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The Federal Housing Administration plans on Sept. 7 to raise the cost of loans backed by the agency in an effort to strengthen its cash-strapped balance sheet.
The move follows Senate approval this week of a bill to allow the FHA to nearly triple the annual fees it charges borrowers, though the FHA plans more modest increases at first. The House had approved its version and President Barack Obama is expected to sign the bill this month. Get the full story »
The Obama administration, in an effort to shore up the Federal Housing Administration’s finances, is set to increase the annual premium the agency charges borrowers for mortgage insurance.
Under a measure that cleared Congress this week, the FHA would get authority to raise the annual premium it charges borrowers to 1.55 percent from the current 0.55 percent. President Barack Obama is expected to sign the bill into law. Get the full story »
