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Tag Archives: HUD

HUD, NeighborWorks Roll Out Emergency Program for Unemployed

Unemployment has pushed many homeowners to the brink of foreclosure. Housing analysts have become especially vocal about the effect of extended periods of joblessness on mortgage performance. The average duration of unemployment was 40 weeks in May. On Monday, HUD and NeighborWorks announced the roll-out of the Emergency Homeowners' Loan Program (EHLP) to 27 states and Puerto Rico, extending over $800 million to assist homeowners at risk of foreclosure because of a reduction in income.

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HUD’s Single-Family Housing Chief Resigns

Vicki Bott, HUD's deputy assistant secretary for single-family housing, is departing the federal agency, a HUD spokesperson has confirmed. Bott joined HUD in September 2009, just as the administration was knee-deep in ramping up and rolling out a host of programs to address the nation's raging foreclosure crisis. At HUD, Bott was responsible for the direction and management of all single-family Federal Housing Administration (FHA) mortgage insurance programs, including the disposition of repossessed homes.

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Ohio Inspection and REO Company Renews Service Contracts with HUD

A2Z Field Services, an inspection and property preservation service provider headquartered in Ohio, announced the renewal of the company's three Field Services Management (FSM) contracts with HUD. The company provides property management services to HUD in 18 states and the District of Columbia and will continue to assist the federal agency with its bank-owned inventory over the next year.

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HUD to Re-Foreclose on REO Homes in Michigan

HUD says foreclosures will have to be re-filed on some of its REO homes due to a Michigan court ruling. In April, the Michigan Court of Appeals issued a judgment stating that MERS does not meet the requirements under state statute to act as the foreclosing agent in non-judicial proceedings. HUD says most of the major title insurers in Michigan have ceased issuing title insurance for any repossessed properties involving MERS and a non-judicial foreclosure. The agency is directing mortgagees to re-foreclosure on any affected homes to cure the title defect.

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First Guaranty Mortgage Looks to Accelerate Resale of REO Properties

First Guaranty Mortgage Corp. (FGMC) recently partnered with APD Solutions and Home Depot to launch an initiative aimed at accelerating the resale of REO properties and rebuilding the housing stock nationwide. Coined ""Rebuild the Dream,"" the initiative seeks to reduce the time cycle on the sale of bank-owned homes and improve sale prices by providing incentives to homebuyers and real estate selling agents to use rehabilitation loans to increase the value and appeal of REO properties.

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Lawmakers from Both Sides Rally for Housing Counseling Funding

Four senators have drafted a letter they intend to send to key policymakers advocating for the return of federal dollars to HUD's housing counselor program. Congress eliminated funding slated for the federal program, which supports counseling efforts for foreclosure prevention, back in April as part of the 2011 budget resolution. Sens. Akaka, Menendez, Snowe, and Rockefeller are asking that $87.5 million be included in the 2012 budget to fund the HUD program, and they're soliciting their Senate colleagues for additional support.

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States Threaten High-Dollar Lawsuits in Settlement Power Play

Negotiation talks continued this week between state attorneys general and the nation's largest mortgage servicers to settle robo-signing allegations, and those on the states' side of the table began throwing out big numbers to convince servicers they should ante up. Attorneys general advised representatives from the five largest servicing shops that they would be on the hook for at least $17 billion from civil lawsuits alone if the two parties don't reach a settlement agreement.

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U.S. Bank Agrees to Pay $1.2M in HUD Settlement

Under the terms of a settlement reached with HUD late last week, U.S. Bank will pay $1.2 million to resolve allegations that it failed to comply with Federal Housing Administration (FHA) requirements in connection with 27 mortgage loans. U.S. Bank is the FHA's eighth largest mortgage lender. U.S. Bank did not admit any liability, but HUD documented losses of more than $465,000 in relation to these loans.

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FHA Encourages Servicers to Report Loan Modifications

The Federal Housing Administration (FHA) recently announced a new mechanism that encourages servicers to report non-incentivized loan modifications using the agency's online system. A mortgagee letter will make this reporting a requirement in the future. FHA warns that servicers who miss the 60-day window for filing an incentive claim should still report modification terms or they may incur monetary damages by delaying future claims activity after the original loan maturity date automatically terminates the FHA insurance.

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New Mortgage Disclosure Form to Help Safeguard Against Default: CFPB

The new Consumer Financial Protection Bureau (CFPB) aims to avert at least one hitch in the home loan process that some market experts say started a whirlwind of mortgage delinquencies - ensuring consumers have a clear understanding of the cost associated with their mortgage. CFPB unveiled two prototypes for a new regulatory disclosure form Wednesday that the agency will begin testing this week. Each of the prototypes combines the two-page TILA disclosure and the three-page RESPA disclosure into a single, abbreviated form.

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