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Housing News

Three Lenders Booted from The FHA Loan Guarantee Program

Big changes

money billThus far in 2010, the lending scene and real estate sector have experienced rapid change with news coming out making it look like 2011 will be a very different landscape for the industry.

With the foreclosure crisis, HUD just declared that they’d speed foreclosure resales (by waiving the FHA rule that disallows insuring a mortgage on a home owned by the seller for under 90 days) while FHA itself announces major changes from raising mortgage insurance premiums to altering the amount buyers are required to put down depending on their credit score.

Which brings us to today

Today, the FHA’s Mortgagee Review Board said it was removing Strategic Mortgage Corporation, ProMortgage Inc and Americare Investment Group Inc from its list of qualified lenders for its loan guarantee program and suspending Home Mortgage, Inc. according to Reuters. This is the most current effort to fix the housing crisis by increasing vigilance against indiscretion in the lending industry.

As banks close, lenders are booted from the FHA Program, and Barney Frank calls for abolishing Fannie Mae and Freddie Mac, the scene surrounding the industry is sure to continue changing.

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Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

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