Bush’s FHA Plan May Only Reach 10 Percent of At-Risk Subprime Borrowers

The White House budget estimates that FHA has lost 70 percent of its traditional business in the past three years alone — much of it low-risk borrowers attracted to the booming subprime industry.

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We are at the tip of the iceberg in a rapidly accelerating mortgage meltdown. for nondelinquent borrowers on certain subprime adjustable rate loans. The Center for Responsible Lending estimates the.

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In an analysis done early this year, the FDIC found that 10 percent of the subprime adjustable rate mortgages issued in 2006 were seriously delinquent (missed three or more payments) or in foreclosure within 10 months of issuance. Since no mortgages had reset at the 10-month point, clearly there were other problems.

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As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike New GSE appraisal database to tighten scrutiny on mortgage lenders According to the source post: HousingWire.com "New GSE appraisal database to tighten scrutiny on mortgage lenders" – Appraisers began submitting electronic property data for mortgages sold to Fannie Mae and Freddie Mac under new guidelines that took effect Thursday (9/1/11).FHA’s portfolio shows the average credit score on current insurance endorsements has risen from 634 in 2007 to nearly 700 today. Loan performance, as measured by serious delinquency and early period delinquency rates, has improved significantly, with the first year-over-year decline in new 90-day delinquencies in years.

Seven-plus percent level of unemployment is now “full employment,” and more government debt in the last four years than the previous eight years, is the new norm with trillion dollar annual deficits.

At a minimum, the bipartisan package was expected to include up to $200 million to expand counseling programs for homeowners at risk of foreclosure, $10 billion in tax-exempt bonds for local housing.

But this is a bigger disaster than FHA can absorb. The rest of Bush's plan seems to involve arm-twisting with lenders and. Posted by Calculated Risk on 8/31/ 2007 10:00:00 AM.. “This is also a step to get banks to start loaning again.”. It's not just sub-prime borrowers who are having trouble getting.

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Subprime Market Growth and Predatory Lending 275 disparity between the subprime share of refinance loans in African-American and White neighborhoods holds even after controlling for neighborhood income. 3 A summary of HUD’s main findings follows.

David Brancaccio in conversation with Chris Dodd and Barney Frank A Bush administration plan to offer low- and middle-income home buyers an alternative to subprime loans may be susceptible to fraud, the inspector general for the Department of Housing and Urban Development said.. The FHA reviews only 6 to 7 percent of its loan portfolios a year to ensure.

That helps some, but it won’t reach. plan got a strong endorsement Wednesday from the Financial Services Roundtable, which represents many of the largest mortgage lenders. "Our member companies.