Thursday, September 16, 2010

Mortgage Bankers Recommendations for Future of FHA and Ginnie Mae.

Full report is HERE
FHA recommendations were:
1. Give FHA and Ginnie Mae the needed appropriations to hire new staff.
2. Provide FHA with the needed appropriation to develop and implement modern information technology (IT) systems and processes, including anti-fraud tools. FHA should also refine the FHA TOTAL Scorecard.
3. Define and update FHA’s mission, including a re-examination of the current FHA loan limits.
4. Strengthen the FHA reverse mortgage product (Home Equity Conversion Mortgage (HECM)).
5. Provide FHA with the expanded authority to increase premiums.
6. Give the FHA Commissioner the authority, with the concurrence of the HUD Secretary, General Counsel and Ginnie Mae president, to temporarily suspend problem lenders.
7.Balance FHA’s proposed multifamily risk management protocol against the backdrop of rising affordable housing needs, declining incomes and the on-going credit crisis.
8.Examine the existing Homeownership Center and Hub structure.
 Originally created and posted on the Oregon Housing Blog.

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