The Department of Housing and Urban Development secretary wrote a letter to congress about his concerns with pending FHA legislation. He said FHA does not support provisions of the existing bills that would limit the agency's ability to give lower premiums to borrowers with better credit histories, which would benefit a significant number of low income borrowers, or impose a 12-month moratorium on HUD's proposed modifications to the current premium structure. He also called for an end to seller funded DPA's, which he said push default rates higher.
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