The US Department of Housing and Urban Development officially extended the loan limits for its FHA insured reverse mortgage program with Mortgagee Letter 2009-50.
The national FHA loan limit for the HECM program in 2010 remains at $625,500 (150 percent of the national conforming limit). In the special exception areas (AK/HI/GU/VI), the maximum claim amount on [...]

Baltimore, MD (PRWEB) November 17, 2009 — Next Generation Financial Services (NGFS) today announced that Robert Cannon has joined NGFS as its Chief Executive Officer. Cannon succeeds acting President Richard Pitbladdo, who will continue with NGFS as its Chief Financial Officer.
As an attorney, Cannon has advised banks, bank regulators and individuals, especially regarding Home Equity [...]

The Government National Mortgage Association (Ginnie Mae) announced that it guaranteed more than $917 million of reverse mortgage MBS (HMBS) in October.
“Ginnie Mae – whose securities carry the full faith and credit of the U.S. government – has been quick to modify and create securitization products that provide additional liquidity to help stabilize the [...]

In the aftermath of the national foreclosure crisis, Governor Arnold Schwarzenegger, to help prevent California homeowners and homebuyers from being impacted by fraudulent mortgage practices, has signed legislation increasing consumer protections in the lending market, including providing law enforcement with more teeth for cracking down on deceitful mortgage practices. These bills are aimed at strengthening [...]

In a nutshell, the Commissioner explained that from its enactment, the HECM program was intended to operate without any credit subsidy. While one might argue with OMB’s recent assessment, the fact is that OMB’s number is the “governing” number here and accordingly, there needs to be credit subsidy, or program changes, in order for the [...]