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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Página 4
... changes . FHA reform treated low cost homes and high cost homes alike , preserving the lower cash requirement for homes under $ 50,000 , but making sure that these homebuyers have some equity in their home . Since the reforms were ...
... changes . FHA reform treated low cost homes and high cost homes alike , preserving the lower cash requirement for homes under $ 50,000 , but making sure that these homebuyers have some equity in their home . Since the reforms were ...
Página 5
... changes . We have begun to have discussions about the Price Waterhouse findings with some of those parties , and will certainly continue to do so . In the meantime , on behalf of Secretary Kemp , we urge you to maintain the 1990 reforms ...
... changes . We have begun to have discussions about the Price Waterhouse findings with some of those parties , and will certainly continue to do so . In the meantime , on behalf of Secretary Kemp , we urge you to maintain the 1990 reforms ...
Página 7
... changes of the 1990 reforms . " I'd like to get your view on these questions . Do you agree with the administration's contention that the 1990 FHA reforms should not be altered ? What has been the impact of these reforms on the health ...
... changes of the 1990 reforms . " I'd like to get your view on these questions . Do you agree with the administration's contention that the 1990 FHA reforms should not be altered ? What has been the impact of these reforms on the health ...
Página 8
... to the effect of the changes that were made in the FHA program , they're going to lose , we estimate , about 100,000 borrowers a year , who simply won't be able to buy a house . These are people who most need FHA , if you will 8.
... to the effect of the changes that were made in the FHA program , they're going to lose , we estimate , about 100,000 borrowers a year , who simply won't be able to buy a house . These are people who most need FHA , if you will 8.
Página 9
... changes . One of the things that I think we need to also realize is , as we came down from the double digit inflation days , we saw changes in the economy and the demographics of the buying , the homebuyers . Changes were made to the ...
... changes . One of the things that I think we need to also realize is , as we came down from the double digit inflation days , we saw changes in the economy and the demographics of the buying , the homebuyers . Changes were made to the ...
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Administration Affordable Housing Act affordable multifamily housing Alan Cranston areas bond insurers borrowers buyers capital Chairman changes closing costs coinsurance Congress 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 implemented increase industry Insurance Fund investors issues lenders 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 NAHA National Affordable Housing options participate percent portfolio premium Price Waterhouse private mortgage insurance problems processors production projects ratio recommendations reinsurance rental housing risk role secondary market securitize Senator CRANSTON Subcommittee on Housing subordinate financing subsidies Task Force underwriting standards Urban Affairs
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Página 103 - ... 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 236 - We want to thank you, Mr. Chairman, and the other members of the subcommittee, for your efforts in bringing about this historic change.
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 236 - Some reassurance on the need for such a program is given in the testimony earlier in 1968 before the Subcommittee on Housing and Urban Affairs of the Senate Committee on Banking and Currency by Secretary Robert C.
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 236 - ... advancing the interests of low and moderate income people through the financing, development, and preservation of affordable housing. NCSHA is the only representative of state or local government exclusively devoted to the full range of affordable housing issues. NCSHA's members are state housing agencies (HFAs) with statewide authority.
Página 73 - ... are steering consumers to the conventional, private mortgage insurance market if the potential homebuyer has any savings, rather than seeking an FHA insurance commitment as they might have in the past. It is quicker, less labor intensive, and just generally easier to go conventional. As we projected last year, FHA is losing low-risk borrowers. Contrary to assumptions in the original Price Waterhouse study of June, 1990, these borrowers are not selecting the FHA program. The net result is that...