(RECAP: Lower costs are coming for homebuyers seeking a Federal Housing Administration -insured mortgage. FHA announced today that they are cutting annual premiums for mortgage insurance from 0.85 percent to 0.60 percent, a go the National Association of Realtors® said breathes new life into the program. “FHA mortgage products exist to serve an vital mission: providing homeownership opportunities to creditworthy borrowers who are overlooked by conventional lenders,” said NAR President William E. Brown. “The high cost of mortgage insurance has unfortunately place those opportunities out of reach for many young, first-time- and lower-income borrowers. Now, we have a real opportunity to get back on track.”)

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(RECAP: The Alexandria Redevelopment and Housing Authority has begun the process of revamping five of its properties in the city following approval last fall of the Ramsey Homes redesign. The sites are set for an overhaul in the not-too-distant future after the authority issued a request for proposals in 2014 to find private developers with whom to partner on the projects. Of those—Andrew Adkins, Cameron Valley, Hopkins-Tancil, Samuel Madden and the ARHA headquarters—the redevelopment of the 90-unit Adkins property officially started late last year with a kick-off event. ARHA CEO Roy Priest said Adkins was slated for redevelopment first in part because of its prime location near the Braddock Road Metro station and to help the families there find alternative accommodations. ARHA will apply for low-income housing tax credits from VHDA to help fund the projects, in addition to loans and federal grants.)

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(RECAP: Consumer credit reporting agencies Transunion and Equifax will settle with the CFPB for a total of $23.1 million for allegedly deceiving consumers about the value of their credit scores. The CFPB also alleges that Transunion and Equifax deceived consumers into enrolling in subscription programs with fake advertising about the cost of the programs. The agencies are also being ordered to truthfully represent their credit scores, obtain consumers’ informed consent for program enrollment and allow consumers to cancel products and services easily. The CFPB says its enforcement actions were taken under the Dodd-Frank Act’s prohibition of unfair, deceptive or abusive acts or practices.)

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