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Bush’s FHA Plan May Only Reach 10 Percent of At-Risk Subprime Borrowers

At 2:00 p.m. the HFS Subcommittee on Capital Markets holds a hearing on the proposed Dodd-Frank risk-retention rule that would require banks that securitize mortgage loans to hang onto 5 percent..

In the first quarter, that figure was 0.58 percent. The percentage of subprime borrowers making late payments increased to 14.82 from 13.77. Investors account for a sizable amount of defaults. A.

Bush subprime plan offers help to 1.2M Mortgage interest rates will be frozen only for ARM borrowers who are not yet in foreclosure.. The principle aim of the Bush plan is to streamline the.

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President Bush, who vowed to spread the dream of homeownership, who loaded up on mortgage-backed securities without regard to the risk. South has been hit with a foreclosure crisis affecting at least 10 percent of its 232.. the F.H.A. to loosen standards so it could lure back subprime borrowers by.

The Washington Post brings us this delightful one, "Fraud Seen Possible In Bush Loan Plan": A Bush administration plan to offer low- and middle-income home buyers an alternative to subprime loans may be susceptible to fraud, the inspector general for the Department of Housing and Urban Development said.

Problem was, mortgage servicers had modified only 1 percent of the adjustable. their progress on their “action plan,” wants to see “common communications guidelines that will be used to respond to.

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we will have exhausted the bulk of the worst-performing loans by the end of June," Sharga said, referring to adjustable-rate mortgage loans made to borrowers with poor credit. Many of these subprime ..

Right now, FHA premiums are a flat 1.5% of the loan, and the change would give the FHA flexibility to charge some borrowers as much as 2.2%. Still, the move will help only a small portion of homeowners – and few in high-cost states such as California or New York – because the FHA faces constraints on the size of the loans it can back and strict rules that borrowers must meet.

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