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Federal Housing Administration

The Federal Housing Administration is in deep trouble. According to its 2012 annual audit report, the FHA’s economic value or capital position is negative $13.5 billion. For the fourth consecutive year, the FHA has failed to meet its congressionally mandated minimum capital standard of 2 percent or $23 billion. One in six FHA loans are delinquent 30-days or more, and this number is growing. These new findings should be cause for significant concern to Congress and taxpayers. Monitor FHA’s position here through Ed Pinto’s FHA Watch series and learn what needs to be done to right the FHA’s listing ship.

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Risky_Mortgage

7-second takeaway

To meet HUD quotas for mortgages to borrowers at or below the median income where they lived, Fannie and Freddie bought riskier mortgages, even if these mortgages were cash-out refinances.

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Shutterstock.com

7-second takeaway

The fact that the government is once more trying to reduce underwriting standards, in order to sell more homes, shows clearly that the lessons of the financial crisis are again being ignored. Taxpayers should ask themselves why they just stand by and let this happen.

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7-second takeaway

In the first three years of a Wealth Building Home Loan, 77% of monthly mortgage payments pay off principal while in a 30-year loan only 32% goes toward principal. After 15 years the home is owned free and clear, and starting in year 16 the family has cash flow available for life-cycle needs such as their children’s education.

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7-second takeaway

The IUHF’s purpose is to provide knowledge, information and understanding about housing finance systems in varying economic, financial, and political contexts, and to compare each of our own narrow institutional assumptions to a broader international perspective, so that we may mutually learn from multiple experiences, experiments, problems, disasters, successes, and innovations.

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7-second takeaway

Housing finance in the United States over the last one hundred years can be divided into three eras: The age of savings and loan institutions (1914-1980), the age of Fannie Mae and Freddie Mac (1980-2008), and the As-Yet Undefined Age (2008-future).

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home_mortgage_wealth_building_home_loan_shutterstock

7-second takeaway

The Wealth Building Home Loan, a new approach to home finance, received rave reviews by several leaders of national stature, including the “godfather” of mortgage finance, Lewis Ranieri, at the American Mortgage Conference held September 8-10. 

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7-second takeaway

Created by AEI’s Edward Pinto and Stephen Oliner, the Wealth Building Home Loan is a new approach to low-income home finance that provides low-income borrowers a straight, broad highway to building wealth based on a 15-year, fully amortizing, fixed-rate loan.

 

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freddie_mac_booth_for_home_buyers_022411

7-second takeaway

Healthy with profit, the mortgage funders should be put on their own.

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