Archive for July, 2008

FHA Modernization proposed

Thursday, July 24th, 2008

Housing Tax Credit Program proposed by the HUD to modernize the FHA. Changes proposed include providing flexibility and cut costs. “I want to thank FHA Commissioner Brian Montgomery and John Garvin, his Senior Advisor and Deputy Assistant Secretary for Multifamily Housing Programs, for taking a leadership role on this issue. This will assist the tax […]

Now wait just a minute

Thursday, July 10th, 2008

Check out this article out of Washington. A few excerpts: From Sen. Christopher Dodd, “My hope would have been that this bill we’ll send them is something the House could support — that’s still my hope,” said Dodd, who crafted the bill with Alabama Sen. Richard Shelby, the panel’s senior Republican. “We’re getting down to […]

Legislative Help

Tuesday, July 8th, 2008

Many homeowners are beyond help so says Treasury Secretary Henry Paulson. Foreclosure will occur in the foreseeable future for many homeowners as high housing prices and shady lending practices allowed for many of these individuals to purchase homes that they could not afford. “Many of today’s unusually high number of foreclosures are not preventable,” he […]

The Great White North

Tuesday, July 1st, 2008

An agreement between the FHA and the Minnesota Housing Finance Agency was annouced today which is the first of its kind. The agreement is to promote affordable government-backed mortgages. “For many years, people in the industry and in state government have expressed the need for a clear, mutually-agreed upon memorandum of understanding between FHA and […]