Items Tagged with 'HUD'

ARTICLES

  • Quicken Loans agrees to pay $32.5 million to resolve FHA loan allegations with DOJ

    Mediation finally brings 4-year battle over False Claims Act violations to an end
    Quicken Loans is now finally able to move past its beef with the DOJ over the nonbank’s FHA lending practices, as a mediator for the two parties announced Friday that they have finally reached a resolution. Without any admission of guilt or determination of wrongdoing on either side, Quicken agreed to pay the government $32.5 million to settle allegations that it violated the False Claims Act for submitting hundreds of "improperly underwritten" loans for FHA mortgage insurance. Click the headline for more.
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  • HUD declares FHA is no longer backing DACA mortgages

    "DACA recipients remain ineligible for FHA loans"
    After months and months of uncertainty about whether the FHA is backing mortgages for Deferred Action for Childhood Arrivals recipients or not, HUD has finally given an official answer. And that answer is no.
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  • HUD: Reverse mortgages continue drain on FHA insurance fund

    Subsidy rate holds steady in Q2 as program becomes more burdensome for FHA
    Reverse mortgage volume has been rather abysmal as of late, and second quarter data from HUD doesn't provide many bright spots. In its Q2 report to Congress on the state of the FHA’s flagship insurance Fund, HUD reveals that the reverse mortgage program continues to be a drain.
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  • Experts: There's an urgent need to stabilize the reverse mortgage program

    Say HECMs the only means for low-income seniors to age in place
    A group of experts on aging and retirement gathered at a private meeting hosted by the Urban Institute to discuss the retirement crisis looming over the country's older population, and one thing was abundantly clear: We must find a better way to monetize home equity. For starters, urgent fixes are needed to stabilize and improve the reverse mortgage program.
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  • HUD earmarks $43 million for housing counseling agencies

    Adds additional $2.5 million for counselor training
    The Department of Housing and Urban Development has set aside $43 million to fund grants for hundreds of housing counseling organizations. The grants will be used to help HUD-approved agencies counsel consumers on things like buying a first home, finding affordable rental housing, obtaining a reverse mortgage or avoiding foreclosure of eviction.
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  • Urban Institute to FHA: Fix your reverse mortgage servicing problems

    Stop transferring servicing rights, it’s costing millions
    Policymakers have long struggled with how to fix the FHA's reverse mortgage program to prevent it from draining the agency's mortgage insurance fund. But researchers are the Urban Institute have an idea: Fix the program's servicing problems, which they call "one of the biggest drivers of losses in the HECM program." Here's what they suggest.
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  • Sales of new homes drop 6.9% in April from March's 11-year high

    The level remains 7% higher than a year ago
    Sales of new houses dropped in April from an 11-year high in March, according to a report from the Census Bureau and the Department of Housing and Urban Development. New-house sales fell 6.9% to a 673,000 annualized pace last month from March’s upwardly revised rate of 723,000. Even with the decline, April’s level sits 7% higher than a year ago.
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  • HUD Secretary Ben Carson apparently doesn't know what an REO is

    Under questioning from Rep. Katie Porter, Carson confuses REO with Oreo
    HUD Secretary Ben Carson had a bit of a rough day on Tuesday. Carson appeared on Capitol Hill to testify before the House Financial Services Committee, and during questioning from the committee member with the most housing knowledge, turned himself into a punchline by confusing a common housing industry term with a cookie. Yes, you read that right.
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