The final rule is the result of recommendations of a 2010 report from the Government Accountability Office; stakeholders and HUD program participants who had asked for clarification, technical assistance, better compliance, and more meaningful outcomes; and feedback from significant public input and comments received during the final rule's development.
Read More »Freddie Mac Encourages Homebuyers to Utilize Housing Counselors
Counseling may reduce the risk of a first-time homebuyer becoming seriously delinquent by an average of 29 percent on affordable mortgages that required pre-purchase housing counseling, according to research from Freddie Mac. The study also found that one-on-one counseling, classroom counseling, and home study via the Internet, which are the three most common types of housing counseling, are equally effective.
Read More »HUD Appropriations Bill Passes in Senate Committee
According to a press release from the committee, this action will make $55.65 billion in funds available for consideration by the Senate, a $1.88 billion increase from FY2015 and $7 billion below the amount the President Obama requested. The legislation provides $37.56 billion for HUD specifically, an increase of nearly $2 billion above the FY2015 enacted level and $3 billion below the President’s request.
Read More »HUD Awards New Mortgagee Compliance Manager Contract for $42 Million
Bethsesda, Maryland-based IT and logistical support provider Information Systems & Network (ISN) Corporation has been awarded the contract to serve as Mortgagee Compliance Manager (MCM) for the U.S. Department of Housing and Urban Development (HUD).
Read More »Additional HUD Grants Awarded to Counseling Agencies Brings Total to $42 Million
Nearly $6 million of the total $42 million will directly support the housing counseling services provided by 33 national and regional organizations, six multi-state organizations, 20 State Housing Finance Agencies (SHFAs), and 248 local housing counseling agencies.
Read More »HUD Widely Praised For Amending HECM Program, Helping Seniors Avoid Foreclosure
On Friday, HUD amended its HECM policy again, this time to include reverse mortgages originated prior to August 4, 2014, giving borrowers expanded options to allow the non-borrowing spouse to remain in the home if the reverse mortgage was originated before that date.
Read More »HUD Secretary Castro Says There Is Some ‘Agreement’ Between Parties on Housing Reform
Royce then asked Castro about a reduction in FHA market share for large banks, which he said has been recently cut from 61 percent to 33 percent, and that non-bank financial institutions how have 51 percent of the market share compared to 24 percent several years ago.
Read More »FHA Revises Reverse Mortgage Program to Protect Non-Borrowing Spouses From Foreclosure
The revisions announced Friday allow for the deferral of due and payable status for reverse mortgages, hence protection from foreclosure, for certain eligible non-borrowing spouses upon the passing of the last surviving borrower for case numbers assigned prior to August 4, 2014. Last year, FHA's HECM policies were revised to include such protections for non-borrowing spouses on HECMs for case numbers assigned on or after August 4, 2014.
Read More »HUD Secretary Castro Touts Success of Department’s Programs at Congressional Hearing
During his five-minute allotted period for questioning, Hensarling asked the Secretary for statistical evidence that HUD was achieving its original goal of eliminating poverty. Castro responded with the 33 percent drop in veteran homelessness and HUD's Jobs Plus Initiative, where he said individuals who go through program tend to earn 14 percent more than individuals who do not.
Read More »HUD Secretary Castro to Testify Before Congress Thursday, June 11
The purpose of Thursday's hearing, titled "The Future of Housing in America: The Oversight of the Department of Housing and Urban Development," is "to examine HUD and its programs," according to a memorandum from the Committee.
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