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

    … explaining the appraisal process and particularly, why Quicken has an incentive to get a high appraisal!!! In typical Dan Gilbert fashion, Quicken didn’t buckle under and try to quietly settle the matter. Quicken came out swinging. Immediately after the suit was filed, Quicken CEO Bill Emerson was quoted in the Detroit News saying, “No threat, including…

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

    … are guaranteed by the Federal Housing Administration (FHA). Others like Fannie Mae also have similar guaranty programs. Because these products have federal backing, issuers like AAG, RMS and Aegean must certify their loans are I compliance with all HUD and FHA guidelines. Unless the housing market really crashes, taxpayers probably won’t 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- 41 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

    … guarantee most residential loans. We hoped the Mortgage Bankers Association angry and unproductive rhetoric might ease up now that Cosgrove is done. It didn’t. At the recent annual meeting, incoming chairman Bill Emerson said the Justice Department’s enforcement actions were “irresponsible.” He also described the current regulatory environment…

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

    … circumstances. Sometimes renting for a longer period and saving for a down payment or rebuilding your credit score may be more beneficial. If you have questions about filing for bankruptcy, please contact one of our offices and set up a free consultation today. The post Buying a Home After Bankruptcy appeared first on Bond and Botes. …

    Kathryn Davis/ Bond and Botes- 34 readers -
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