Items Tagged with 'Steve Preston'

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  • For FHASecure, a Quiet End Nears

    A Bush administration program originally designed as a refinancing option for severely delinquent subprime mortgage borrowers is likely to meet a quiet end as 2008 ticks off its remaining days, a source at the U.S. Department of Housing and Urban Development confirmed to HousingWire late Tuesday. The once highly-hyped program never really lived up to its original billing, and eventually became a catch-all for refinancing any "at-risk" borrowers as the mortgage crisis outgrew its original boundaries.
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  • Preston Piles On, Slams Hope for Homeowners

    Blaming Congress for pushing an ineffective program out to troubled homeowners, U.S. Department of Housing and Urban Development chief Steve Preston slammed the Hope for Homeowners mortgage program in an interview with the Washington Post earlier this week.
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  • HUD Relaxes Hope for Homeowners Requirements

    With fewer than 100 applications for FHA loans through Hope for Homeowners since the program's effective start date of Oct. 1, it was clear some "meaningful changes" were needed. The U.S. Housing and Urban Development secretary Steve Preston on Wednesday announced that the Hope for Homeowners (H4H) Board of Directors has approved changes to the program to help more distressed borrowers refinance into affordable, government-back mortgages.
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  • HUD Revises RESPA Rules, Adopts Standard Good Faith Estimate

    The U.S. Department of Housing and Urban Development on Wednesday announced it will now require lenders and mortgage brokers to provide consumers with a standard three-page Good Faith Estimate (GFE) that discloses key loan terms and closing costs. HUD estimates its new regulation -- one that has been hotly contested on both sides -- will save consumers about $700 at the closing table.
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  • McCain's Mortgage Plan a "Concern" for HUD Chief

    U.S Department of Housing and Urban Development secretary Steve Preston said Monday evening that he had serious concerns with Republican presidential candidate John McCain's proposal that the U.S. government directly buy up troubled mortgages and pay the difference between principal balance and what the home's current value really is.
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  • HUD Rolls Out Mortgage Assistance; Are Lenders Ready?

    The U.S. Department of Housing and Urban Development on Wednesday touted the availability of lawmakers' latest attempt to stanch the nation's foreclosure crisis, called the Hope for Homeowners program. Authorized by the Economic and Housing Recovery Act of 2008, the HFH program is designed to provide a refinancing option for troubled borrowers that cannot afford the terms of their original loan. "For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford," said HUD Secretary Steve Preston.
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  • HUD Readies $4 Billion for Foreclosure Prevention

    The U.S. Department of Housing and Urban Development is rolling out funds tied to the Housing and Economic Recovery Act of 2008, and announced Friday that its newly-minted Neighborhood Stabilization Program (NSP) will provide $3.92 billion in relief to areas suffering high foreclosure rates. “Clearly, the intent is to put this money to work in communities with the highest need and to have a meaningful impact,” HUD secretary Steve Preston said in a press statement.
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  • House Majority Urges Withdrawal of RESPA Proposal

    A hotly-contested move by the U.S. Department of Housing and Urban Development to introduce a number of reforms to the Real Estate Settlement and Procedures Act came under fire this week from more than 240 lawmakers in the House of Representatives. House members signed a letter circulated by Reps. Ruben Hinojosa (D-TX) and Judy Biggert (R-IL) that says HUD's RESPA reform proposal fails to improve and simplify disclosures of mortgage terms and settlement costs.
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