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FHA cash reserves fall below legal limit

The Federal Housing Administration's cash reserves have shrunk to a level far below what is required by law, and the agency could need taxpayer funding if worst-case scenarios play out, according to an independent audit designed to measure the agency's ...

From DINA ELBOGHDADY, The Washington Post,  12 Nov 2009

Related Topics: Federal Housing Administration,  Shaun Donovan,  David H Stevens

FHA's cash reserves have dropped well below amount required by law, audit shows

For the first time since 1994, the Federal Housing Administration's cash reserves have shrunk to a point far below what is required by law and could turn negative if worst-case scenarios are factored in, according to an independent audit designed to ...

From DINA ELBOGHDADY, The Washington Post,  12 Nov 2009

Related Topics: Federal Housing Administration,  United States Department of the Treasury,  Shaun Donovan

Upbeat reports lift home builder stocks

U.S. home builder stocks surged Wednesday, invigorated by Toll Brothers' announcement earlier this week that orders for its homes have jumped during the latest quarter, outpacing expectations. Shares of Los Angeles-based Toll jumped more than 16 percent, ...

From DINA ELBOGHDADY, The Washington Post,  12 Nov 2009

Related Topics: Toll Brothers Inc.,  NVR, Inc.,  Michael Larson,  Federal Reserve

FHA's reserve fund hits 7-year low

The Federal Housing Administration, which has played a crucial role supporting American home buyers after the collapse of the mortgage market, has burned through a huge cash reserve in less than a decade and could soon wind up with what amounts to an ...

From DINA ELBOGHDADY, The Washington Post,  10 Nov 2009

Related Topics: Congressional Budget Office,  Federal Housing Administration,  United States Department of the Treasury,  Pew Charitable Trusts,  Government Accountability Office

FHA's reserve fund at 7-year low

The Federal Housing Administration, which has played a crucial role supporting American home buyers after the collapse of the mortgage market, has burned through a huge cash reserve in less than a decade and could soon wind up with what amounts to an ...

From DINA ELBOGHDADY, The Washington Post,  9 Nov 2009

Related Topics: Congressional Budget Office,  Federal Housing Administration,  United States Department of the Treasury,  Pew Charitable Trusts,  Government Accountability Office

FHA delays the release of disputed audit of its finances

The audit, compiled by Integrated Financial Engineering of Rockville, was scheduled to be released Wednesday, and the agency's top officials planned to brief reporters on its results. But on Tuesday evening, the agency postponed the event, saying the ...

From DINA ELBOGHDADY, The Washington Post,  5 Nov 2009

Related Topics: David H Stevens,  Darrell Issa,  Spencer Bachus,  Shaun Donovan

Senate votes to renew tax credit for first-time home buyers

For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund. The measure was attached to a bill that would provide 20 weeks of unemployment benefits in more than two dozen ...

From DINA ELBOGHDADY, The Washington Post,  5 Nov 2009

Related Topics: White House,  Steny H Hoyer,  Barack Obama,  Johnny Isakson,  U.S. Republican Party

Senators back extending homebuyer tax credit

WASHINGTON — The Senate has reached a broad bipartisan consensus on extending a lucrative tax credit for first-time homebuyers beyond the Nov. 30 deadline and expanding it to include some current homeowners, according to the Senate's Democratic leader. ...

From DINA ELBOGHDADY, Denver Post,  28 Oct 2009

Related Topics: Harry Reid,  U.S. Republican Party,  Mitch McConnell

Report finds thousands of irregularities in home-buyer tax credit

Hundreds of millions of dollars may have been paid to people who fraudulently or erroneously took advantage of a lucrative tax credit for first-time home buyers, an IRS watchdog told a House panel on Thursday. The revelations, documented in a report by ...

From DINA ELBOGHDADY, The Washington Post,  22 Oct 2009

Housing Chief Rebuts Warning of FHA Bailout

A former Fannie Mae executive warned a House panel Thursday that the Federal Housing Administration is destined for a multibillion-dollar taxpayer bailout in 24 to 36 months, an analysis that the agency's top official immediately dismissed as ...

From DINA ELBOGHDADY, The Washington Post,  9 Oct 2009

Related Topics: Fannie Mae,  David H Stevens,  Global Insight,  IHS Inc.

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