Today, President Obama announced at a news conference that the Federal Housing Administration will be lowering the MIP (mortgage insurance premium) for refinances. The MIP will be lowered from the original 1 percent down to 0.01 percent and the annual fees on FHA loans made prior to June 1, 2009, will be lowered from 1.15 percent down to 0.55 percent.It is estimated that this plan will effect as many as 3 million borrowers and save them an average of $1,000 a year.
In addition, mortgage servicers are to supply members of the military, who faced foreclosure under incorrect circumstances, with compensation in the form of lost equity and interest. Military members who also were denied foreclosure rights will be receiving refunds.
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