The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
Last week, FHA took administrative actions against 26 different lenders for multiple violations. The actions taken by FHA included reprimands, probations, suspensions, and civil money penalties. In addition, some lenders will have their FHA-approval revoked. In the past year, the FHA has taken more than 1,600 administrative actions against lenders.
"It's never been more important that lenders doing business with FHA apply our standards to each and every loan they originate and underwrite," said Acting FHA Commissioner Carol Galante. "FHA requirements ensure homeowners are put on a path of sustainable homeownership and that ultimately helps stabilize entire neighborhoods and communities."
While FHA's actions may protect some homeowners from default, the efforts might be too late for others. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to discuss what foreclosure remedies may be available to you.
