FHA Premium Cut not about the GSEs

By Jann Swanson

Posted To: MND NewsWire

Normal 0 false false false EN-US X-NONE X-NONE Julian Castro, Secretary of Housing and Urban said today that the reduction of FHA annual premiums has nothing to do with competition from Fannie Mae and Freddie Mac. The 50 basis point reduction in annual mortgage premiums announced by Castro earlier this month, is effective for loans with case numbers issued starting today. Castro told a panel on CNBC’s Squawk Box that the rollback is about maintaining a balance between keeping FHA’s Mutual Mortgage Insurance fund strong and fulfilling FHA’s traditional mission of providing homeownership opportunities for first time homebuyers and middle class families Castro said the FHA’s last annual report in November showed that over the last few years the fund had gained $21 billion…(read more)

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