>> fha requirements are down to a 520 fico, and you only have to put 3 1/2% down. that's subprime lending. and we're not in the subprime lending business. >> chase will still do some fha loans but only at much higher fico scores and a much higher cost to borrowers. so really, why would they want them? independent lenders are picking up the slack, but some say the damage is already done. for "nightly business report" i'm diana he will o'ic in wal'i washington. >>> lennar topped expectations. the home builder cited higher prices and an increase in deliveries and a rise in new orders. steady job growth have helped. the ceo said both the new home and the rental market have significantly pent-up demand. >>> two big landlords are get together as the market for rentals stays hot. starwood way-point residential trust will combine with colony american homes in a deal that values colony at about $1.50 billion. the two companies are owners of single-family home rentals. starwood way-point rose nearly 13% today. >>> and the amount people spend on rent is expected to increase.

even want fha loans anymore? >> they are down to a 520 fiek co and you only had to put 3.5% down. that's sub prime lending and we are not in the sub prime lending business. >> chase will do some fha loans but only with much higher fiek co requirements and they charge much more so really borrowers wouldn't want them. meanwhile today in a speech ginny may's president was talk being all those new independent lenders and he said he was asking for more money to police those nonbank lenders doing these loans but so far congress has said no. back to you. >> diana, just to add another blow here for housing potentially, we have the huge star wood colony deal which is basically a bet on rentership in this country remaining as low as it is today. >> it's a big bent on rentership, i don't know that it's a blow to the housing market in general. it is going to give more renters more ability to get more homes because they say they can help with pricing power there, but it's again a big play on the rental, the single family rent

all primarily focus on default servicing. >> do you even want fha loans anymore. >> fha requirements are down to a 520 fico and you only have to put 3.5% down. that's subprime lending and we're not not subprime lending business. >> chase says they will do fha loans but with higher fico scores and at higher cost to the borrower for that added risk. they are selling off much of the servicing portfolio while growing jumbo loan originations. not so much risk of litigation from the government. >> thank you very much. >>> let's go to josh lip to be in san francisco with a news alert on apple. josh? >> yeah. mandy, some news from apple. apple saying its releasing this software update for its watch. remember, last week apple had delayed this release because the company detected a software flaw, but now the software update rolling out. consumers can download it. features of the new operating system here, new watch faces, developers can write native apps. so more powerful, faster apps. apple, of course, doesn't break out units or shipments for the watch but idc remember says in q2 apple shippe

the fha is guaranteeing loans at 3 percent down payment. >> here's the presidentei sayin we are goingss. >> starting this month the federal housing authority will lower its mortgage premium rates enough to save the average new borrower more than $900 a year. voters buy this. >> is it stuff makes me upset. basic economics says if you are making it cheaper to get mortgages relative to the supply of homes being fixed the prices are going to go up. really the government making homes more affordable does it makes it easier for you to take on more debt. there are more ways to defining a responsible home buyer than just the down payment on your home. if you don't have the savings to put more than 3 percent down payment on a home almost every finance professor in the country will tell you are not in a good position to be taking on that home. >> the treasury department has a web site, making home affordable. help is mehere. they make it sound like magic. even the phone number has the word hope in it. they want you to go into debt just like in the video. >>to i love g loans. >> you want to do a

the fha is offering people three and a half percent subprime mortgages.vate capital is looking at filling of the crannies, things like statement loans where the borrower doesn't have the income on their w-2, but looking at he has this much money coming in every month and we will accept that. it might be people with low credit scores or recent foreclosures. it takes a long time to get back into government programs after a foreclosure, but during the crisis, a lot of good borrowers got foreclosed on. even right now. matt: i'll never forget a long romantic walk i had on the beach with erik schatzker in 2008 or 2009. soon, anothery bank is going to package subprime loans and sell them off in pieces. is that happening again? guest: it wasn't officially subprime, credit scores were above what is considered the cut off. but there were some subprime loans in there and there were , loans to people who had gone through recent addresses or did not have any credit scores at all. we saw that with a lone star affiliate. the big private equity firm. it's starting again.

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the fha today is guaranteeing mortgages. middle class. >> starting this month the federal housing authority will lower its mortgage insurance premium rates enough to save the average you borrower more than $900 a year. john: voters by this. >> if you're making it cheaper to get a mortgage prices will go up. what that does is make it easier for you to take on more debt. there are more ways of does finding irresponsible homebuyer, but if you do not have the savings, almost every finance professor in the country will tell you why you aren't in a good position to be taking on that home. >> the treasury department has a website, making home affordable, help is here. they make it make it sound like magic. they want you to go into debt. >> let's get you alone. of course they go into a private bank and this happens. >> your loan has been denied. >> you cannot expect to be approved for a $225,000 loan when you are hundreds of thousands and that. john: i would not think so, so she chose to her boyfriend. >> i am massively and that. ex

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thousands of home sales and mortgage refinancing packages backedby the federal housing administration, fha. will be put on stanby, people ready to close, ready to make a commitment to a home, keeping the economy moving, will be told, stand back. wait and see. cities, counties and states will not be able to move forward with block grant project ford running important local economic investment. a program that affects every community in this country, and it's something that is a very positive, constructive way to give local leaders the resources to fund local initiatives that the community desperately wants and needs. this is not big washington. this is local america, getting a chance to see their projected put in place. the federal aviation administration will not be able to verify -- rather -- certify knew aircraft, interrupts billions of dollar inside sale. the pipeline and hazardous materials safety administration will be forced to stop investigations in emergency response training. classrooms will be shuttered for 700 midshipman at the united states merchant marine academy in new york. a

in the new fha will you talk about the removal of barriers that prevent people from accessing housing in areas of opportunity. you talk about access to housing outside of areas with high racial or ethnic concentration of low-income residents. how does that happen? in a city like baltimore where many people cannot afford to own cars? it happens by transportation decisions that were hand-in-hand witwith a local jurisdictions pn to of terminally further their housing. and to the extent we allow these decisions to be decoupled so that these transportation decision are made over here and then later on that the baltimore county's plan or you look a baltimore city's plan for your essentially allowing these jurisdictions to grandfather in this segregation through these unreviewed transportation decisions. and so we need these to to come together. in addition to transportation there has to be this critical attention to regional solutions, and you know this already. you know the importance of regional solutions to segregation. judge a car but in the thompson v. hud case talked about doing which