Big Changes Coming at FHA?
On Wednesday afternoon (the day I write this) HUD Secretary Shaun Donovan will be making a presentation to the House Financial Services Committee. According to a story first reported by national real estate columnist Kenneth Harney a number of changes, including increased down payments, higher minimum credit scores and raising the cost of mortgage insurance could very well be asked for before the day is done.
Diana Olick reporting for CNBC.com saw an advanced copy of Donovan’s remarks that matches much of what Hanrey speculated in his article 10 days ago. I’ll write more later once I have more exact details, but it looks like another important twist is about to show up…ugh.
December 18th, 2009 at 12:25 am
This seems like the wrong time to make it more difficult for people to buy properties! What is the rational behind this? How are we supposed to get rid of the REO inventory and get the economy back on track?