Ginnie connects individual home buyers and refinancers using federal mortgage programs with deep-pocket investors around the world — giant pension funds and banks, among others.
Families on the frontier, where the venerated pioneer children roamed, owed their success (when they met with success) not only to hard work but to measures like the Homestead Act and the wholesale theft of land from Native Americans, while the model suburban family of the fifties had the G.I. Bill and federal mortgage programs to thank for theirs.
Research federal mortgage programs.
With the blessing of the White House and the Justice Department, the Department of Housing and Urban Development is attempting to sneak through a major policy change that would enable big banks convicted of felonies to continue lending through a federal mortgage program, according to federal records and government officials.
I asked him about federal mortgage assistance programs.
On Friday, The Financial Times reported that the settlement would even allow the servicers to tap taxpayer funds from already-existing federal mortgage modification programs to lessen their liability.
As of last week, mortgage industry officials said they feared they would be forced to suspend their federal reverse mortgage programs because the government had agreed to insure only 275,000 such loans — a number that is rapidly being approached.
Even as Nationstar has shown improvements, on multiple occasions last year the company "wrongfully terminated" borrowers from the federal mortgage modification program, according to a published report.
Losses on home mortgages, for example, now look as if they will be postponed for several months, in part because of the federal mortgage modification program and statewide efforts to temporarily halt foreclosures.
An examination of federal documents and lawsuits, and interviews with legislators, state attorneys general, housing counselors, homeowners and regulators, reveal a federal mortgage modification program crippled by weak oversight, conflicts of interest, mind-numbing complexity and poor performance by many participating banks.
Administration officials said in advance of Mr. Bush's appearance that the goal would be to change its federal mortgage insurance program in a way that would let an additional 80,000 homeowners with spotty credit records sign up, beyond the 160,000 likely to use it this year and next.
