Items Tagged with 'Brian Montgomery'

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Here's the shortlist for the real power position at HUD: deputy secretary

Three names that should reassure those unsure of Carson's credentials
The HUD secretary, like many other Cabinet positions, is the public face of the department — meeting with housing leaders around the country, listening to local concerns and celebrating milestones. Most of the day-to-day operations are handled by the deputy secretary, currently Nani Coloretti, who essentially serves as COO. These are the names of Coloretti's possible future replacement.
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HUD Challenged Over Alleged RESPA Violations

A title insurer advocacy group has challenged the Department of Housing and Urban Development's practice of using preferred providers of closing and title services on HUD-owned foreclosed properties, saying this practice rings of "required use" and is therefore a violation of the Real Estate Settlement Procedures Act (RESPA).
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For FHASecure, a Quiet End Nears

A Bush administration program originally designed as a refinancing option for severely delinquent subprime mortgage borrowers is likely to meet a quiet end as 2008 ticks off its remaining days, a source at the U.S. Department of Housing and Urban Development confirmed to HousingWire late Tuesday. The once highly-hyped program never really lived up to its original billing, and eventually became a catch-all for refinancing any "at-risk" borrowers as the mortgage crisis outgrew its original boundaries.
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HUD's Got a New Man: It's New York's Donovan

In an announcement that topped off a radio address given Saturday, President-elect Barack Obama nominated New York City's commissioner of Housing Preservation and Development, Shaun Donovan, as the next secretary of Housing and Urban Development. Once the acting general deputy assistant secretary for housing, Donovan will take over for commissioner Brian Montgomery after the transition to the Obama Administration next year.
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Questions Surround FHA's Push into Troubled Mortgages

Key executives from some of the nation's largest mortgage servicing shops gathered on Capitol Hill Wednesday, testifying before the House Financial Services Committee over the recently-passed and soon-to-be-implemented Hope for Homeowners program that will see the Federal Housing Administration's authority to underwrite refinanced mortgages for troubled borrowers expanded by a whopping $300 billion. The new program is expected to become effective on Oct. 1.
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Bush Signs Sweeping Housing Bill into Law

President Bush signed a massive housing and mortgage relief bill into law early Wednesday morning, the White House said, making official changes ranging from a $300 billion expansion of the underwriting authority of the Federal Housing Administration to a new regulator for twin mortgage finance giants Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock]. Click here for a complete overview of the legislation.
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FHA's Montgomery: Housing Mess Could Have Been Avoided

In larger remarks about the need for risk-based pricing at the Federal Housing Adminstration, FHA commissioner Brian Montgomery peppered a speech yesterday on lending for low and moderate-income households with the suggestion that the current housing mess could have been avoided had Congress acted on Bush administration suggestions earlier.
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Questions Over FHA Down Payment Assistance Programs Hit Mainstream

Industry participants that have been around for some time are likely familiar with the ongoing debate over seller-funded down payment assistance programs, a Federal Housing Administration program that allows borrowers to get into a home for little -- if any -- money down. The program has become nearly the last bastion of zero-down, only-$500-puts-you-into-a-home! lending for borrowers with damaged credit in the wake of the subprime mortgage meltdown, and it's one that has some government officials very worried.
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