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The Obama Administration says it's cutting the mortgage fees charged by the FHA’s...

The Obama Administration says it's cutting the mortgage fees charged by the FHA’s refinancing program as part of its attempt to boost the ailing housing market. The move, which doesn't need Congressional approval, will help an estimated 2M-3M borrowers each save around $1,000 a year on average. (PR)
Comments (7)
  • SoldHigh
    , contributor
    Comments (1013) | Send Message
     
    More nonsense from an economically illiterate administration.
    6 Mar 2012, 12:29 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    1,000 a year..now that is a fee.....how do I get some of that
    6 Mar 2012, 12:34 PM Reply Like
  • TWagen
    , contributor
    Comments (143) | Send Message
     
    How does that help the housing market ? I must be missing something. Just a fe reduction on a refi ? How does that get homes sold !
    6 Mar 2012, 12:44 PM Reply Like
  • Bozerdog
    , contributor
    Comments (464) | Send Message
     
    This makes sense. If people see less of a cost associated with refinancing, they are more likely to restructure for a remodel, efficiency upgrade, etc etc. This promotes more purchases and labor hired. Fingers crossed.
    6 Mar 2012, 02:30 PM Reply Like
  • Augustus
    , contributor
    Comments (2302) | Send Message
     
    FHA just announced that they were raising fees for the mortgage insurance. that is for the people who are actually qualified borrowers and are doing the "responsible" thing. Obama has the best nack for identifying the most irresponsible and making them a prime beneficiary of government largess. It is only in fairnes that he should identify and steer benefits to those dumb enough to be irresponsible as they will be his likely voters.
    7 Mar 2012, 12:15 AM Reply Like
  • Zigg
    , contributor
    Comments (55) | Send Message
     
    Refinancing FHA mortgages now usually results in a higher monthly mortgage payment. FHA fees for insurance and closing were increased (in 2009 or 2010). Unlike regular mortgages, FHA's are stuck: higher monthly payments vs even higher monthly payments.

     

    Permitting FHA's to refinance should be a net positive b/c people would be less likely to default and the gov't wouldn't need to pay back the banks.
    7 Mar 2012, 07:58 AM Reply Like
  • TWagen
    , contributor
    Comments (143) | Send Message
     
    Isn't this just business as usual Circa 1990 - 2007 ? Having people refi against their homes to fund purchases is just a bad idea and hurts the individual (Regardless of the good (?) intent). Longer term it is not sustainable, increases costs, drives up prices, etc....
    7 Mar 2012, 09:25 AM Reply Like
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