MBA to HUD: Lift 203(k) Ban on Investors

The Mortgage Bankers Association (MBA) is urging HUD to end its moratorium on allowing investors to take part in the agency's Section 203(k) rehabilitation loan program. The association concedes that the moratorium was the right course of action when it was implemented in the mid-1990s, but notes that today's housing market is vastly different. "Communities would benefit from investors buying bank-owned properties, renovating them through the 203(k) program and selling or renting them," says Steve O'Connor, MBA's senior vice president of public policy and industry relations. Source: "MBA to HUD: Lift 203(k) Program Ban on Investors," MortgageOrb.com (06/07/12)