FHA Condo Project Approvals Extended; Discriminatory Lender Overlays; State Level Stimulus Needed; Qualified Loan Tests

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Anyone in the reverse mortgage business, or with an older parent, or who is old themselves, should read why Consumer Reports is not a big fan of the product: READ WHY Of course, the reverse mortgage industry is not a big fan of the report: READ WHY There haven't been any new investigations launched in mortgage banking industry for a few days now, so Federal officials decided it's time to open an investigation to determine whether 22 mortgage lenders have been discriminating against qualified African-American and Latino borrowers by denying them loans. HUD is responding to complaints from the National Community Reinvestment Coalition, accusing 22 banks nationwide of violating fair housing laws by denying FHA loans to borrowers with credit scores that met the federal standard . As those in the...(read more)

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