Midtown Tulsa Real Estate - Lori Cain: Todays Announcements

Todays Announcements

Here it is - straight from the horse's mouth. This post is courtesy of David H Stevens, Secretary of the United States Dept. of HUD. This office oversees the FHA programs for Single & Multi-Family housing; HUD's Healthcare programs (insurance for hospitals & nursing homes); manages regulatory policy for RESPA, Manufactured Housing, & SAFE. [Re-blogged with permission, January 21, 2010.]

 

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, including midtown Tulsa, downtown Tulsa, Broken Arrow, Owasso, Bixby, Sand Spring and Jenks, Oklahoma. Please visit Lori's web site, LoriCain.com or call 918-852-5036.

Today I will be announcing a series of changes to FHA that will affect some of you. As you read about them, please note a few key points.

FHA fell below is legislated requirement to have 2% in excess capital for reserves above and beyond forcasted losses. Being below this 2% requires me, by law, to make changes to get the funds reserves back over 2%. Virtually all of the losses are from 2006, 2007, and 2008 book years. These are the worst years in the housing crisis from an origination standpoint and they contained programs like the SFDPA (seller funded downpayment assistance) that have extremely high default rates.

The changes announced today will get the reserves up and put in place some controls to protect the fund and FHA for the long term, while making sure not to overly, adversely, impact this housing market at a critical time.

You can read about these in any major newpaper today or perhaps tomorrow, but please understand that these are necessary to keep FHA functioning. Without some tightening, we would be under extreme scrutiny and the lack of fiscal soundness could threaten FHA for the long term.

The housing market is slowly coming back to life in many markets across the country. Let's keep working at making this american dream of homeownership be part of a safe and responsible system for the long term.

Thanks for listening and for being a professional in this industry - it's why I post here in active rain - this place is filled with real pros.

Have a geat day.

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Please visit my web site if you are shopping for Tulsa homes for sale or call 918-852-5036 for more information about Midtown Tulsa Real Estate. In addition to my advanced grasp of the internet to market your Tulsa home for sale, I include a home staging consultation with every listing AND professional photography - at no aditional cost to you!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

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7 commentsLori Cain • January 21 2010 12:15AM

Comments

Thank you for the heads up and I will follow up by reading it in the newspaper tomorrow.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) over 4 years ago

It is hard to believe that our credit system is so recked that we have these challenges.

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Keller Williams Realty) over 4 years ago

Hi Lori,

Thank you for sharing an informative and helpful post.

John Pusa

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Sellstate Pacific Realty) over 4 years ago

This sounds like the calm before the storm.  Thanks for the heads up Lori. 

Posted by Jane Peters, Connecting you to the L.A. real estate scene (Power Brokers Int'l) over 4 years ago

Mr. Steven's post was featured - go to his original if you want to re-blog. At least they didn't raise the minimum down-payment as feared.

Posted by Lori Cain, Midtown Tulsa Real Estate Top Producer (Chinowth & Cohen Realtors ) over 4 years ago

Lori, Thanks for sharing that information. I would have never found it!

Posted by Jane Cross (Homes By Cross serving Charlotte NC Real Estate Needs) over 4 years ago

Jane - THANK YOU for sharing your listing info via JP - I would never have found that!!!  :-) You are a jewel!

Posted by Lori Cain, Midtown Tulsa Real Estate Top Producer (Chinowth & Cohen Realtors ) over 4 years ago

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