The FHA in a letter today announced that effective immediately, it will loosen restrictions for one year on agency-backed condo loans while longer-term rules are established. The change will expand the definition of owner-occupied units to include second homes that are not investor-owned and increase the number of condominium projects that are eligible for FHA insurance. FHA anticipates that the temporary provisions will increase affordable housing options for first-time and low-to-moderate income homebuyers.
ABA Data Bank: Yen falls to lowest level in three decades
The Japanese Yen briefly weakened to 160 intra-day against the U.S. Dollar on Monday, it's lowest level since April 1990.