FHA Breaking News :

HUD cuts red tape to speed reflief to hard-hit flood areas in Iowa

2008-09-05T15:56:00.002-04:00

U.S. Housing and Urban Development Secretary Steve Preston today agreed to allow Iowa to spend approximately $26 million in Community Development Block Grant (CDBG) funding more quickly, thereby speeding relief to flood-ravaged areas of the HawkeyeState. Preston granted several waivers that will give Iowa substantial flexibility to overcome regulatory and legal hurdles and accelerate the pace of recovery in 85 counties that were devastated by severe storms, tornadoes and flooding.

To read the complete details, please visit: http://www.hud.gov/news/release.cfm?content=pr08-129.cfm

HUD readies Disaster Assistance for Gulf Hurricane Victims

2008-09-05T15:33:00.001-04:00

U.S. Housing and Urban Development Secretary Steve Preston today announced HUD is ready to speed federal disaster assistance to hurricane-ravaged counties throughout the Gulf Coast and provide support to homeowners and low-income renters forced from their homes following Hurricane Gustav. This assistance includes foreclosure relief for families whose damaged homes are insured through the Federal Housing Administration (FHA) living in presidentially declared disaster areas.

To read the complete story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-130.cfm

HUD awards $16.9 Million for affordable housing and economic development in rural America

2008-09-05T15:21:00.001-04:00

U.S. Housing and Urban Development Secretary Steven Preston today awarded $16.9 million to 60 rural housing programs across the country to stimulate economic development, create jobs and produce more affordable housing. The funding is provided through HUD's Rural Housing and Economic Development Program. "HUD is deeply invested in promoting affordable housing and community development throughout rural America," said Preston.

To read the entire story, please go to: http://www.hud.gov/news/release.cfm?content=pr08-132.cfm

Home prices plummet in a new record

2008-08-28T16:15:00.000-04:00

National U.S. home prices fell a record 15.4% in the second quarter compared with last year, according to a report released Tuesday. The latest S&P/Case-Shiller national home price index is down 18.2% from its peak in the second quarter of 2006, and there are no signs that the pace of home-price declines is easing. The second-quarter loss was even larger than the record 14.2% drop posted in the first three months of 2008. Both the Case-Shiller 10-city index (down 17%) and 20-city index (down 15.9%) also posted record year-over-year losses in the second quarter.

To read the complete story, please visit: http://money.cnn.com/2008/08/26/real_estate/Case_Shiller_home_price_report/index.htm?postversion=2008082611

Mortgage volume rises

2008-08-28T16:04:00.002-04:00

Mortgage application volume rose less than 1% during the week ended Aug. 22, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index rose to 421.6 during the week, from 419.3 a week earlier, which had been the lowest index level in nearly eight years. Refinance volume rose 0.3%, while purchase volume increased 0.6% during the week. Refinance volume accounted for 35.2% of all applications.

To read the complete details, please visit: http://money.cnn.com/2008/08/27/news/economy/mortgage_volume.ap/index.htm?postversion=2008082707

HUD Secretary and Mayor McCrory announce $10 Million loan guarantee to Charlotte

2008-08-28T16:00:00.000-04:00

U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that he is approving a $10 million loan guarantee to the City of Charlotte to purchase 70 acres in the Double Oaks neighborhood. This purchase will complete the site assembly of 98 acres in preparation for the eventual development of 108,000 square feet of retail space and 940 new apartments, condominiums and single-family homes.

To read the entire story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-128.cfm

FHA Strengthens Loss Mitigation Program

2008-08-22T14:43:00.000-04:00

The Federal Housing Administration (FHA) has announced several changes to its loss mitigation program that the agency says will strengthen both its loan modification and partial claim initiatives. The changes, which are effective immediately, address borrowers who are facing severe defaults, and are designed to give mortgagees additional latitude to help borrowers cure defaults and retain homeownership.

To read the complete story, please visit: http://www.dsnews.com/view_story.cfm?id=2801

Secretary Preston and Governor Schwarzenegger announce $105 Million for affordable housing and community development in California

2008-08-22T14:31:00.001-04:00

U.S. Housing and Urban Development Secretary Steve Preston and California Governor Arnold Schwarzenegger today announced that the California State Program will receive more than $105 million to support community development and produce more affordable housing in the GoldenState. HUD's annual funding will also provide downpayment assistance to first-time homebuyers; assist individuals and families who might otherwise be living on the streets; and offer real housing solutions for individuals with HIV/AIDS.

For the complete story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-125.cfm

HUD awards $19.3 Million in HIV/AIDS Housing Grants to 18 local programs nationwide

2008-08-22T14:22:00.002-04:00

They are extremely low-income, living with HIV/AIDS and at high risk of homelessness. Today, more than 1,100 persons and their families will find a stable home, and receive the services they need to manage their illnesses, because of $19.3 million in grants awarded by Housing and Urban Development Secretary Steve Preston.

To read the entire article, please visit: http://www.hud.gov/news/release.cfm?content=pr08-126.cfm

Statement by the White House Press Secretary

2008-08-15T15:37:00.000-04:00

At the beginning of his Administration, President Bush set a goal to end chronic homelessness in America. Today, Department of Housing and Urban Development (HUD) Secretary Preston reported that the Administration has continued to make progress on this goal. The Department of Housing and Urban Development's Annual Homeless Assessment Report to Congress reports that chronic homelessness decreased an average of 15% per year between 2005 - 2007 and demonstrates that targeted, focused resources can achieve measurable results.

