Financial Condition of the FHA's Mutual Mortgage Insurance Fund: Hearing Before the Subcommittee on Housing and Urban Affairs of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Second Congress, Second Session, on the Availability of Affordable Housing for Low- and Moderate-income Home Buyers, Long-term Health of the Single-family Insurance Fund, Collapse of FHA's Multifamily Operations ... April 3, 1992, Volumen4U.S. Government Printing Office, 1992 - 260 páginas |
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Affordable Housing Act affordable multifamily housing Alan Cranston areas bond insurers borrowers buyers capital Chairman closing costs coinsurance CONGRES CONGRESS THE LIBRARY credit enhancement default delegated processing downpayment Fannie Mae federal government Federal Housing Federal Housing Administration FHA insurance FHA loan limits FHA mortgage FHA program FHA's Freddie Mac Ginnie Mae HFAs homebuyers homeownership households Housing and Urban housing finance agencies Housing Tax Credit HUD's increase investors issues lenders LIBRARY OF CONGRESS losses low-income Mae and Freddie million MMI Fund MMIF mortgage insurance program mortgage limits multifamily finance multifamily housing finance multifamily lending multifamily loans multifamily mortgage National Affordable Housing options origination participate percent portfolio premium Price Waterhouse private mortgage insurance problems processors projects RARY recommendations reinsurance rental housing RESS risk secondary market securitize Senator CRANSTON single-family Subcommittee on Housing subordinate financing subsidies Task Force underwriting underwriting standards Urban Affairs
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Página 101 - ... loan sources as compared to government-backed sources. Likewise, 58 percent of moderate-income applicants (ie having between 80 percent and 100 percent of MSA median income) applied for conventional loans as compared to government-backed loans. Second, even though we would expect government-backed mortgages to appeal to individuals buying homes in low- and moderate-income areas (a census track where the median income is less than 80 percent of the median income for the entire MSA), we find instead...
Página 70 - BEFORE THE SUBCOMMITTEE ON HOUSING AND URBAN AFFAIRS SENATE COMMITTEE ON BANKING. HOUSING AND URBAN AFFAIRS BY RICK ADAMS VICE CHAIRMAN.
Página 135 - Commission has worked diligently over many months to examine the effects of rules, regulations, and red tape at all levels of government on the cost of housing in our Nation. The Commission's disturbing conclusion is that exclusionary, discriminatory, and unnecessary regulations constitute formidable barriers to affordable housing, raising costs by 20 to 35 percent in some communities.
Página 78 - Secretary finds that the property with respect to which the mortgage is executed is an acceptable risk, giving consideration to the need for providing adequate housing for families of low and moderate income particularly in suburban and outlying areas or small communities...
Página 45 - Before the Subcommittee on Housing and Urban Affairs, Senate Committee on Banking, Housing, and Urban Affairs, Mar.
Página 125 - Fannie Mae is a privately-owned corporation, chartered by the federal government to fulfill a public mission increasing the supply of capital to finance residential mortgages. We do this by purchasing loans from lenders in the secondary mortgage market, and by issuing securities that are backed by single family and multifamily mortgages. As a trade-off for being limited to the business of single family and multifamily residential finance, Fannie Mae maintains certain ties to the federal government...
Página 72 - FHA underwriting guidelines have served to impede, rather than enhance, families' home-owning prospects. Specifically, these changes raised the down payment requirements and limited the amount of closing costs that can be financed. We believe that HUD exceeded the intent of Congress when it implemented the restriction on financeable closing costs for FHA mortgages. Although there was considerable debate concerning the soundness of the MMIF at the original consideration of the National Affordable...
Página 78 - With respect to a unit in any project which was converted from rental housing, no insurance may be provided under this section unless (1) the conversion occurred more than one year prior to the application for insurance, (2) the mortgagor or comortgagor was a tenant of that rental housing, (3) the conversion of the property is sponsored by a bona fide tenants organization representing a majority of the households in the project, or (4) before April 20, 1984 (A) application was made to the Secretary...
Página 99 - For example, the Home Mortgage Disclosure Act (HMDA) and the Community Reinvestment Act (CRA) are two key pieces of anti-discrimination legislation that have been implemented in the past.
Página 236 - Walter D. Webdale Director Fairfax County Department of Housing and Community Development Fairfax, VA John C.