FHA Home Loans Growing In Spite of Housing Slump

With an estimated $290 billion in FHA loans projected for fiscal 2009, it's clear that while conventional lending markets are hurting the FHA is meeting a serious need for affordable home loans. According to recent press, FHA mortgages tripled in 2008; in 2009 the amounts are expected. . READ MORE

FHA Issues Sanctions Against 120 Lenders

If you're considering an FHA home loan, it's a good idea to check out the FHA's list of 120 financial institutions recently sanctioned for violating FHA rules. While the majority of

FHA-approved lenders are reputable companies, the recent sanctions reveal some bad apples trying to take advantage of both the consumer and the FHA. The FHA issued sanctions for a variety of problems--everything from bad quality control to falsifying documents used to issue FHA home loans. READ MORE

Obama Administration Seeks Public Input On Reform Of The Housing Finance System

Washington The Obama Administration today released questions for public comment on the future of the housing finance system, including Fannie Mae and Freddie Mac, and the overall role of the federal government in housing policy. The questions have been designed to generate input from a wide variety of constituents, including market participants, industry groups, academic

experts, and consumer and community organizations. The questions will also be published in a Federal Register notice requesting public comments, and information on the process for submitting comments will be included in that notice. READ MORE

PNC Closes $71 Million Tax Credit Equity Fund for Multifamily Housing in 8 States

PNC has announced the successful completion of PNC Real Estate Tax Credit Capital Institutional Fund 42, a $71 million investment limited partnership. The $71 million fund is comprised of investments in 10 operating partnerships involving

multifamily housing properties in eight states, targeting families and seniors earning 60 percent or less of area median income.

Pittsburgh, Pa. April 20, 2010 PNC announced today the successful completion of PNC Real Estate Tax Credit Capital Institutional Fund 42, a $71 million investment limited partnership which closed on February 28, 2010. READ MORE

Hud Secretary Announces Nearly $24 Million To The New York City Housing Authority To Protect Rental Assistance Vouchers

NEW YORK - U.S. Housing and Urban Development Secretary Shaun Donovan announced

today that the New York City Housing Authority (NYCHA) is among nearly 600 public housing agencies that will receive additional funding to support families currently participating in HUD's Housing Choice Voucher Program. NYCHA will receive nearly $24 million that will allow the agency to continue supporting approximately 2,500 families. READ MORE

Borrowers Who Refinanced In First Quarter Will Lower Their Interest Expense An Aggregate $2 Billion Over The Coming Year

McLean, VA – In the first quarter of 2010, one-half of borrowers who refinanced their

conventional loan lowered their mortgage interest rate by at least 16 percent according to Freddie Mac’s quarterly Refinance Report. The new interest rate was 0.9 percentage points or more below the old rate for one-half of borrowers. “Rates on 30-year fixed-rate mortgages during the first quarter remained low, averaging 5.0 percent in Freddie Mac’s Primary Mortgage Market Survey®,” noted Frank Nothaft, Freddie Mac vice president and chief economist. “The median interest-rate savings for borrowers who refinanced their conventional loan in the first quarter was 0.9 percentage points. READ MORE

Wall Street Investors Target The Bahamas

Wall Street financial muscle has recently made a significant statement about the viability of The Bahamas as a burgeoning destination for the construction of second homes, travel and tourism. The Paradise Is Mine company announced Wednesday that it has received a formal commitment of $30,000,000 in financing provided for additional infrastructure on the island of Rum Cay in The Bahamas to support further pre-development efforts.

Funding provided is expected to dramatically enhance the existing infrastructure on this postcard perfect Caribbean island. Rum Cay currently has all needed infrastructure for its residents. The island is the switching station for all fiber optic networks between Florida and the southern Bahamas and is home to the cellular tower providing services to the region. Service providers to the island currently include Bahamas Electricity Corporation and Bahamas Telecommunications Company (BTC).

The financing provided is from a syndicate of Wall Street and international investment firms attempting to cash in on the increased marketability of Rum Cay and the Outer Bahamas islands. William Myers, Paradise Is Mine’s Chief Financial Strategist stated, “the details will be made public in the very near future when all the i’s are dotted and the t’s are crossed. We have has no shortage of interested financial partners. The market seems to have definitely corrected.” READ MORE

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