MLS Real Estate & Listings Blog

A top Democrat wants to give the Federal Housing Administration authorization to provide an additional $300 billion in mortgage guarantees to help refinance up to 2 million loans in cases where lenders agree to "substantial" principal write-downs.

A bill proposed by Rep. Barney Frank would require that lenders — or the investors who hold the rights to service a mortgage — agree to write-downs large enough to insulate FHA from losses and provide a "meaningful reduction" in a troubled borrower’s monthly payments.  more…

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The collapse of Bear Stearns this morning has pulled the 10-year Treasury yield to 3.42 percent, but lowest-fee mortgages are still stuck above 6 percent. Mortgage improvement was inhibited by fire sales elsewhere (Thornburg and Carlyle), and by Bear’s mortgage exposure, the Street’s largest. As one of the Fed’s 20 "primary dealers," Bear has received instant bailout, but its mortgage portfolio still overhangs the market.  more…

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Re: ‘HUD rolls out new limits for FHA-backed loans‘ (March 6)

Dear Editor:

With this new economic stimulus package, buyers in areas that have higher priced homes will have many more options now to purchase homes. Hopefully this is one of things the housing market needs.

Michael Campanaro
Home mortgage consultantWayne, N.J.  more…

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Re: ‘Judge throws out ban on down-payment assistance‘ (March 5)

Dear Editor:

It blows my mind how a scam like the FHA down-payment-assistance programs could be allowed to continue. All you have to do is look at the levels of default on these loans to know that those loans raise the cost of FHA loans for everyone else. It’s a shame, but at this point FHA could easily and justifiably make changes now that will make the programs very hard to utilize.  more…

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The Department of Housing and Urban Development today implemented temporary increases in FHA loan limits in every housing market that it estimated will allow nearly 240,000 additional families to take advantage of the government-backed mortgage insurance program.  more…

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Federal regulators have not adequately explained their decision to reverse a policy allowing seller-funded down-payment assistance on FHA-backed loans — or provided sufficient responses to suggestions on ways to mend, rather than end, the practice — a federal judge has ruled.  more…

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Re: ‘FHA appraisers are not home inspectors‘ (March 4)

Dear Editor:

Barry Stone addresses the concerns of a certified FHA appraiser as to the scope of what is required of the appraiser in doing an FHA-ordered appraisal.

He suggests that the public may be misled when seeing an appraiser doing his or her job in thinking that it is the same as a home inspection.  more…

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