Items Tagged with 'HUD'

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New home sales reverse course, rise in April

Moves higher for spring-buying season
The latest April new home sales report shows signs that the housing market could finally be returning to normal after a series of up and down reports. One chief economist noted that so far in 2016, new home sales have declined each month. However, sales are now up a whopping 24% from last April.
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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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Former president of Ginnie Mae: Agency should split from HUD

It's time to reconsider Ginnie Mae's role within HUD
Ginnie Mae would be considered a blue-chip institution in the private sector but is unable to plot its own budgetary course, which is a major impediment to growth and stability. Today, Ginnie is a success story. It has outgrown its role as a specialist supporting HUD and, instead, has ballooned to become a core industry driver. Something needs to change.
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Here's the good news behind the volatile new-home sales data

February revised higher
New-home sales numbers from the U.S. Census Bureau can be extremely volatile. Rather than look at the core figures, several chief economists break down what the numbers mean for housing. While the numbers are not as bad as they appear, there are two caveats to be mindful of, according to Trulia's chief economist.
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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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Freedom Mortgage to pay $113 million for FHA violations

Unusually high levels of defective mortgages
Freedom Mortgage Corporation now has more in common with Wells Fargo, Franklin American Mortgage, Walter Investment, and First Tennessee Bank than simply being mortgage lenders, as Freedom Mortgage is set to become the latest mortgage company to settle with the Department of Justice over alleged violations of the False Claims Act.
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HUD to landlords: Rent to ex-convicts

Or else face the consequences
The Department of Housing and Urban Development released its revised guidance, addressing how landlords who have blanket bans on renting to people with criminal records are in violation of the Fair Housing Act and can be sued.
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