FHA Bills, Including Premium Increase Authorization, Head to President for Signature.

Housing Wire has story HERE. 

Bloomberg has related story HERE indicating that private mortgage insurance company stocks went up...

Originally created and posted on the Oregon Housing Blog.

Updated: HUD/FHA Proposes Triple Whammy to Improve Lending.

Update: Actual Federal Register publication is HERE.
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This will be in tomorrow's Federal Register, but advance copy is available HERE today. (Will take many months to implement as it is a proposed rule). Rule introduction list the three changes:

First, FHA proposes to no longer approve loan correspondents as approved participants in FHA programs. Mortgagees would be required to ensure that their loan correspondents meet applicable requirements. The FHA-approved mortgagee will, in turn, act as sponsor as it has in the past. However, in using a sponsor/correspondent relationship, the sponsoring mortgagee must agree to assume responsibility for any loan correspondent that works with the mortgagee in the FHA insured loan, and assume liability for the FHA-insured loan underwritten and closed in the name of the FHA-approved mortgagee.

Second, this proposed rule would update the FHA regulations to incorporate criteria specified in the Helping Families Save Their Homes Act of 2009 that precludes certain lending entities from originating an FHA-insured loan, and are designed to ensure that only entities of integrity are involved in the origination of FHA-insured transactions.

Third, and consistent with the objective to work with and rely upon responsible mortgagees, FHA proposes to increase the net worth requirement for FHA-approved mortgagees for the purpose of ensuring that approved mortgagees are sufficiently capitalized.

FHA 75th Anniversary is Tomorrow.

A final reminder that FHA's 75th Anniversary is tomorrow.

My PDF with more than anyone wants to know about FHA history nationally, and in Oregon, is permanently linked HERE (and at top of right pane for next several months).

Embedded below is my YouTube HD video of street scene of first FHA home loan in Oregon, in Astoria. (PDF has links to other YouTube FHA videos, including first two FHA MF loans in Oregon. IPOD versions are also available for download).

ORIGINALLY CREATED AND POSTED ON THE OREGON HOUSING BLOG.

FHA 75th Anniversary Celebration Document and My FHA Triology Are Now Complete.

I've done a lot of posts in the last two years, but the extensive research culminating in today's completion of the FHA 75th Anniversary Celebration document has been the most challenging and fun for me.

The now complete FHA 75th Anniversary Celebration document (in PDF format) will be permanently linked HERE (and at the top of the right pane for the next few months).

Today's section of the FHA 75th Anniversary Celebration document adds new FHA multifamily information for Oregon including:

1. Details about the first two FHA multifamily insured projects in Oregon. (I have more to say about these two beautiful projects in a post immediately AFTER this post)
2. Page sized photos of these first two Oregon FHA multifamily projects.
3. An expansion of the national FHA Multifamily Database Excel Workbook with 5 new Oregon worksheets: #8. Data on ALL FHA insured loans made in Oregon; #9. A summary count of FHA MF Insured Loans , sorted by Oregon City; #10. Data on ALL FHA insured loans made in City of Portland. #11. Details about the first two FHA insured loans made in Oregon, in 1940. #12. Details about 5 FHA MF loans made on Kings Hill in Portland. These projects are all within a couple of blocks of each other near downtown Portland, including the first FHA insured loan.
   
4. The final page in the PDF is a table with links to all of the video, photos, and panoramic photos I created/posted for this project, including three YouTube High Definition videos I shot. I count 17 different video and photo resources on this page, including 5 available IPOD video downloads.
   

The addition of the Oregon FHA Multifamily information is the completion of a personal FHA trilogy that featured several "firsts" for me. I was the:

1. First (25 years ago) to identify the first FHA single family loan in Oregon, in Astoria.
2. First (five years ago) to find, scan, and post a 25th year history of FHA that was originally produced in 1959.
3. First (this year) to find these first two FHA Oregon multifamily loans, in Portland.
   

While the "firsts" are nice, I am even happier that:

1. I have greatly expanded the information available about the history of a housing agency that remains important 75 years after it was created during the last depression.
2. I located two long forgotten and beautiful prior FHA financed apartments with strong ties to the history of the City of Portland. Their continued use as attractive rental properties 70 years later is a great example that,with enough TLC, rental apartments can be preserved to serve many generations of tenants.
   

FHA Tidbits and an Amazing Foreclosure Number from 75th Anniversary News Stories.

Some FHA tidbits and a rather amazing foreclosure number that you may have missed in my recent FHA 75th Anniversary SF Postings:

• 105,000 Oregonians attended the 1935 Portland Better Housing show at the Expo Center. (pg.5).
  
• The 1984 Oregonian story done on the 50th anniversary says that FHA had done $2.7 Billion in business in the first 50 years of operations in Oregon. In 2008, Oregon FHA did $3.2 Billion in loans in Oregon. So in ONE year (2008) FHA did more $$ volume in Oregon than during the first 50 years.
• 9,000 Foreclosures Acquired by Multnomah County: We think it's bad now, but April 1935 Oregonian story says that Multnomah County was about to acquire 9,000 parcels that they were then going to try to sell through brokers:

"Properties under foreclosure,totaling about 9000 parcels, will not come into possession of the county until May 18"

• Better Housing movie includes first known PowerPoint type graph in FHA history:) (Starts 7 seconds into movie)
  
• San Diego Better Housing show included a number of miniature FHA homes (Some might say they were really dollhouses, but in that era "Modeltown" likely sounded more "manly").

"Modeltown", a community of 56 miniature homes, will show newest types of residential construction. It will consist of 14 types of houses in four classifications --- houses that can be built and owned for $30.00 per month, $40.00 per month, $50.00 per month, and $60.00 per month, inclusive of interest, taxes, fire insurance and amortization of principal."

FHA's 75th Anniversary Celebration: New SF Additions Include HD Video of Oregon's First FHA Home Loan in Astoria.

I have now added Oregon FHA Single Family information to the 75th FHA Anniversary Celebration PDF file, permanently linked in right pane.

Later this week I will be doing some individual posts to highlight single family information within the PDF. Next week I will be completing the PDF by adding detailed information about FHA Multifamily loans in Oregon, including background of the recently discovered first two FHA MF Insured loans in Oregon, in Portland.

Below is an embed of a HD YouTube video that is linked within the PDF. I shot the video at the end of May showing a street scene of the Astoria home that was the first FHA home loan in Oregon in 1935. [For non Oregonians, river and bridge view are of the Columbia River with Washington state on the other side].

(Much more about this home is found in the 75th Anniversary Celebration PDF; a link within the PDF will also allow you to download an IPOD version of the video).

Portland HUD Housing Market Study, May 1, 1969.

I am busy putting together a consolidated listing of materials related to the upcoming 75th anniversary of FHA, including both national and Oregon specific materials.

As a tease to the larger FHA 75th Anniversary release that will be coming later this month, today marks the 40th anniversary of a HUD Portland Metro market study (Dated May 1,1969) that I discovered as part of my research.

The study includes both multifamily and single family permit data, housing needs analysis, and information about employment, incomes, etc.

Go retro and get a little perspective from the past; take a look at the study HERE.