Federal Housing Administration in restructuring troubled mortgages.
BUSINESS
January 5, 1996 | By Alan J. Heavens, INQUIRER STAFF WRITER
Congressional inaction has affected home mortgages guaranteed by the Veterans Administration or insured by the Federal Housing Administration. The rules governing these mortgages changed last year, but have been forced back to old procedures this year because of Congress' failure to extend the new rules. About 11 percent of all mortgages involve these federal agencies. "It's really hampering these loans," said Fred Glick, vice president of Hart Mortgage Corp., in Fort Washington.
NEWS
August 18, 1986
U.S. Housing Secretary Samuel R. Pierce announced last week a number of potentially useful steps to prevent fraud in home mortgages insured by the Federal Housing Administration. They are the result of disclosures of widespread fraud in the FHA program in Camden, where real estate sales personnel, mortgage company officials, property assessors and others have been convicted of a variety of corruption charges. Similar fraud was subsequently uncovered in other cities. As a series of articles by Tim Weiner in The Inquirer in 1984 described in detail, the housing scandals in Camden were systematic and involved many players who shared in the profits.
BUSINESS
June 6, 1986 | By MARC MELTZER, Daily News Staff Writer
Housing officials meeting in Philadelphia yesterday bemoaned the on-again, off-again status of the Federal Housing Administration, which was facing its second temporary shutdown this year. The FHA, which was forced to temporarily halt its mortgage-insurance program last month until Congress boosted the agency's lending limit by $17 billion and extended its operating authority. That extension - the third since last fall - expires tonight at midnight, unless Congress approves yet another reprieve for the agency's mortgage backing authority.
NEWS
June 24, 1988 | By JIM SMITH, Daily News Staff Writer
In 1966, John P. Moscony became a salesman in the real estate business founded by his late father and helped build it into one of Southwest Philadelphia's busiest home dealers. But all the good will and reputation he once said he earned has come into question. Moscony, 45, and Thomas L. Cullen Jr., 43, his chief salesman, have been indicted by a federal grand jury here for allegedly reaping more than $600,000 in profits over a six-year period by fraudulently securing federal mortgage insurance for some 95 homebuyers whom he knew to be ineligible for government- insured loans.
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BUSINESS
April 17, 2016 | By Harold Brubaker, Staff Writer
Freedom Mortgage Corp., of Mount Laurel, agreed to pay $113 million to settle allegations that from 2006 through 2011 it certified hundreds of mortgages for Federal Housing Administration insurance that did not qualify, Paul J. Fishman, the U.S. attorney for the District of New Jersey, said Friday. Mortgage companies authorized to certify home loans for the federal loan insurance - designed for borrowers who cannot afford a large down payment - are required to monitor loans for defaults within the first six months.
REAL_ESTATE
October 25, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
FHA mortgages, with their low down payments and recently reduced insurance rates, continue to be the choice of many, especially first-time home buyers. But the Federal Housing Administration makes changes periodically in the rules. For example, effective Sept. 14, the U.S. Department of Housing and Urban Development requires mortgage lenders "at first contact" to advise borrowers to get home inspections. On Sept. 15 came changes that can affect borrower eligibility. Because large numbers of buyers use FHA, I thought I would talk about some of those new rules: A buyer with a prior short sale may now purchase right away, rather than wait three years, as previously required.
REAL_ESTATE
November 2, 2014 | By Erin Arvedlund, Inquirer Staff Writer
Helen Heenan bought a 19th-century house on the 400 block of East Wildey Street in Fishtown in 2013. It was uninhabitable at the time. Using an FHA program called 203k, Heenan was able to finance both the acquisition of the property and nearly all of a total renovation. A native of Port Richmond, Heenan has lived on and off in Fishtown for nearly 20 years. First, she was renting houses with roommates, and then, after a stint working in Ireland and attending business school in London, she finally bought her own Philadelphia house in 2005.
