HUD

In a release last week, President Joe Biden announced plans designed to ease the burden of housing costs. This will be done by increasing the supply of quality housing in “every community.”

Republicans criticized the plan for perceived failures to promote new construction and for using Fannie Mae and Freddie Mac to promote a political agenda.

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In a 51-50 partisan split, the Senate voted to confirm Julia Gordon as assistant secretary of housing, federal housing commissioner.

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The Federal Housing Administration issued a mortgagee letter which added a 30-day buyer preference for certain home sales. The objective of this addition is to increase supply and access to affordable housing and homeownership for low- and moderate- income homebuyers.

The change also creates a preference for Housing and Urban Development approved nonprofits and governmental entities as part of the post-foreclosure sales period.

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In the 2023 budget proposal submitted to Congress, the White House has indicated it is anticipating strong performance for the Home Equity Conversion Mortgage (HECM) program.

The Department of Housing and Urban Development has made legislative proposals to Congress relating to reverse mortgages to coincide with the White House budget.

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A proposed rule from the Department of Housing and Urban Development would allow the Federal Housing Administration to consider and utilize a 40-year mortgage modification. This would offer a 10-year extension on the current standard mortgage term.

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Wells Fargo is facing questions from Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) about the data and algorithms used in 2020 and 2021 to evaluate mortgage refinance applications. A potential class action suit has been filed in the federal district court in California claiming Wells Fargo has engaged in “modern-day redlining.” Democrat senators. on the banking committee call for the Consumer Financial Protection Bureau and the Department of Housing and Urban Development to investigate.

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An Atlanta real estate agent was sentenced to two years, six months in prison after pleading guilty to participating in a mortgage-fraud scheme.

The conspiracy netted more than $21 million in fraudulent mortgage loans, many insured by the Federal Housing Administration (FHA). The case was investigated by the Department of Housing and Urban Development Office of the Inspector General, the Federal Bureau of Investigation, and Federal Housing Finance Agency Office of Inspector General.

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The Federal Housing Finance Agency and the U.S. Department of Housing and Urban Development (HUD) made clarifications to Freddie Mac’s policies on purchase mortgages secured by a property owned by an individual and rented to a group home for persons with disabilities.

The clarification was in response to a HUD investigation, where a mortgage lender refused to lend to a property owner who was renting to a company operating a group home.

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President Joe Biden has nominated a senior advisor for housing finance within the U.S. Department of Housing and Urban Development to be the new head of Ginnie Mae.

The new nominee would be the first permanent leader of Ginnie Mae in almost five years, since President Ted Tozer resigned in 2017.

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The Federal Housing Finance Agency and the U.S. Department of Housing and Urban Development have entered into a collaborative agreement regarding fair housing and fair lending coordination.

The agencies stated the memorandum of understanding (MOU) is an important mechanism to strengthen their ability to enforce fair housing and fair lending requirements.

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