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Federal Housing Administration

Preserving Homeownership: Foreclosure Prevention Issues

Posted Sat, 07/25/2009 - 23:00

The foreclosure rate in the United States has been rising rapidly since the middle of 2006. Losing
a home to foreclosure can hurt homeowners in many ways; for example, homeowners who have
been through a foreclosure may have difficulty finding a new place to live or obtaining a loan in
the future. Furthermore, concentrated foreclosures can drag down nearby home prices, and large
numbers of abandoned properties can negatively affect communities.

The FHA Modernization Act of 2008

Posted Wed, 02/25/2009 - 00:00

The Federal Housing Administration (FHA) has been insuring lenders against loss on home loans since 1934, and has insured about 35 million homes at a mortgage volume of about $2 trillion. In past years, FHA was often the innovator in testing new mortgage products, but in recent years the private mortgage market has been offering mortgages that appealed to borrowers who otherwise may have sought FHA-insured home loans. As a result, the FHA share of the mortgage market declined.