Federal Housing Administration

What is Federal Housing Administration known for?


centuries quot

. 1872 – 1943" , University of Montana School of Journalism. Retrieved December 5, 2011 "Montana: a history of two centuries", Michael P. Malone, Richard B. Roeder, William L. Lang. University of Washington Press, Nov 1, 1991. ISBN 0-295-97129-0, 9780295971292. p. 256 The business of lending and borrowing money has evolved qualitatively in the post-World-War-II era. It was not until that era


hit quick

, and the FHA could suffer substantial losses. Joshua Zumbrun and Maurna Desmond of ''Forbes'' have written that eventual government losses from the FHA could reach $100 billion. Lending Over Backward, Forbes The Next Hit: Quick Defaults, The Washington Post The troubled loans are now weighing on the agency’s capital reserve fund, which by early 2012 had fallen below its congressionally mandated minimum of 2%, in contrast to more than 6% two years earlier. House Bill Aims to Save FHA Mortgage Insurance Fund in “Crisis" By November 2012, the FHA was essentially bankrupt. in 1990 Lapre and his wife started a credit repair business called Unknown Concepts. Lapre then began selling a 36-page booklet explaining how to recover a Federal Housing Administration insurance refund after paying off a home mortgage. He also began offering "900" phone lines (Premium-rate telephone number). On TV infomercials in the early–mid 1990s, he claimed that by placing "tiny classified ads" in newspapers he was "able to make $50,000 a week from his tiny one-bedroom apartment". Don Lapre Sells Tiny Classified Ads To obtain public mortgage insurance from the Federal Housing Administration in the United States, Ms. Smith must pay a ''mortgage insurance premium'' (MIP) equal to 1 percent of the loan amount at closing http: www.fha.com fha_requirements_mortgage_insurance.cfm . This premium is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well. The United States Veterans Administration also offers insurance on mortgages. Funds accumulated rapidly under the 10-36 Plan, and were soon used to invest in numerous housing and economic development initiatives. In 1964, PIA made its first investment in an 8-unit apartment building in an all-white community. The rationale for buying this property was that it would help address a long-standing problem facing blacks - racial discrimination in housing. The leaders of the Progress Movement believed that money often has the power to speak louder than words in the struggle to improve race relations. One year after its first investment in housing, PIA built Zion Gardens, a middle-income garden apartment complex in North Philadelphia. The $1 million project was financed by using 10-36 funds to leverage a loan from the Federal Housing Administration and a grant from the United States Department of Housing and Urban Development (HUD).


science history

scandal gave Nixon the ability to shut down HUD's remaining desegregation efforts with little political risk; by January 1973, all federal housing funds had been frozen. ref name "bonastia-3


white community

development initiatives. In 1964, PIA made its first investment in an 8-unit apartment building in an all-white community. The rationale for buying this property was that it would help address a long-standing problem facing blacks - racial discrimination in housing. The leaders of the Progress Movement believed that money often has the power to speak louder than words in the struggle to improve race relations. One year after its first investment in housing, PIA built Zion Gardens, a middle-income


home construction

to increase home construction, reduce unemployment, and operate various loan insurance programs. The FHA makes no loans, nor does it plan or build houses. As in the Veterans Administration's VA loan program, the applicant for the loan must make arrangements


ability

on the black and minority communities, due to the lack of ability to pass on wealth to subsequent generations. Minorities are still at a disadvantage when it comes to property ownership due to the past FHA regulations during the New Deal era. http: cml.upenn.edu redlining intro.html Operations The Federal Housing Administration is one of the few government agencies that is completely self-funded. Homes and Communities

;residential security maps" to indicate the level of security for real-estate investments in each surveyed city. Such maps defined many minority neighborhoods in cities as ineligible to receive financing. The maps were based on assumptions about the community, not accurate assessments of an individual's or household's ability to satisfy standard lending criteria. Since African-Americans were unwelcome in white neighborhoods, which frequently instituted racial restrictive covenants

scandal gave Nixon the ability to shut down HUD's remaining desegregation efforts with little political risk; by January 1973, all federal housing funds had been frozen. ref name "bonastia-3


scores annual

, most mortgage insurers will not write policies if the borrower's credit score is less than 575. When insurers do write policies for borrowers with lower credit scores, annual premiums may be as high as 5% of the loan amount. FHA down payment A borrower's down payment may come from a number of sources. The 3.5% requirement can be satisfied with the borrower using their own cash or receiving a gift from a family member, their employer, labor union, or government entity. Since 1998, non


number quot

: web.archive.org web 20000824160429 http: www.phoenixnewtimes.com issues 2000-01-13 feature.html page2.html archivedate 2000-08-24 in 1990 Lapre and his wife started a credit repair business called Unknown Concepts. Lapre then began selling a 36-page booklet explaining how to recover a Federal Housing Administration insurance refund after paying off a home mortgage. He also began offering "900" phone lines (Premium-rate telephone number). On TV infomercials


historic people

Rensselaer family who had owned it since 1639. Original plans called for 30 buildings, but cost overruns trimmed it to 13. All thirteen were named for historic people and locations in the Capital District; subsequent additions have kept to that tradition with the exception of Tremaine House, named for a former NY State Comptroller and Yates House for a former manager of Dutch Village. In 1940 the now-defunct New York Herald Tribune declared


publication making

;http: www.epi.org publication making-ferguson As the significance of subsidized mortgage insurance on the housing market grew, home values in inner-city minority neighborhoods plummeted. Also, the approval rates for minorities were equally low. After 1935 the FHA established guidelines to steer private mortgage investors away from minority areas. This practice, known as redlining, was made illegal by the Fair Housing (Fair housing) Act of 1968. This had long-lasting effects

Federal Housing Administration

The '''Federal Housing Administration''' ('''FHA''') is a United States government agency created as part of the National Housing Act of 1934. It sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building. The goals of this organization are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and to stabilize the mortgage market. The Acting Commissioner of the FHA is Biniam Gebre.

It is different from the Federal Housing Finance Agency (FHFA), which supervises government-sponsored enterprises.

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