Federal Housing Administration's Mutual Mortgage Insurance Fund: Hearing Before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Second Congress, First Session, May 8, 1991, Volume 4U.S. Government Printing Office, 1991 - 91 pages |
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Page 14
... refinancing . I have written to Secretary Kemp , as you know , about this because the Realtors are unhappy , the Mortgage Bankers are unhappy , the Home Builders are unhappy about the 57 - percent limitation at closing . Ás I understand ...
... refinancing . I have written to Secretary Kemp , as you know , about this because the Realtors are unhappy , the Mortgage Bankers are unhappy , the Home Builders are unhappy about the 57 - percent limitation at closing . Ás I understand ...
Page 15
... refinanced under the streamlined refinance pro- gram significantly reduce HUDS risk , and we do not want to dis- courage borrowers from refinancing to a lower interest rate by ap- plying annual premiums to loans that did not have an ...
... refinanced under the streamlined refinance pro- gram significantly reduce HUDS risk , and we do not want to dis- courage borrowers from refinancing to a lower interest rate by ap- plying annual premiums to loans that did not have an ...
Page 17
... refinancing is . It is important to remember that this technique is a little bit different than the normal FHA procedure . One of the reasons people resort to the streamlined refinancing is to avoid a new appraisal of the property ...
... refinancing is . It is important to remember that this technique is a little bit different than the normal FHA procedure . One of the reasons people resort to the streamlined refinancing is to avoid a new appraisal of the property ...
Page 18
... refinance would not be used because that doesn't allow them to take cash out . The regular refinancing procedure , which allows them to grab the cash , would be used . Under the streamlined refinancing , they are refinancing just to ...
... refinance would not be used because that doesn't allow them to take cash out . The regular refinancing procedure , which allows them to grab the cash , would be used . Under the streamlined refinancing , they are refinancing just to ...
Page 23
... refinance , comes to you and we find out that the loan balance is $ 80,000 , the appraisal $ 78,000 , so we are $ 2,000 under water . Under the current set of circumstances , with that person having some $ 17,000 , $ 18,000 of expense ...
... refinance , comes to you and we find out that the loan balance is $ 80,000 , the appraisal $ 78,000 , so we are $ 2,000 under water . Under the current set of circumstances , with that person having some $ 17,000 , $ 18,000 of expense ...
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Expressions et termes fréquents
1990 FHA reform 57 percent limit actuarial soundness Affordable Housing Act annual premium BAKER basis BEN ERDREICH billion books of business buyers capital targets CARROLL HUBBARD Chairman GONZALEZ CLIFF STEARNS closing costs conference CONGRES LIBRARY CONGRESS LIBRARY CONGRESS THE LIBRARY Congressman CRAIG THOMAS Cranston-Gonzalez default rate Department DEPUTY SECRETARY DELLIBOVI DOUG BEREUTER downpayment ESTEBAN EDWARD TORRES FHA borrowers FHA Fund FHA loans FHA program FHA reform provisions fiscal Fund's GILLMOR going hearing HILL home purchase homebuyer homeowner homeownership HUD's implementation lender LIBRARY LIBRARY LIBRARY OF CONGRES LIBRARY OF CONGRESS MARGE ROUKEMA MARY ROSE OAKAR MMI Fund Mortgage Insurance Fund mortgage insurance premium Mortgagee Letter Mutual Mortgage Insurance National Affordable Housing overall paid Price Waterhouse model proposed regulations QUESTION FOR DEPUTY risk-based premium ROUKEMA Secretary Kemp seller streamlined refinance streamlined refinancing subcommittee testimony Thank upfront VENTO WEICHER WYLIE
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Page 1 - COMMITTEE ON BANKING, FINANCE, AND URBAN AFFAIRS, Washington, DC. The subcommittee met, pursuant to call, at 2 pm, in room 2128, Rayburn House Office Building, Hon.
Page 18 - I think that what is good for the goose is good for the gander...
Page 19 - This group includes the Chairman of the Federal Reserve Board, the Secretary of the Treasury, the Director of the Bureau of the Budget, and the Chairman of the Council of Economic Advisers.
Page 46 - Thank you, again, for holding this hearing and I look forward to the testimony.
Page 49 - I would first like to thank you, Mr. Chairman, and the other members of this committee, for giving me this opportunity to appear before you.
Page 38 - Mr. OXLEY. Thank you, and thank the gentleman for his incisive questions. He does raise some excellent points. The gentleman from Massachusetts. Mr. MARKEY. Thank you, Mr. Chairman. I want to thank you for holding this hearing today. I think it is very important. As I previously indicated, Glass-Steagall reform is truly a Sisyphean endeavor in which the prospect for successful enactment of a bill into law remains somewhat remote, given the competing and conflicting interests and objectives involved....
Page 7 - I also want to thank you, Mr. Chairman, and the other Members of this Subcommittee for the bipartisan support you have given OJP in working toward this mission.
Page 74 - OF THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT) CONSOLIDATED STATEMENT OF FINANCIAL POSITION SEPTEMBER 30.
Page 77 - FHA's large number of claims during tha 1980s. This finding is consistent with every serious study of mortgage defaults. The 57 percent limit on closing costs increases homeowner equity. Without the 57 percent limit, the National Affordable Housing Act's loan-to-value caps alone would result in additional defaults on each year's business, which would jeopardize the achievement of the statutory capital targets.
Page 77 - National Affordable Housing Act. In a letter dated March 7, 1991 to Chairman Gonzalez, Secretary Kemp made this point clear. All the conference discussions concerning FHA were based upon the Price Waterhouse analysis of the Fund.