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Jan 30, 2013 3:15PM
Federal Housing Administration Commissioner Carol Galante has just announced several significant changes to FHA requirements, processes, and fees in an ongoing effort by the agency to shore up its Mutual Mortgage Insurance Fund (MMI Fund.) The first change - the consolidation of FHA's Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) with its Saver Fixed Rate HECM - was officially announced today. HECM is commonly referred to as a reverse mortgage and is available only to homeowners over...
Jan 30, 2013 4:07PM
Mortgage rates began the day at broadly higher levels, as bond markets moved higher in yield overnight and again after the morning's economic data. Even though this morning's GDP was weaker than expected, bond markets strengthened only briefly before continuing further along yesterday's path of weakness. Typically, weak economic data suggests stronger moves in bond markets, in which MBS (the mortgage-backed-securities that directly affect mortgage rates) operate. Rates were generally weaker than...
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