An article in the Baltimore Sun looks at the problems of today and sees many similarities with the problems of years past.

“It’s really back to the future,” said Paul E. Skeens, owner of Carteret Mortgage Corp.’s branch in Waldorf. “We’re headed back to a more normal cycle [after the feeding frenzies of the boom years]. The crazy stuff may be gone, but the old solutions still work great.”

The article highlights tried and true solutions for borrowers in a post-boom market, including Freddie Mac and FHA loans, reassuring weary souls that all is not lost. All that’s missing is the Flux Capacitor…

If you’re looking to learn about some of the FHA programs other than a traditional mortgage, check out “FHA Lending: More than your Average Mortgage” over at Smart Money Daily. There are informative blurbs about FHA Refinancing, Diaster Relief, Energy Efficient Mortgages, and Rehabilitation Mortgages.

To learn about even more programs, visit the government’s FHA website.

Here’s a short, but information packed, article from The Florida Times-Union about Robert M. Couch’s visit to Jacksonville. Couch is currently the general counsel for HUD and came bearing lots of great news.

Now, it takes 30 percent less time to secure an FHA home loan, said Robert M. Couch, general counsel for the U.S. Department of Housing and Urban Development.

Appraisals are in line with other government-backed lenders, records are electronic and loans can be endorsed by the lender.

Long has the tangled bureaucracy of the FHA been a hinderance to the program. News of FHA catching up with the times is certainly a great sign for the future of FHA loans.

MSNBC Money is reporting on an SEC investigation into the selling off of subprime debts.

Christopher Cox, chairman of the SEC, told a congressional panel that the regulator was investigating a dozen subprime mortgage issues, including collaterallised debt obligations (CDOs), which are repackaged pools of debt sold to investors.

I foresee more trouble on the horizon…

It’s the name of the bill in Congress to modernize FHA. There is a lot of news about the bill right now and I thought it’d be handy to link to for those who wanted to read the entire text of the bill. The site also keeps you udpated on where the bill is in the legislation process, has a easy-to-follow summary, and transcripts of floor speeches related to the bill. Plus, there are links to similar bills, including the one that failed in the Senate last year.

The Rocky Mountain News was also reporting on Montgomery’s visit to Denver and some of the statistics are startling. For example, foreclosures are up 30% in one year! Here’s another one:

In the late 1980s, FHA-insured loans accounted for about 65 percent of all the mortgages in the Denver area, said Mike Rosser of the Colorado State Housing Board, but now they account for less than 5 percent.

Ok, anything that can steal away 60% of the market share in that amount of time (READ: exotic subprime loans) has got to be too good to be true.

These HUD guys are all over the place! The Houston Chronicle reports that HUD Assistant Housing Secretary Brian Montgomery was in Denver to promote FHA loans and (surprise, surprise) end predatory lending. Here’s the most interesting bit:

A Colorado foreclosure hot line set up in October 2006 has received more than 16,000 calls, said Zachary Urban, who administers the hot line and is director of housing counseling at Brothers Redevelopment Inc.

That certainly is a lot of foreclosures. More importantly, it shows that people are reaching out. Which is a good thing.

As National Homeownership Month comes to a close, the successful string of summits and workshops continue. At a recent summit for California professionals, Alphonso Jackson spoke about not only the importance of ending predatory lending and FHA reform, but the all important topic of education. The article points out a very important point made at a recent summit in DC:

A recent HUD-sponsored homeownership summit in Washington, D.C. revealed that half of all homeowners facing foreclosure are afraid to contact their lender for help. Jackson said he encourages families to contact one of the 2,300 HUD-approved housing counseling programs, which offer a wide array of services for buying a home, avoiding predatory lending, and assisting homeowners facing default. The Bush Administration has increased the budget for counseling from $13 million to $41 million – over a 200% increase. In the coming fiscal year, the President has requested $50 million for housing counseling grants.

200%!!! HUD and the FHA definitely have the right idea, and here we see that there is the money to put the plans in motion. Now it’s a matter of getting people to participate.

First it was the home builders backing FHA modernization, and now it is the realtors. Earthtimes.org reports that the National Association of Realtors (NAR) is calling on Congress to punish predatory lenders and revamp FHA. Here’s a quote from NAR president Pat Combs about how forelosures affect a lot more than the individual homeowner:

“As we sit here today, my home state of Michigan has one of the highest foreclosure rates in America. I can tell you from personal experience that when families lose homes to foreclosure, our communities, the housing market and our local and national economies all suffer,” Pat V. Combs, NAR president, said before the Senate Subcommittee on Housing, Transportation and Community Development.

Combs and the entire associaton have the right idea. We need statements like this to continue to keep the momentum up.

So I was looking at an article about creative ways for financing and noticed an interesting “factoid.”

7. FHA mortgage loans. The Farm Home Administration doesn’t actually loan the money, but guarantees your loan for the bank, so they can loan up to 97% of the purchase price, depending on the particular FHA program.

Hmmm…I thought to myself, I’ve never heard of the Farm Home Administration…

After some diligient research the best I could figure out is that the Farm Home Administration used to provide loans for a very small portion of the population who were rural farmers. From what I could find, the imposter FHA no longer exists, but similiar loans are offered by the Farm Service Agency, or FSA.

Point being, there is a lot of information out there about FHA loans and it’s important to examine everything with a critical eye. Granted, that pretty much goes for the internet as a whole, but when it comes to a big decision like taking out a loan it’s critical to get all of the correct facts.

Additionally, if you did check out the article – ignore number eight. That is the single worst idea of all time and you will end up not speaking to at least 2 people for a minimum of 15 years.