Reverse Mortgage Debate In Overdrive

The warning bells sounded pretty loud and clear earlier this month when a top banking regulator compared the potential risks of reverse mortgages with the subprime lending crisis. In a speech to bankers, John Dugan, comptroller of the currency, warned of concerns that seniors may fall victim to marketing pitches and investment schemes and be unaware of the high cost structure of these complicated financial instruments.

To read the entire article, please visit: http://www.chicagotribune.com/classified/realestate/chi-local-scene_chomes_0626jun26,0,1488112.column

F.H.A. Loans Help Sales

When the credit markets snapped shut last year, getting a home mortgage became tricky business. The federal government stepped in to fill some of that void with loans insured by the Federal Housing Administration. The loans now make up nearly a quarter of the market, up from just 2 percent three years ago. Loans insured by the F.H.A., an arm of HUD, protect lenders from losses, thereby encouraging them to provide financing to those who might otherwise be refused a mortgage.

To read the entire article, please visit: http://www.nytimes.com/2009/06/28/realestate/28post.html

Mortgage Applications at 7-Month Low

Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed Wednesday. The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines moderating in many regions of the country.

To read the entire article, please visit: http://money.cnn.com/2009/07/01/real_estate/mortgage_applications.reut/index.htm?postversion=2009070107

Reverse Mortgages - How They Work

With basic living expenses slowly increasing mature Americans are often left wondering how they will supplement their current monthly income just to survive day-to-day. Fortunately, the US Department of Housing and Urban Development (HUD) and the Federal Housing Authority (FHA) created a program called the Home Equity Conversion Mortgage (HECM) or reverse mortgage. The program was designed to allow mature Americans, age 62 years and older, remain in their home and use their home as equity to provide them with the additional income they need per month.

To read the entire article, please visit: http://www.examiner.com/x-13871-Fort-Worth-Reverse-Mortgage-Examiner~y2009m6d23-Reverse-Mortgages--How-they-work

FHA Loans Are Taking Over US Home Mortgage Market

FHA Loan applications and actual FHA loan closings have more then trippled over the last 2 years. The low down payment FHA Loan program is accounting for more loans then ever before in the loan industry nationwide. San Diego, California is one one the top 10 hardest hit counties in the nations housing market, but Broker and CEO of SD County Financial - www.SDCountyFinancial.com , Mark Revetta, reports that his San Diego FHA Loan corporation is closing San Diego FHA Loans in record volumes.

To read the entire article, please visit: http://www.webwire.com/ViewPressRel.asp?aId=97681

Housing Saviors: The Echo Boomers

The seeds of a housing recovery have already been planted, according to a report released Monday. In fact, many of them were sown starting around 1979. According to an annual state of the nation's housing from Harvard University's Joint Center for Housing Studies, once the U.S. emerges from recession, strong demographic trends will restore health to the housing market. The key is echo boomers, the 75 million Americans born between 1979 and 1995.

To read the entire article, please visit: http://money.cnn.com/2009/06/21/real_estate/Harvard_state_of_housing/index.htm?postversion=2009062214

FHA's Expanded Market Share Must Be Supported, Say Realtors

FHA's market share has grown from less than 3 percent to more than 25 percent in a short period of time. NAR submitted testimony to the House Financial Services Subcommittee expressing support for increased FHA staffing and resources to keep up with this rising demand. "As the leading advocate for homeownership, NAR strongly supports FHA's single- and multifamily mortgage insurance programs, and we have worked diligently with Congress to fashion housing policies that ensure federal housing programs meet their mission responsibly and efficiently," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

To read the entire article, please visit: http://au.sys-con.com/node/1007758

Slow Start For Federal Mortgage Programs

The Treasury Department said this week that Making Home Affordable servicers have extended 150,000 loan modification offers to distressed homeowners, and about 55,000 borrowers are already enrolled in the three-month modification trial. In addition, about 3,650 homeowners have refinanced their mortgages through the government-driven program, although the Treasury says tens of thousands of loans are still in process.

To read the entire article, please visit: http://www.dsnews.com/index.php/home/news_stories_all/7/6

FHA the Cure All

Mortgage Originators realize that one loan product does not fit all. Several loan types exist and has had initial success but failed to perform as designed. The FHA insured loan has been a strong contender on the home buying, home-ownership front and is still performing. In 2004 FHA only counted for 4% of all home loans, in 2008 FHA insured $205 billion dollars of single family mortgages and in the first 6 months has insured an additional $158 billion in single family homes.

To read the entire article, please visit: http://www.examiner.com/x-12359-Indianapolis-Mortgage-Examiner~y2009m6d18-FHA-the-Cure-All