Breaking News! FHA to Lay Off About Half Its Workforce
Sharp cuts at the Department of Housing and Urban Development are likely to upend Housing Markets - Washington Post
The Trump administration is planning to lay off at least 40% of the workers at the federal agency that provides mortgage insurance on loans for people who otherwise wouldn’t qualify for one, according to two sources familiar with the agency’s plans. Bloomberg
The FHA is one of the largest mortgage insurers in the world and has insured more than 40 million home loans since 1934, according to the agency’s website. The insurance is a key resource for many first-time buyers and low-income Americans, and can help protect lenders as well. That’s opened up more credit to buyers who might not normally be able to snag a home-purchase loan.
Sharp cuts at the Department of Housing and Urban Development are likely to upend housing markets, make homes less affordable and roil mortgage transactions, according to current and former employees, contractors and housing experts. Rachel Siegel- Washington Post.
If HUD is required to lay off 40 % of its workforce, it most likely be required to limit the number of mortgages available to low-income buyers. Donna Hays