Bill to Let FHA Raise Annual Premiums Heads to Obama

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The bill, which passed 406 to 4, will allow the FHA to raise annual premiums on borrowers, helping to bolster its Mutual Mortgage Insurance Fund. The fund has seen loan losses deplete its capital ratio to 0.53%, well below its statutory minimum of 2%.

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The Wall Street Journal is reporting that the Federal Housing Administration plans to announce measures it is considering to protect its dwindling reserves.. According to the WSJ: Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, plans to ask Congress on Wednesday to raise the cap on the annual insurance premium that the FHA can charge borrowers.

The bill, which passed by unanimous consent and is expected to be signed by President Obama as early as next week, would let the mortgage insurance agency raise annual premiums to help cover losses to its trust fund, while reducing up-front assessments that can make it harder for an FHA borrower to sell a home.

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The bill, which passed 406 to 4, will allow the FHA to raise annual premiums on borrowers, helping to bolster its Mutual Mortgage Insurance Fund. The fund has seen loan losses deplete its capital ratio to 0.53%, well below its statutory minimum of 2%.

Specifically, the administration’s plan would lower the annual premium charged on FHA loans to 85 basis points from the 135 basis points levied today, according to the White House. The result for homebuyers would be similar to seeing interest rates cut by half a percentage point.

Specifically, the administration’s plan would lower the annual premium charged on FHA loans to 85 basis points from the 135 basis points levied today, according to the White House.

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