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December 2, 2008 4:58:03 AM CST


Federal Housing Administration

Federal Housing Administration news stories

20 Stories

 Feds Outline 
 Fannie, Freddie 
 Bailout 

Gov't will step in as conservator; Treasury will buy preferred stock

(Newser) - Citing Fannie Mae and Freddie Mac as "critical to turning the corner on housing," Treasury Secretary Henry Paulson this morning announced a bailout of the beleaguered mortgage companies that includes his agency purchasing preferred stock, while the Federal Housing Finance Agency will step in as conservator. Additionally, Treasury is to buy mortgage-backed securities in the open market, and provide a lending facility, the Wall Street Journal reports. More »

More about:  Financial Crisis Ben Bernanke housing market Fannie Mae Freddie Mac mortgage Treasury Department Federal Housing Administration securities

Mortgage Insurers Feel Pinch, Pull Back on Loans

As more home loans fail, lenders ask more of beleaguered backers

(Newser) - Mortgage insurers facing mounting defaults are tightening their standards, adding another hurdle for potential homebuyers, the Wall Street Journal reports. Beleaguered and risk-averse banks are making more mortgage applicants apply for insurance, just as insurers are declaring more parts of the country “declining markets.” making insurance harder to obtain. The result is “wreaking havoc” on the industry, one bank representative tells the Wall Street Journal. More »

More about:  subprime crisis housing crisis foreclosure home loans Federal Housing Administration mortgage defaults mortgage lender

Senate OKs Foreclosure Relief Bill

House outcome uncertain; Bush will veto unless changed

(Newser) - By a huge margin, the Senate today passed a $300 billion bill to help homeowners avoid foreclosure—but the White House vows to veto it unless the House makes changes, the AP reports. The bill will let struggling homeowners reinsure at cheaper rates backed by the government, but President President Bush says that nearly $4 billion in the bill, slated to fix up foreclosed homes, benefits lenders, not owners. More »

More about:  George W. Bush subprime crisis Senate House of Representatives Federal Housing Administration bill Bush veto

 Treasury Boss: Worst Is Over 

Paulson says US emerging from storm

(Newser) - The US is emerging from the credit woes triggered by the turmoil over subprime mortgages—despite the continuing wave of foreclosures across the nation, according to Treasury Secretary Henry Paulson. Paulson, in the most positive comments yet from the White House on the nation's economic troubles, in part credited the federal bailout of Bear Stearns, reports the Wall Street Journal. More »

More about:  Financial Crisis credit crisis Federal Reserve subprime crisis Henry Paulson foreclosure Fannie Mae Freddie Mac Bear Stearns Federal Housing Administration

(Newser) - Federal Reserve Chairman Ben Bernanke yesterday called for government intervention to halt home foreclosures, warning that to do nothing could "destabilize communities, reduce property values of nearby homes, and lower tax revenues." Bernanke said in a speech in New York that a million Americans were already three months behind in mortgage payments at the beginning of this year, threatening dire consequences for the future of the economy, reports the Los Angeles Times . More »

More about:  Federal Reserve Ben Bernanke foreclosure Federal Housing Administration House Financial Services Committee mortgages adjustable-rate mortgages

Federal Mortgage Plan Not Helping the Neediest: Critics

Only 2K in danger of foreclosure have been able to take advantage, stats show

(Newser) - A plan to federally subsidize the refinancing of troubled mortgages has in fact helped relatively few of the most at-risk borrowers, the New York Times reports. Though Bush administration officials said FHA Secure has benefited 150,000, federal statistics show that only 1,729 of those mortgages were delinquent. “They came to us before they got into trouble,” one official said. More »

More about:  Bush administration subprime crisis housing market housing crisis foreclosure Federal Housing Administration mortgage loans

 More Fed Help
 on the Way for
 Homeowners 

More FHA-insured mortgages to be available for strapped consumers

(Newser) - Homeowners struggling to avoid foreclosure are about to get a boost from the Federal Housing Administration. The FHA commissioner is expected to announce plans to expand an aid program that will allow borrowers saddled with negative equity to write down part of their mortgages and refinance their homes with cheaper FHA-insured loans, reports the Wall Street Journal. More »

More about:  credit crisis subprime crisis subprime mortgages foreclosure homeowners Federal Housing Administration

Senators Cut Tentative
Deal on Housing

Package includes tax credits, $4B in grants, $100M for homeowner counseling

(Newser) - The Senate today struck a deal on a package of legislation intended to soften the impact of the foreclosure crisis, the New York Times reports. The bipartisan measures include $4 billion to help local governments buy foreclosed properties and $100 million for homeowner counseling. Harry Reid called the tentative deal, which Chris Dodd and Richard Shelby hashed out overnight, "good news for the American people.” More »

More about:  housing crisis foreclosure Harry Reid Mitch McConnell Federal Housing Administration

Updated

Bush Housing Secretary
Steps Down

Jackson out after clashes with Congress, charges of favoritism

(Newser) - HUD Secretary Alphonso Jackson resigned this morning, after a series of accusations of political favoritism. The departure marks a setback to the Bush administration's efforts to stem the housing crisis, the Wall Street Journal reports, as Jackson has been a central player on key initiatives. He cited family reasons in his brief announcement. More »

More about:  Bush administration Henry Paulson Federal Housing Administration Housing and Urban Development housing agencies Alphonso Jackson

 Bush Readies Mortgage Bailout 

Aid plan would back new loans for homeowners in 'upside-down' mortgages

(Newser) - Homeowners facing foreclosure could soon be getting a helping hand from the Bush administration, the Washington Post reports. Details are being finalized on a plan that would see portions of loans forgiven for people who now owe the bank more money than their house is worth. The remainder would be refinanced into smaller mortgages backed by public funds. More »

More about:  George W. Bush subprime mortgages Henry Paulson Ben Bernanke housing crisis foreclosure mortgage loans Federal Housing Administration negative equity Hope Now Alliance

Feds Must Ward Off Stagnation, Clinton Says

Says buying mortgages might be necessary to avoid prolonged skid

(Newser) - The government should step into the mortgage mess on a broader scale, Hillary Clinton told the Wall Street Journal yesterday, suggesting monetary policy alone can’t ignite a recovery and warning that procrastination could lead to stagnation similar to Japan’s weary economy. Clinton said the Federal Housing Administration should buy troubled mortgages in combination with a program to auction defaulted loans. More »

More about:  Barack Obama John McCain Hillary Clinton credit crisis Federal Reserve subprime crisis US economy Henry Paulson Federal Housing Administration

Feds Boost Mortgage Limits

Ceiling on loans backed by Fannie Mae, Freddie Mac goes to $729K in 70 counties

(Newser)