The private MI industry is in the midst of a once in a generation opportunity to positively reform the country’s housing finance system. To do it right, there must be a comprehensive approach to evaluate what the proper role is for the GSEs, FHA, and private capital.
Lindsey Johnson, President and Executive Director of the U.S. Mortgage Insurers (USMI), today issued the following statement on the Mortgage Bankers Association report on reform recommendations for Fannie Mae and Freddie Mac (the GSEs) and the housing finance system.
In a recent blog post by Patrick Sinks, the President and CEO of MGIC and Chairman of USMI, he argues that the federal government must balance important protections provided by new lending standards with reasonable consumer access to credit.
Since the 2008 financial crisis, certain safeguards were put in place that resulted in more stringent underwriting standards for lenders and borrowers. As a mortgage insurer, lenders are my customers.
You would like to buy, but you can’t manage that 20 percent down payment. Does this sound familiar?
Here is a roundup of recent news in the housing finance industry, including the unveiling of USMI’s new logo to commemorate 60 years of making homeownership possible through private mortgage insurance and housing policy developments in Congress and in the executive branch.
“USMI congratulates Secretary Carson on his Senate confirmation to lead the U.S. Department of Housing and Urban Development, a critical federal agency that is a component of the nearly $30 trillion U.S. housing market. We look forward to collaborating with Secretary Carson and HUD on a comprehensive and coordinated housing policy to promote a stronger and more equitable mortgage finance system that serves American taxpayers, homebuyers and lenders.
Here is a roundup of recent news in the housing finance industry, including USMI’s release of its 2017 policy priorities and housing finance reform principles, industry outreach to the Federal Housing Finance Agency (FHFA) on GSE activities, and the recent news of increases in Federal Housing Administration (FHA) mortgage delinquencies.
On Friday, January 20, 2017, the new Administration’s U.S. Department of Housing and Urban Development (HUD) suspended a January 9 announcement by the outgoing Obama Administration’s HUD and its Federal Housing Administration (FHA) regarding a planned reduction in FHA mortgage insurance premiums (MIP) for borrowers.
The Federal Housing Administration (FHA) announced today it will reduce its mortgage insurance premiums (MIPs) by 25 basis points.
Families with down payments as low as 3 or 5 percent have been able to purchase a home thanks to private mortgage insurance (MI) for 60 years. Since 1957, MI has helped 25 million families become homeowners. In the past year alone, MI helped more than 795,000 homeowners purchase or refinance a mortgage. Nearly half were first time homebuyers and more than 40 percent had incomes below $75,000.
Here is a roundup of news surrounding recent developments in President-elect Donald Trump’s housing policy, key legislative proposals and also reports on the benefits of front-end credit risk sharing with deep cover mortgage insurance, and a new USMI blog post on unnecessary upfront risk fees (loan-level price adjustments) imposed by Fannie Mae and Freddie Mac.
Policy Priorities
