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Tag: insurance

Ask OurBroker: Are FHA Mortgages A Rip-Off?

Ask OurBroker: Are FHA Mortgages A Rip-Off?

Question: FHA mortgages are government loans. I thought the government was going to help the home buyer and home owners out there to make affordable monthly payments? What’s up with the MIP? This is absolutely a big rip off for the buyer and homeowners. Answer: The FHA program has been around for a long time and […]

Posted in: News
Should We Ban Smoking In Public Housing?

Should We Ban Smoking In Public Housing?

It’s been a big week in the world of real estate and smoking. It’s been announced that the adult smoking rate has fallen to 16.8 percent in 2014, the lowest rate on record and down from 20.9 percent in 2004. At the same time, HUD wants to lower the rate to zero in more than […]

Posted in: News
Are FHA Mortgages Really Insurance?

Are FHA Mortgages Really Insurance?

Question: Is the FHA mortgage program really insurance? Or is it a guarantee? What’s the difference and how does the distinction impact mortgage borrowers? Answer: The FHA mortgage program sure seems like insurance but there’s also a case to be made that it isn’t. First, a little explanation is in order. An “insurance contract” can […]

Posted in: News
$48 Billion Says The FHA Mortgage Plan Isn’t Broke

$48 Billion Says The FHA Mortgage Plan Isn’t Broke

To hear folks on Capitol Hill you might think the FHA mortgage program is just a blink away from failure, a blight on the American economy and a threat to homeowners everywhere. It’s nonsense. The FHA has $48 billion in cash on hand. So what’s the big deal? The FHA operates a mortgage insurance program. […]

Posted in: News
How The FHA Can Fix Its Reverse Mortgage Woes
By September 30, 2013 0 Comments Read More →

How The FHA Can Fix Its Reverse Mortgage Woes

The FHA reverse mortgage program is in trouble again, but as usual the wrong party is being blamed. In a letter to Congress FHA Commissioner Carole Galante says the FHA needs $1.7 billion in taxpayer dollars, in large measure because of losses on the reverse mortgages it insures. None of this is a surprise. To […]

Posted in: News
FHA Reverse Mortgage Restrictions Lie Ahead

FHA Reverse Mortgage Restrictions Lie Ahead

For a number of years the reverse mortgages insured by the FHA were a successful product in the sense that borrowers got their cash and the FHA had few claims. However, the FHA reverse mortgage program does not work in isolation — it actually requires rising home values. The typical reverse mortgage is outstanding for […]

Posted in: News
Labor Day: Does American Need A Financial Bill of Rights

Labor Day: Does American Need A Financial Bill of Rights

For large numbers of Americans the economic situation today is worse than at any time since the Great Depression. Unemployment is high and benefits are disappearing. Income is 5 percent less than in 1999. The traditional storehouses of wealth and financial security have eroded as home values have fallen and pension savings pay little more […]

Posted in: News
Mardi Gras, Mortgages & Muffulettas

Mardi Gras, Mortgages & Muffulettas

Is New Orleans really back? New Orleans may well be the comeback story of our time. A city brutalized by Hurricane Katrina in 2005 is now a place you’d really like to see. What makes New Orleans interesting? Judging from a recent trip you have to point to three things: Mardi Gras, mortgages and muffulettas. […]

Posted in: News
Why Obama Should Favor Mortgage Appraisals

Why Obama Should Favor Mortgage Appraisals

President Obama inherited the worst financial crisis since Hoover and the Great Depression. It follows that getting the country back on track is no easy task and while his new housing plan includes much to support it also includes a provision to dump appraisals when they are most needed. Dump is really the right word. Fannie […]

Posted in: Mortgages
Labor Day: Does America Need A Second Bill of Rights?

Labor Day: Does America Need A Second Bill of Rights?

For large numbers of Americans the economic situation today is worse than at any time since the Great Depression. Unemployment is high and benefits are disappearing. Income is 5 percent less than in 1999. The traditional storehouses of wealth and financial security have eroded as home values have fallen and pension savings pay little more […]

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