National Mortgage News (08/11/08) Vol. 32, No. 44, P. 1; Collins, Brian
The Federal Housing Administration guaranteed 351,140 home loans during the second quarter, and the agency now accounts for 30 percent to 50 percent of loan production for some mortgage companies. "For borrowers at the lower end of the credit spectrum, FHA is the best option available," says Steve O'Connor, a senior vice president at the Mortgage Bankers Association. Meanwhile, the FHA also is adjusting to the new housing bill; and, as a part of that legislation, O'Connor believes HUD will have a foreclosure prevention program up and running by Oct. 1. MBA plans to discuss the statute with HUD and the board of the "Hope for Homeowners" program and offer suggestions on the criteria and regulations for the refinancing program.
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