Law360, New York (January 30, 2013, 7:13 PM ET) -- The Federal Housing Administration on Wednesday announced a series of steps aimed at bolstering its capital reserves, including the curtailment of a popular reverse mortgage program and increased down-payment requirements for so-called jumbo mortgages.
The moves are intended to put more money into the FHA's Mutual Mortgage Insurance Fund, the agency's reserve fund meant to cover the costs of failed mortgages that it backs, amid concerns that the FHA is moving toward insolvency. The moves will decrease payments that borrowers will have to put down and...
FHA Says New Policy Changes Will Boost Insurance Fund
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