- October 1, 2015
Late yesterday, HUD’s Office of the Inspector General (OIG) released a second Audit Report finding that a lender violated Federal Housing Administration (FHA) policy by originating FHA-insured loans that included down payment assistance grants from a government entity that the OIG says utilized “premium pricing” to pay for the grants. The report focuses on loans originated by loanDepot, LLC, a California-based mortgage lender, which included down payment assistance from a program administered by the Golden State Finance Authority (Golden State).
- October 1, 2015
Late September 30, President Obama signed a continuing resolution (CR) funding government programs through December 11, thereby forestalling a government shutdown. Both the Senate, by a vote of 78 to 20, and the House of Representatives, by a vote of 277-151, passed the CR earlier that day.
- September 24, 2015NeighborWorks Report Illustrates the Ongoing Success of National Foreclosure Mitigation Counseling Program
On September 24, NeighborWorks America released its eleventh Congressional Report on the National Foreclosure Mitigation Counseling (NFMC) Program. According to the report, NFMC participants, including 40 HFAs, have provided 1.9 million homeowners foreclosure mitigation counseling since the program was launched in December 2007.
- September 22, 2015
Earlier today, Enterprise Community Partners and the Harvard Joint Center for Housing Studies (JCHS) released Projecting Trends in Severely Cost-Burdened Renters: 2015–2025, which examines how demographic and economic trends over the next decade are likely to affect the near record number of renters with severe housing cost burdens—that is, paying more than half their income in rent.
- September 15, 2015House Financial Services Chairman Seeks Recommendations for Restructuring HUD and Improving the Delivery of Housing Resources
In commemoration of the US Department of Housing and Urban Development (HUD)’s 50th anniversary, House Financial Services Chairman Jeb Hensarling (R-TX) has issued a call for ideas to reform HUD and modernize the delivery of federal housing assistance. Hensarling argues that HUD has not lived up to the expectations set for the agency by President Lyndon Johnson when he created the department, stating, “instead of marshaling federal resources towards the goal of addressing America’s housing needs, HUD has come to symbolize the dashed hopes of the Great Society vision that mistook centralization for coordination and spending for compassion.”
- August 28, 2015
HUD and the American Planning Association (APA) recently announced they are accepting entries for the 19th annual HUD Secretary's Opportunity and Empowerment Award.
- August 26, 2015
Yesterday afternoon, Fannie Mae introduced the HomeReady™ product, a new lending option for low- and moderate-income borrowers. This new initiative will replace Fannie Mae’s MyCommunityMortgage® products, which are currently the firm’s primary offering for low-income consumers.
- August 26, 2015
On August 24, the Federal Housing Administration (FHA) announced two new policies designed to promote energy-efficient single-family housing. This announcement was part of a broader set of green energy initiatives that the Obama Administration announced the same day.
- August 24, 2015
Last week, Moody's Investors Service (Moody's) released a report projecting the impact a surge in millennial homebuyers will have on state Housing Finance Agencies (HFAs). Moody's concludes that if home purchases by millennials were to increase by 20 percent, HFAs would originate an additional 12,800 loans for the sector and an average of 300 additional loans per year.
- August 20, 2015
The Federal Housing Finance Agency (FHFA) adopted a final rule yesterday establishing affordable housing goals for the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac for 2015 through 2017. The final rule increases the GSEs’ affordable single-family and multifamily goals from those FHFA initially proposed in August 2014.