Items Tagged with 'Department of Housing and Urban Development'

ARTICLES

FHA announces sweeping changes to non-performing loan sales program

Buyers must now offer principal reduction, "payment shock protection"
Amidst mounting public pressure to do more to keep struggling homeowners in their homes, the Department of Housing and Urban Development and the Federal Housing Administration announced a series of extensive changes to its non-performing loan sale program. Here are all the details.
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HUD watchdog warns of scammers offering phony housing grants

Scheme offers HUD grant money in exchange for upfront fee
The Department of Housing and Urban Development's watchdog is warning consumers to be on the lookout for a scam that promises HUD grant money in exchange for an upfront fee. In each case, the “HUD representative” asks the consumers for an upfront fee in order to process and secure a “HUD grant” for tens of thousands of dollars, but there is no grant money to be had.
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Urban Institute: Selling NPLs to investors is working

Four ways to improve sales
Researchers from the Urban Institute are already on the record with their view that more pools of non-performing loans need to be sold to private investors, but a new article posted on the Urban Institute's Urban Wire blog on Housing and Housing Finance suggests that more steps need to be taken to ensure a mutually beneficial result for all parties involved in a non-performing loan sale.
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Guild Mortgage becomes DOJ's latest target over alleged FHA-lending violations

Lender says it plans to fight back against allegations of False Claims Act violations
Over the last several years, lenders like Wells Fargo, Franklin American Mortgage, Walter Investment, First Tennessee Bank, Freedom Mortgage and M&T Bank chose to settle with the Department of Justice after being accused of originating and underwriting mortgage loans that did not meet Federal Housing Administration standards. Now, Guild Mortgage is next on the DOJ’s hit list, but the lender says it plans to fight back.
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Politicos want to refinance HUD, start by looking in the wrong place

U.K. affordable housing as good model? Not even close
It's true that the financing of social housing operates very differently in the two systems. But let’s be 100% clear: that is where the comparison ends. The thought that affordable housing in the U.K. somehow offers a better social alternative is laughable, at the very least. And here's why.
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Fidelity Bank accused of denying mortgage loans based on race

North Carolina-based bank agrees to $1M settlement over discriminatory lending
North Carolina-based Fidelity Bank reached a $1 million settlement over allegations that the bank engaged in discriminatory lending practices. The settlement agreement stems from a complaint filed by the Fair Housing Project of North Carolina Legal Aid, which accused Fidelity Bank of denying mortgage loans based on race, which would be a violation of the Fair Housing Act.
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