Plan offers MI discounts for borrowers, provides clarity on FHA policies:
Tight lending conditions have been blamed for hindering the housing recovery, but a series of announcements by the FHFA's on Tuesday could be the long-awaited easing that many sidelined borrowers had been hoping for. The FHFA's new director, Mel Watt, made several announcements Tuesday that departed from his predecessors and aim to maintain Fannie Mae and Freddie Mac’s role in the housing market as well as broaden home lending by the mortgage giants. FHA hopes that good quality assurance will help lenders know that their mortgages meet FHA standards, so the lenders can originate loans with confidence. It hopes these new practices will ease those fears. To accomplish this, the FHA will focus on four areas, see which areas.
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