The Washington Post
FHA to toughen rules for borrowers
The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs. The proposed changes are part of an effort to shore up the agency’s finances, which have been hit with rising defaults to its mortgage insurance program.
MAKING SENSE OF THE STORY FOR CONSUMERS
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Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings. In the past, the FHA has resisted raising down payments or insurance premiums, fearing it would be shutting out qualified borrowers and stunting the housing market’s recovery.
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The FHA is hoping that the proposed changes, including requiring that borrowers bring more cash to the closing table, will ensure that borrowers are less likely to default on their loans. Officials at FHA have yet to determine how much cash will be required.
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In Other News
San Francisco Chronicle
Gov’t increases pressure on mortgage industry
The Obama administration said Monday it will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure, as part of a broad effort to ramp up participation in its mortgage assistance program.
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Reuters
U.S. housing market meltdown not over yet: Zandi
The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures loom, a well-known economist said Wednesday.
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Los Angeles Times
New U.S. home sales rise 6.2 percent
Sales of new homes rose more than expected last month to the highest level in more than a year as the housing market shows stability after its historic collapse.
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The Washington Post
Home sales rebound to early-2007 level
Economists and policymakers got what they were looking for Monday: a clear uptick in the housing market. The catch is few believe it’s sustainable.
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Orange County Register
State ruling to cut most property taxes
State officials say that property taxes will probably fall for most California property owners next year due to deflation, the first such property tax cut since Prop. 13 took effect three decades ago.
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Los Angeles Times
Average home sale price virtually unchanged in third quarter
The average price of houses sold in the country’s 32 largest metro areas was virtually unchanged in the third quarter from the same period a year ago, according to the latest government figures.
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San Francisco Chronicle
Gov’t unveils rules to speed up “short sales”
The Treasury Dept. unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.
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Los Angeles Times
Home loans will hold fewer surprises
Anyone who has purchased or refinanced a few homes has probably learned to dread the closing statement, which all too often included a pile of new or inflated fees that your lender had never before mentioned.
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