View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML
HUD/OH RIN: 2502-AH57 Publication ID: Spring 2003 
Title: Prohibition of Property Flipping in HUD's Single Family Mortgage Insurance Programs (FR-4615) 
Abstract: This rule addresses property "flipping," the practice whereby a property recently acquired is resold for a considerable profit with an artificially inflated value, often abetted by a lender's collusion with the appraiser. Specifically, the final rule will establish certain new requirements regarding the eligibility of properties for FHA mortgage insurance. The regulatory amendments made by this rule will comply with congressional mandates to maintain the FHA Insurance Fund in a sound actuarial manner. The new requirements will make flipped properties ineligible for FHA financing, thus precluding FHA home purchasers from becoming victims of property flipping. The rule follows publication of a September 5, 2001, proposed rule, and takes into consideration the public comments received on the proposed rule. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 24 CFR 203   
Legal Authority: 12 USC 1709    12 USC 1710    12 USC 1715b    12 USC 1715u    42 USC 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  09/05/2001  66 FR 46502   
NPRM Comment Period End  11/05/2001    
Final Action  05/00/2003    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses, Organizations  Federalism: No 
Included in the Regulatory Plan: No 
Agency Contact:
Margaret Burns
Director, Office of Single Family Program Development
Department of Housing and Urban Development
Office of Housing
451 7th Street SW.,
Washington, DC 20410-0001
Phone:202 402-2121