HUD Chief Defends FHA
Premium Cut, Saying 'It's the Right Time'
U.S. Department of Housing and Urban Development Secretary Julian Castro expressed support for President Barack Obama's plan to cut Federal Housing Administration premiums after Republicans criticized the decision. Republicans pointed out that the FHA's fund remains well short of its statutory minimum. Castro countered that the annual mortgage insurance premium reduction will delay reaching the 2 percent minimum by just a few months. He also told reporters that struggling borrowers who are having trouble obtaining credit need more assistance as quickly as possible.
From "HUD Chief Defends FHA Premium Cut, Saying 'It's the Right Time'"
American Banker (01/09/15) Collins, Brian
U.S. Department of Housing and Urban Development Secretary Julian Castro expressed support for President Barack Obama's plan to cut Federal Housing Administration premiums after Republicans criticized the decision. Republicans pointed out that the FHA's fund remains well short of its statutory minimum. Castro countered that the annual mortgage insurance premium reduction will delay reaching the 2 percent minimum by just a few months. He also told reporters that struggling borrowers who are having trouble obtaining credit need more assistance as quickly as possible.
From "HUD Chief Defends FHA Premium Cut, Saying 'It's the Right Time'"
American Banker (01/09/15) Collins, Brian
No comments:
Post a Comment