FHA To Boost Underwriting Standards To Stem Losses

Law360, New York (December 18, 2012, 6:46 PM EST) -- The acting head of the Federal Housing Administration said in a letter released Tuesday that the agency would undertake a series of reforms to bolster its finances, including tightening lending standards and ending parts of its popular reverse mortgage program.

FHA Acting Commissioner Carol Galante said in the letter to Sen. Bob Corker, R-Tenn., that she would push to implement the new policies, which will boost down payments that borrowers will have to put down and restrict the amount of money seniors can receive when applying...
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