NAHB sent a letter to HUD Secretary Ben Carson on March 9 urging the secretary to reinstate previously announced premium reductions on FHA-insured mortgages that were due to go into effect on Jan. 27, 2017 but suspended by the Trump administration.
Sen. Maria Cantwell (D-Wash.) and Senate Finance Committee Chair Orrin Hatch (R-Utah) on March 7 introduced the Affordable Housing Credit Improvement Act to strengthen and expand the Low Income Housing Tax Credit.
Steve Mnuchin, President Trump’s pick to be Treasury secretary, said that he opposed a “recap and release” plan for Fannie Mae and Freddie Mac during his Senate confirmation hearing on Jan. 19.
Recap and release would mean recapitalizing Fannie Mae and Freddie Mac and then releasing the two mortgage giants from government control.
President Donald Trump signed an executive order on Jan. 20 cancelling a decision made by the Obama administration to lower Federal Housing Administration annual mortgage insurance premiums by 25 basis points to 0.60%.
In a move that will make home loans more affordable, the Federal Housing Administration announced today that it will reduce the annual premiums most of its borrowers pay on mortgage insurance premiums by 0.25 percentage points from 0.85% to 0.60%. The agency said that the new lower premium rates are projected to save new FHA-insured home owners an average of $500 this year.
The Bloomberg Editorial Board has outlined a thoughtful approach to transition Fannie Mae and Freddie Mac and attract badly needed private capital back into the marketplace.
Illinois home builder Ed Brady, who is also the outgoing 2016 NAHB chairman, is among the candidates that the Trump transition team has talked to about becoming the next Federal Housing Administration (FHA) commissioner.
NAHB is urging members and HBAs to voice your concerns with a new HUD floodplains management proposal that fundamentally threatens access to FHA mortgage insurance programs for single-family home buyers and multifamily builders.