After a judge granted the bank and the FHA four months to reach a settlement, lawyers from both sides they no longer think it is within reach.
The agency released its annual independent report on its Mutual Mortgage Insurance Fund for single-family programs. While the fund has improved, it still falls short of last year’s projection.
Last month the bank announced plans to allow borrowers to buy homes with as little as 3% down, but now it says different. Meanwhile, some specialized nonbank companies step in to fill the void.
In an effort to meet demand and avoid the costs of holding soured debt, the lenders put the mortgages on the market.
Leading industry executives discuss what it takes to tap into the other 98% of the growing Baby Boomer market
After much delay, HUD has released new guidance for reverse mortgages