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Inside Washington (12/29/2011)
  • WASHINGTON (12/30/11)--In an attempt to keep sales of foreclosed properties flowing as much as possible, the Federal Housing Administration (FHA) has suspended a 2003 rule that prohibits investors from using FHA mortgages to "flip"--or purchase and quickly resell--single-family houses at inflated prices. This will be the third time the rule has been suspended.  The Department of Housing and Urban Development (HUD)  issued the antiflipping rule protect FHA borrowers but suspended it in early 2010 and then for all of 2011 because it determined the rule was holding up sales of foreclosed  properties …
  • WASHINGTON (12/30/11)--Serious delinquencies on loans insured by the Federal Housing Administration (FHA) rose to 9.3% in November, a growth of one percentage point over the 8.3% rate in July, said FHA's Single-Family Outlook. Roughly 689,350 of loans were 90 days or more late, compared with 589,000 overdue loans in July (American Banker Dec. 29). To date, the delinquencies have been attributed to legacy loans originated during 2006-2008--before the housing boom went bust. However, now FHA says the rates are affected by massive fiscal 2009 and fiscal 2010 books of business and a slowdown in FHA lending. That means for the next two years higher delinquency rates will be reported. Loans made in 2009 and 2010 are reportedly performing well when compared with those from 2007 and 2008. …


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