SOURCE: Mortgage News Feed
Julian Castro, President Barack Obama’s nominee to head the U.S. Department of Housing and Urban Development, said it’s possible to give lower-income borrowers access to mortgages while keeping the Federal Housing Administration financially solvent. The FHA is a mortgage insurer run by HUD that helps lower-income borrowers buy houses. Losses of more than $50 billion on mortgages it insured as the housing bubble burst caused it to take a taxpayer subsidy of $1.7 billion last year, the first in its 80-year history.
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