Articles Tagged with ''HUD''

Former HUD Secretary Julián Castro takes big step towards 2020 presidential run

Forms exploratory committee, touts announcement in January
After previously hinting that he might run for president in 2020, former HUD Secretary Julián Castro just took a big step towards making it a reality. Castro announced on Wednesday that he is forming an exploratory committee for the purposes of determining whether he’s going to run for the Democratic nomination for president in the next election, which is considered to a be a significant step in the process of running for president.
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HUD investment to allow thousands of children to leave foster care

Awards $30 million to identify youth at risk of homelessness
HUD announced it was making an investment that could allow thousands of children to leave foster care. It awarded $30 million to public housing authorities across the U.S. that identify youth at risk of homelessness and families whose lack of housing is the primary reason their children are in foster care.
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Reverse mortgage industry reacts to FHA’s hint at future policy changes

Last week’s actuarial report suggests more change is on the horizon
Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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Multifamily projects propel housing starts

Single-family construction falls behind, again
Housing starts increased 1.5% in October, propelled by the multifamily sector, according to the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. One expert said this report is a stalemate between the demand and supply sides of the market, which are moving in different directions right now.
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FHA: No PLF changes for reverse mortgages

Report reveals HECM’s drain, but FHA says it’s moving in the right direction
The Federal Housing Administration released its 2018 Report to Congress on Thursday, revealing that the HECM program continues to be a drain on its flagship Mutual Mortgage Insurance Fund to the tune of $13.63 billion in the last fiscal year. But FHA Commissioner Brian Montgomery said the program is benefiting from policy changes made last year, and that the agency remains "optimistic that the quality of the book will continue to improve."
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Fannie Mae expands post-disaster relief services

GSE offers homeowners personalized support
Natural disasters have been extremely tumultuous for many homeowners across the country, navigating a year full of hurricanes, fires and tornadoes. In response to these threats, Fannie Mae has now teamed up with Clearpoint Credit Counseling Solutions to expand its current relief options for homeowners.
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FHA will not cut mortgage insurance premiums

Actuarial report reveals insurance fund is in good health, but Montgomery says premiums will stand
The Federal Housing Administration released details on the health of its flagship Mutual Mortgage Insurance Fund on Thursday, revealing a positive economic net worth of $34.86 billion and an acceptable ratio of capital reserves at 2.76%. The numbers are markedly better than last year, but FHA Commissioner Brian Montgomery said that doesn’t mean the agency will be reducing mortgage insurance premiums any time soon.
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HUD says Homebridge is the industry's top renovation mortgage lender, again

Mortgage lender holds title for second consecutive year
Amid inventory and affordability concerns, homeowners are increasingly turning to home renovations to meet their housing needs. While several lenders offer renovation mortgages, the U.S. Department of Housing and Urban Development has revealed that Homebridge Financial Services leads the pack for the second consecutive year.
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