Items Tagged with 'Alphonso Jackson'

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  • Senate Confirms New HUD Chief

    As expected, the Senate on Thursday unanimously confirmed President Bush's nominee for housing secretary, moving Small Business Administration Administrator Steven Preston into the administration's pole position on the housing and mortgage market mess. Preston follows prior Department of Housing and Urban Development secretary Alphonso Jackson, who stepped down in late March amid controversy over favoritism and improper consideration in awarding HUD contracts.
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  • Bush Taps Preston as New Chief at HUD

    President Bush nominated Steven Preston as the replacement for outgoing Housing Secretary Alphonso Jackson, in a press conference held Friday afternoon. The nomination comes at a critical time, as the Department of Housing and Urban Development is being asked by lawmakers and industry regulators to play an increasingly pivotal role in propping up ailing mortgage and housing markets amid the worst housing crunch in memory.
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  • HUD's Jackson to Step Down Amid Controversy

    U.S. Housing and Urban Development Secretary Alphonso Jackson said Monday that he will be stepping down as the nation’s chief housing officer, amid calls from Congressional Democrats for his resignation and questions of favoritism and improper consideration in awarding HUD contracts. His resignation will be effective April 18, according to a press statement.
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  • HUD's Jackson Faces Calls for Resignation

    U.S. Senators Chris Dodd (D-CT), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Patty Murray (D-WA), chairman of the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, said last week that they had sent a letter to President Bush calling for the resignation of HUD Secretary Alphonso Jackson.
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  • FHA, Conforming Limits Boosted in 14 California Counties

    While no press statement has been made by the U.S. Department of Housing and Urban Development yet -- a formal announcement is expected later today or early tomorrow -- officials at Federal Housing Administration say they have boosted the FHA lending limit in 14 California counties, according to a report published Wednesday evening in the Wall Street Journal.
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  • FHA Launches Letter-Mailing Campaign, Targets At-Risk Borrowers

    The U.S. Department of Housing and Urban Development said late Friday that it will begin mailing letters this week to hundreds of thousands of at-risk homeowners, as part of a campaign to drum up refinancing activity for FHA-backed mortgages. In particular, the effort appears to target FHASecure applicants. The recently-announced program -- intended to target delinquent and defaulting subprime borrowers -- has been less effective than originally hoped.
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  • Senate Passes FHA Reform in a Landslide

    The U.S. Senate on Friday overwhemingly passed a heavily-debated bill to "modernize" FHA lending, potentially paving the way to an expansion of the Federally-insured mortgage program. The Federal Housing Administration Modernization Act of 2007, passed by a 93-1 vote, would let currently-troubled subprime borrowers refinance into loans backed by the Federal Housing Administration, although the differences between the Senate and House versions are expected to present some challenges.
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  • Troubled Borrowers Flood Help Line After Rate Freeze Announcement

    A phone hotline tied to the HOPE NOW consortium has seen call volume reach a record 45,000 calls in the three days after the Bush administration unveiled a streamlined mortgage modification program, according to a statement by the group on Tuesday. The 888-995-HOPE hotline, operated by the Homeownership Preservation Foundation, was cited several times by Treasury Secretary Henry Paulson and HUD Secretary Alphonso Jackson at announcements about the interest-rate freeze last Thursday. By Sunday, more than 45,000 callers had reached out to the toll-free numbers.
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  • FHA Reform Gains Momentum -- Again

    Long an item on the industry's agenda, efforts to modernize the U.S. Department of Housing and Urban Development's Federal Housing Administration are again gaining momentum as the subprime borrower crisis brings federal housing programs to the forefront as a possible solution. Officials at HUD yesterday called again for the Senate to take up an FHA proposal that swept through the U.S. House of Representatives last year by a 415-7 vote, saying that statutory FHA reform was necessary to fill a void in the subprime lending market. Adding to the chorus, the National Association of Realtors also yesterday sent a letter to HUD Secretary Alphonso Jackson, urging action by HUD to change FHA rules and waive the requirement that a homeowner's mortgage be "current" in order to refinance into an FHA loan product.
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