Government

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan revealed HUD's fiscal year 2015 budget proposal on Tuesday in a conference call. "HUD's FY2015 budget request helps to create opportunity for all Americans by providing housing, capital investments, and critical services for millions of families," Donovan said.

Some changes may be on the horizon for the Consumer Financial Protection Bureau (CFPB). The U.S. House of Representatives passed H.R. 3193, The Consumer Financial Freedom and Washington Accountability Act, which would bring more "accountability and transparency," according to Representative Sean Duffy (R-Wisc), the bill's sponsor.

A new report by the Census Bureau shows that construction spending for the month of January has increased. The government’s latest report shows spending on all construction projects was up 0.1 percent from December, an estimated seasonally adjusted annual rate of $943.1 billion.

Strong fourth-quarter 2013 earnings by Freddie Mac capped a year of unprecedented financial earnings for the government-sponsored enterprises (GSEs), but reflect several one-time items, according to a release issued by Fitch Ratings. Fitch comments, "While results of the type posted in 2013 will not be repeated, Fitch Ratings expects increased guarantee fees (g-fees) and improving mortgage credit quality to support continued profitability for the GSEs this year."

The Federal Deposit Insurance Corporation (FDIC) announced Friday in a press release the closing of Millennium Bank, National Association of Sterling, Virginia. The bank was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as the bank’s receiver.

The housing market’s cooler-than-expected first quarter should just be a temporary blip in a year of modest overall growth, according to Doug Duncan, chief economist at Fannie Mae. Fannie Mae’s latest economic forecast notes harsh weather stunted new home construction in Q1 2014, but the report also reaffirms Fannie Mae's position that the economy and housing markets will improve on 2013 growth by the end of Q4.

The Federal Housing Finance Agency (FHFA) announced Thursday it has reached a settlement with Société Générale, related companies, and specifically named individuals. The parties have reached a settlement of $122 million, and resolved claims made in the lawsuit FHFA vs. Société Générale, et al.

Freddie Mac released on Thursday its quarterly earnings report for the end of 2013, revealing yet another strong quarter—the ninth straight. Net income at the enterprise totaled $8.6 billion in Q4. For all of 2013, Freddie Mac reported providing liquidity for 1.6 million refinances; 515,000 home purchases; and 388,000 multifamily rental units.

A Florida man was sentenced on Tuesday to serve 12 months and one day in prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Vernell Burris Jr. was sentenced to prison along with two other previously sentenced co-defendants, Christopher Godfrey and Dennis Fischer, in a continuing SIGTARP case.

For Richard Corday, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.