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Melville-based Lend America closed its loan-making operation Tuesday and laid off most of its 600 workers, a day after federal officials revoked its license to make loans insured by the Federal Housing Administration. Full Article at Calculated Risk
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On the heels of our report detailing short-sale flipping and other kinds of mortgage fraud that are on the rise, the Federal Housing Administration plans to announce it will tighten lending standards to try to stem rising defaults. Full Article at The Washington Independent
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The Federal Housing Administration, the agency that insures home purchases made with down payments as small as 3.5%, may create another lending crisis, Toll Brothers Inc. CEO Robert Toll said. 'Yesterday's subprime is today's FHA,' Toll said... 'It's a definite train wreck and the flag will go up in the...
SOURCE: Safehaven -
MELVILLE (AP) -- Long Island-based Lend America has closed its loan making operation and has laid off most of its 600 workers. Full Article at Times Herald-Record
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A congressional committee hears testimony Wednesday on how well the Federal Housing Administration is doing. Defaults on FHA government-back mortgages have been rising. Full Article at NPR
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The Federal Housing Administration is proposing to increase the up-front cash paid by borrowers as part of an effort to shore up the agency's finances, which have been staggered by rising defaults in its flagship mortgage insurance program, according to... Full Article at The Washington Post
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We are not having a problem with end loans for our buyers. Many financial institutions are in the market; nevertheless, unless a project has sales of 50 percent or more, [Federal Housing Administration] and Fannie Mae options are not available in these developments.
SOURCE: The Real Deal: New York -
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The Federal Housing Administration announced this week that it wants tougher rules on mortgage lenders. It's about time. Full Article at Town Hall
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Amid rising foreclosures and falling home prices, the Federal Housing Administration is proposing new rules to crack down on lenders and asking Congress for the authority to raise certain borrower requirements, all in an effort to reduce risk to its $68... Full Article at CNBC
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