REAL_ESTATE
December 23, 2013 | By Alan J. Heavens, Inquirer Real Estate Writer
It seems like a no-brainer: Only those who are able to repay mortgages should get them. Yet the housing market is still climbing out of a hole dug by lenders who thought otherwise. Come Jan. 10, nearly seven years after the housing market crashed and burned, a rule designed to ensure mortgages are granted only to borrowers who can repay what they owe will take effect. Called the Ability to Repay/Qualified Mortgage Rule, the regulation was written by the Consumer Financial Protection Bureau in accordance with requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the rule, mortgage lenders are required to verify ability to repay.
BUSINESS
September 20, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Jerry Schiano was driving to work Monday at New Penn Financial , the Plymouth Meeting home-loan company he heads, when he heard economist Larry Summers had asked President Obama not to make Summers the next chairman of the Federal Reserve. "We'll have a good day!" Schiano exulted. Summers' withdrawal meant investors would bid down interest rates, expecting current Fed chair Ben Bernanke's cheap-money policy will last longer without Summers' restraining hand.
NEWS
August 11, 2013 | By Theodore Schleifer, Inquirer Staff Writer
A bill sponsored by U.S. Rep. Mike Fitzpatrick (R., Pa.) to limit the amount of money senior citizens can borrow against the value of their homes became law Friday afternoon. President Obama signed the bill, which was also sponsored by Rep. Denny Heck (D., Wash.) and passed easily in the House and the Senate. It was one of only 22 pieces of legislation passed thus far in this session of Congress. The one-page bill authorizes the Federal Housing Administration to craft regulations that would cap the amount senior citizens can initially withdraw in return for some of the value of their homes.
NEWS
March 6, 2012
President Obama said Tuesday that homeowners with FHA-insured mortgages endorsed on or before May 31, 2009, who choose to refinance their loans to record low rates would see upfront and annual premiums reduced when they do. Effective for existing FHA loans refinanced starting June 11, the upfront premium will fall from 1 percent to 0.01 percent of the base loan amount, FHA acting commissioner Carol Galante said. The annual premium will decline to 0.55 percent. Last week, Federal housing Administration announced premium increases for new loans, beginning April 1. To take advantage of this streamlined refinancing program, borrowers must be current on their mortgages, she said.
NEWS
February 22, 2012 | By Shaun Donovan
Banks and mortgage servicers expect homeowners to meet their obligations. In an economy built to last, homeowners should expect the same of them. Too often in the run-up to the housing crisis, that wasn't the case. Banks didn't hold up their end of the bargain. Lenders sold loans to people who couldn't afford them to make profits that turned out to be a mirage. Millions of families who did nothing wrong lost their homes or saw their value drop as a result. As extensive federal and state investigations found, the abuses continued after homeowners moved in. After reviewing thousands of loans insured by the Federal Housing Administration, the U.S. Department of Housing and Urban Development and its Inspector General's Office uncovered evidence that the country's five largest loan servicers routinely signed foreclosure documents without knowing whether they were accurate.
REAL_ESTATE
February 19, 2012 | By Al Heavens, Inquirer Columnist
Since reporting the details of President Obama's latest housing recovery plan, I have been inundated with e-mails and calls from homeowners looking to refinance their mortgages to record low rates through the Federal Housing Administration. The volume, along with regular appeals from readers asking me to intercede for them with lenders and servicers, are proof positive the financial crisis is far from over. The problem is that Congress, including a Republican House majority hostile to the plan, has to approve it first, and that may not happen.
BUSINESS
January 26, 2012 | By Alan J. Heavens, Inquirer Real Estate Writer
The housing industry has been appealing for a coherent policy that will end the market's five-year-old downturn and get real estate moving. What President Obama offered Tuesday night in his State of the Union address, though welcomed by many, does not appear to be all the industry had in mind. The President proposed to allow up to four million homeowners to refinance into loans guaranteed by the Federal Housing Administration, an action Obama said would save individuals an average of $3,000 annually.
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