FHA Watch, October 2013 (Vol. 2, No. 10)

Article Highlights

  • The safe long-term operation of the US mortgage market depends on prime loans.

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  • FHA and NAR continue to work to expand the subprime credit box.

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This Issue’s Highlight

Spotlight on Efforts to Expand the Subprime Credit Box

The National Association of Realtors (NAR) has been steadfast in its support of subprime loans and undeterred by the loans’ demonstrable harmful impact on working-class families and neighborhoods. The Urban Institute recently added to the subprime chorus with the release of a report entitled Opening the Credit Box. These calls for expanding subprime lending fly in the face of one immutable fact: the safe operation of the US mortgage market over the long term depends on the preponderance of loans being prime—loans with a low risk of default under stress conditions.

This Month’s Features

Spotlight on Efforts to Expand the Subprime Credit Box
Government’s Guarantees of Subprime Loans Harm Working-Class Families and Communities

Spotlight on Best Price Execution
Lower-Risk Borrowers Steered to FHA Loans Overpaid an Estimated $710 Million in FY 2013 

Spotlight on Insolvency
Government Accountability Office Confirms Oversight Benefits of Private GAAP Methodology 

Spotlight on Delinquency
Little Change in Various Rates from August to September 

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