Items Tagged with 'Treasury'


Embattled Nevada housing agencies respond to allegations of wasted millions

Agencies suggest newly enacted changes should help more struggling homeowners
A recent bombshell report from a federal watchdog suggested that the agency in charge of Nevada’s portion of the government’s Hardest Hit Fund wasted $8.2 million that should have funded the program’s administration costs, while at the same time, drastically cutting the number of struggling homeowners admitted to the program. Now, the agency in question is responding to those charges, and claiming that the amount of wasted money is far less than the watchdog suggests – $8 million less, to be exact.
Read More

"Pervasive culture of waste and abuse" discovered in Nevada Hardest Hit Fund program

Investigation finds contractor wasted $8.2M as help dried up for homeowners
Thanks to what investigators are calling a “pervasive culture of waste and abuse,” millions of dollars from the federal government that were supposed to help struggling Nevada homeowners keep their homes instead went to pay for cars, holiday parties, employee bonuses, employee gifts, employee outings, staff lunches, and a number of other wasteful expenses, a scathing investigation by a federal watchdog found.
Read More

U.S. expands investigation into money laundering by foreign cash buyers

Government finds evidence of suspicious activities in high-end real estate
The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a "significant" portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into Los Angeles, San Francisco, and several other areas.
Read More

Obama administration presents a look at life after HAMP

Feds provide a preview of what's next
Time is ticking on the government's Home Affordable Modification Program and Home Affordable Refinance Program, as both will end on Dec. 31, 2016. In a comprehensive report published Monday, the Treasury, HUD, and the FHFA say that while these programs are set to end this year, the government plans to continue working with the mortgage industry on various loss mitigation programs moving forward, but caution that the industry needs to be prepared to do more.
Read More

The fuzzy math of mortgage bankers

A response to MBA CEO David Stevens
In a recent HousingWire article published on Feb. 22, entitled "The Math Behind the Need for GSE Reform," Mortgage Bankers Association CEO David Stevens articulates several points relating to the conservatorships of Fannie Mae and Freddie Mac, which merit close scrutiny against the facts.
Read More

Compass Point: Fannie Mae, Freddie Mac will need another bailout

It’s no longer a question of if. It's a question of when
The disappointing third quarter results for Fannie Mae and Freddie Mac have many already questioning whether the current financial status of the government-sponsored enterprises is stable. New analysis from Compass Point Research & Trading suggests that it’s no longer a question of if the GSEs will need another bailout. Now, it’s simply of a question of when.
Read More