Terminating FHA Insurance Could Terminate The FHA Program
Law360, New York (September 16, 2015, 11:24 AM EDT) -- Earlier this summer, the U.S. Department of Housing and Urban Development published a proposed rule that, at first glance, appeared to respond to complaints from servicers of government-insured loans that they should not be penalized for pursuing foreclosure avoidance options or experiencing delays in the legal system beyond their control. Currently, if a servicer fails to foreclose quickly enough within artificially created state time lines, the servicer forfeits all accrued interest when the servicer files a claim with HUD for mortgage insurance benefits. HUD’s proposal would change the Federal Housing Administration’ single family mortgage insurance claim filing process to pro rate...
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