The Department of Housing and Urban Development released Mortgagee Letter 2009-07 which raises the national FHA loan limit for reverse mortgages (HECMs) to $625,500. The changes are effective immediately for loans closed on or after February 24, 2009. The speed at which this mortgagee letter was released is shockingly fast but most likely in response […]
Category: Legislation
For those people who thought sub-prime mortgages and fancy CDO/CMOs were creative accounting, you haven’t seen the latest iteration of creating accounting: increased state taxation in order to receive more funding from Medicaid. Florida Health News’s article, Please Tax Me So I Can Earn More, is a fascinating view into the crazy funding crisis Florida […]
For those of you who want to read the 700 pages of the House version of ‘American Recovery and Reinvestment Act of 2009 or those who want to review the amendments being debated in the Senate or try to follow all the press coverage, good luck. If you just want the down and dirty from […]
Last week, the the draft of the economic recovery bill released by the House of Representatives contains a provision that would set the single national loan limit for HECM at a higher level than $417,000–for the balance of 2009. The change would bring the HECM loan limit to 150% of the Freddie Mac limit, or […]
Last week the Florida state legislature made budget cuts that will curtail a variety of senior and affordable housing projects across the state and lawmakers there deal with a $2.4 billion budget deficit. Legislators moved to remove $190 million from the state’s affordable housing trust fund and they warned that more cuts maybe coming later […]
Kit Bond, the retiring US Senator from Missouri, announced last week that he won’t seek re-election and that his office announced that Missouri will receive $15,876,900 as part of Department of Housing and Urban Development (HUD)’s Section 811 Supportive Housing for Persons with Disabilities Program and Section 202 Supportive Housing for the Elderly Program. As […]
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