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What We're Hearing DailyBy Paul MuoloIn less than 24 hours the nation will know how far below the 2% minimum capital threshold the Federal Housing Administration's single family insurance fund has fallen. To date, FHA commissioner David Stevens has maintained that the agency will not need a government bailout a la Fannie Mae and Freddie Mac. The insurer is tightening its loan guidelines and cracking down on what it feels are sleazebag lenders using the government eagle. One thing can be said in FHA's defense -- at least it hasn't been backing high balance 'liar loans' like the private sector did during the 2003 to 2007 boom. And unlike Wall Street, FHA actually requires lenders to underwrite the loans they fund. Of course, with home prices falling between 20% and 50% in some once hot markets the past two years, it stands to reason that FHA's book-of-business will indeed suffer. Meanwhile, by now you've seen the reports that Goldman Sachs is talking to Fannie about buying $1 billion worth of low-income housing tax credits from the government-controlled GSE. Fannie cannot use the credits because, well, you need to actually earn money to use such an off-set. Goldman, on the other hand, is making money hand-over-fist. For the nation's tax collectors the issue might boil down to this: if we let Goldman buy the tax credits (at a discount) that means a Wall Street firm that received TARP money will be able to pay Uncle Sam less money in taxes at a time when Uncle could really use the money... See Paul's weekly column here. Follow Us on Twitter!Get the latest breaking news and reading recommendations via Twitter. News HeadlinesBoA Issues 'Clarity' Statements on HELOCsNovember 3, 2009 Bank of America said is now giving its home equity borrowers the same "Clarity Commitment" summary it gives to its first lien customers. Click here for more.FHA Audit Due Wednesday MorningNovember 3, 2009 Early Wednesday morning the Federal Housing Administration will release a much anticipated audit of its finances, including details about how much capital is left in its single-family reserve fund which covers losses on its massive book-of-business. Click here for more.Flagstar Posts Huge Loss, Offers Hints at Its FutureNovember 3, 2009 Flagstar Bancorp, the largest thrift player in mortgages, posted a $299 million loss in the third quarter, but vowed to continue investing in what it called its "position as one of the leading residential mortgage originators in the country." Click here for more.Federal CU Challenges New York's Mortgage TaxNovember 3, 2009 Hudson Valley FCU of New York has filed a lawsuit, challenging the state's mortgage tax, arguing that federally chartered credit unions should be exempt from the levy. Click here for more.LendingTree Parent Continues to Lose MoneyNovember 2, 2009 Tree Inc., which operates the LendingTree.com website, saw its third quarter revenues fall 17% sequentially but was able to add a $75 million warehouse line of credit. Click here for more.Related NewslettersDaily Briefing
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