The Homeowner's Protection Act: protection for whom and at what cost?

Article Abstract:

The Homeowners Protection Act of 1998 is an amendment to the Truth and Lending Act that aims to protect homeowners through the creation of federal rules for disclosure and cancellation of private mortgage insurance (PMI). The act, which will take effect Jul 1999, protects borrowers by requesting the mortgagee to disclose or cancel PMI when the loan to value (LTV) ratios reach 78%. In addition, borrowers can ask for termination of their PMI when their LTV ratios reach 80% if they submit a request and support a good payment history.

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Mark to mrket: re-pricing $12 billion of FHA-insured mortgages

Article Abstract:

The Federal Housing Administration (HUD), under the Section 8(super 2) program, secures at least $12 billion worth of properties with rents that are above market. In 1995, HUD promoted a 'Mark to Market' program to address problems concerning mortgage insurance claims it encountered in the early 1990s. The program minimized rents to market, permitted insured loans to go into default, and allowed the agency to sell the loans into the market without any additional government guarantees.

Administration of Housing Programs, Housing programs, Federal Housing Administration, Management, United States. Federal Housing Administration

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Demystifying mortgage insurance cancellation

Article Abstract:

A new federal law, which will take effect Jul 29, 1999, assures home buyers that lenders will cancel private mortgage insurance without limiting the availability of low down payment mortgages. Lenders are requested to notify borrowers about their right to mortgage insurance cancellation and how to go about the process. They are also required to cancel insurance for those who decided not to request it and advise them that their insurance has been terminated.

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