Federal Housing Administration

The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. It insured loans made by banks and other private lenders for home building. The goals of this organization are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and to stabilize the mortgage market. The Commissioner of the FHA is Carol Galante.It is different from the Federal Housing Finance Agency (FHFA), which supervises government-sponsored enterprises.
Posts about Federal Housing Administration
  • Whistleblower Suit Against Quicken Loans Proceeds

    … concerning a different loan, Quicken’s FHA Operations Director Jeanette Ahles wrote that she had “done all I can with this income,” further stating that she “gave a little OT [overtime],” but that it was “still not enough to qualify.” Ultimately, Quicken approved and endorsed both loans for FHA insurance. [Lyon can be seen in this YouTube video…

    Due Diligence- 19 readers -
  • Reverse Mortgages – New Class Action Opportunity

    … targets Hispanic borrowers and trades under several names including Jubilados Financial. Regulators say that Aegean made a wide variety of misrepresentations including “that consumers could not lose their home and that they would have the right to stay in their home for the rest of their lives.” The company also claimed that borrowers “would have…

    Due Diligence- 12 readers -
  • Whistleblower News Review

    … Claims Act “qui tam” whistleblower lawsuit. Over five years later, and after a trial that lasted five weeks, a jury found both the corporation and its CEO, Jim Hodge, guilty of knowingly representing to Housing and Urban Development (HUD) that certain loans were properly prepared and eligible for Federal Housing Administration (FHA) insurance, when…

    Due Diligence- 19 readers -
  • Anatomy of a Fraud – U.S. v Allied Home Mortgage Goes to Trial

    … are as follows: Allied submitted false statements regarding the Allied entities’ quality control procedures to representatives of the U.S. Department of Housing and Urban Development (“HUD”) and the Federal Housing Administration (“FHA”) [FIRREA claim]; Allied falsely certified on an annual basis that the Allied entities complied with all…

    Due Diligence- 42 readers -
  • BB&T Pays $83 Million Settles Mortgage False Claims Act Beef

    … that were insured by the Federal Housing Administration (FHA). The government allows mortgage companies and banks to issue these insured loans but only if the lenders agree to strict quality control guidelines. According to the Justice Department, between January 2006 and September 2014, BB&T certified loans as eligible for government insurance…

    Due Diligence- 17 readers -
  • Mortgage Company Quota System Leads to $70 mm Settlement

    …. Because there can be thousands of mortgages in each RMBS pool, investors want some assurance of the quality of the underlying mortgages. That assurance is satisfied when the mortgages are insured and backed by the government. The FHA (Federal Housing Administration), Fannie Mae and Freddie Mac are the three largest public guarantors of mortgages…

    Due Diligence- 37 readers -
  • Mortgage Bankers Association Misses the Mark

    … their own mortgages anymore. They earn their money in commissions. The push is to get the loan written and out the door. There Fannie Mae, Freddie Mac or the FHA guarantees the loan. Since the financial meltdown, however, Fannie and Freddie are now backed with tax dollars. Add in the Federal Housing Administration (FHA), and taxpayers today…

    Due Diligence- 18 readers -
  • Buying a Home After Bankruptcy

    … Administration (FHA) has set out guidelines on this subject. The Guidelines have a required waiting period for those who have filed bankruptcy. If a debtor has filed a Chapter 7 bankruptcy, the debtor must wait two years from the date of discharge before applying for an FHA loan. If a person has filed a Chapter 13 bankruptcy, he can apply for an FHA loan after…

    Kathryn Davis/ Bond and Botes- 34 readers -