For the complete statement, please visit: http://www.hud.gov/news/release.cfm?content=2008-07-29.cfm

Preston announces $100 Million in disaster assistance to three midwest states impacted by recent storms and flooding

2008-08-15T15:35:00.001-04:00

Recognizing the tremendous needs of Midwest states following recent natural disasters, U.S. Housing and Urban Development Secretary Steve Preston today announced HUD will immediately allocate $100 million to Iowa, Indiana and Wisconsin. The emergency funding is provided through HUD's Community Development Block Grant (CDBG) Program and will help support the states' long-term disaster recovery and critical infrastructure needs.

For the complete story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-116.cfm

New rules take effect for lending practices

2008-08-15T15:32:00.001-04:00

On July 30, President Bush signed into law the Housing Stimulus Bill H.R. 3221, now dubbed the "Housing and Economic Recovery Act of 2008." This historic bill was previously passed in the House of Representatives by a vote of 272-152 and in the Senate by a vote of 72-13. As with most bills signed into law, this act is comprised of a multitude of compromises on a variety of housing and financial issues that have recently plagued the nation's economy.

For the complete story, please visit: http://www.visaliatimesdelta.com/apps/pbcs.dll/article?AID=/20080815/OPINION02/808150332/1014/OPINION

Pending home sales rise in June, but below year-ago

2008-08-08T13:47:00.001-04:00

Pending sales of existing houses nationwide rose slightly in June from May, but they remain 12.3 percent below the level of June 2007, the National Association of Realtors reported yesterday. In the Philadelphia region, pending sales - those for which agreements were signed in June but will close in 30 to 90 days - were unchanged from May but about 22 percent lower than June 2007, according to Prudential Fox & Roach's HomExpert Report, based on data from Trend Multiple Listing Service. "The market is continuing to favor first-time home buyers," said Steve Storti, senior vice president of marketing for Prudential Fox & Roach.

To read the complete details, please visit: http://www.philly.com/philly/business/20080808_Pending_home_sales_rise_in_June__but_below_year-ago.html

AllRegs Delivers FHA Hotline Support Service for Mortgage Lenders

2008-08-08T13:37:00.000-04:00

Congress, HUD and FHA continue to make fantastic changes to loan programs and guarantees available to Americans purchasing homes. AllRegs, the leading information provider for the mortgage lending industry, supports these changes and announces its creation of a service to support the increased growth of homeownership through FHA loan programs. Known as the AllRegs FHA Hotline, this service is being made available to support the industry at a time when FHA business is growing exponentially and organizations are looking for resources to get them in the game.

To read the complete details, please visit:
http://www.marketwatch.com/news/story/allregs-delivers-fha-hotline-support/story.aspx?guid=%7B224A3183-2E3B-4DB4-B789-D1B2B26F6E71%7D&dist=hppr

FHA has helped 300,000 families find relief with government-backed mortgages

2008-08-08T13:17:00.002-04:00

U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that 300,000 families have refinanced their mortgages with HUD's affordable mortgage insurance program. Since September 2007, FHASecure - the Federal Housing Administration (FHA) refinancing product - has provided struggling families with expanded access to safe and affordable mortgage financing. FHA is on pace to help 500,000 families by the end of the year.

For the full comments from HUD, please visit: http://www.hud.gov/news/release.cfm?content=pr08-118.cfm

HUD Partners with CMHA for Aid to Seniors and Disabled Residents

2008-08-02T10:22:00.001-04:00

Recently, HUD partnered with the Cuyahoga Metropolitan Housing Authority (CMHA) in Cleveland in order to create 482 accessible units for residents with disabilities, as well as senior citizens. This measure was taken in accordance with the Americans with Disabilities Act, which is now in its 18th year. The affordable housing will make possible greater opportunities for those residents with disabilities, as well as fulfilling the duties and purpose of that Act, since eligible residents will be given priority for these housing units.

To read the complete details, please visit: http://www.hud.gov/news/release.cfm?content=pr08-112.cfm

Freddie Mac Make Efforts against Foreclosure

2008-08-02T10:19:00.000-04:00

In order to keep at-risk borrowers from foreclosure Freddie Mac is taking a number of preventative measures, including doubling the amount of money it pays loan service professionals for each successful mortgage transaction. In addition, the mortgage finance company is granting larger periods of time for states with fast foreclosure processes to work out negotiations, as well as supporting the action of door-to-door outreach by loan servicers, among other measures. All new policies by Freddie Mac will go into effect August 1.

To read the complete story, please visit: http://money.cnn.com/2008/07/31/real_estate/freddie_foreclosure.ap/index.htm

HUD Reports Decline in Homeless Population

2008-08-02T10:14:00.001-04:00

A recent report from HUD reflects a decrease of 32,000 chronichally homeless persons during the last year. This number is in direct correlation with 15 percent annual decrease since 2005 in those living both on the streets and in emergency shelters. According to HUD, a chronically homeless person is defined as one who is disabled and has been without a home for more than one year, or who has experienced a minimum of four occurrences of homelessness within the last three years.

For more details on this report, please visit: http://www.hud.gov/news/release.cfm?content=pr08-113.cfm

Bush Administration Expands on FHASecure Mortgage Assistance

2008-07-25T10:37:00.001-04:00

The Bush Administration recently implemented an expansion of FHA Secure Mortgage Assistance, a program which helps homeowners who are at risk of being unable to keep up with their high-cost subprime adjustable rate mortgages. It is estimated that by the end of this year, the expansion will help 500,000 families to refinance into a more affordable mortgage, and it is hoped that the program will also help to break the cycle of continued downturn in the housing market.

To read the full story on this plan, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-106.cfm

Home Sales Experience 2.6% Decline

2008-07-25T10:34:00.000-04:00

According to a report by CNN, the month of June saw a sharper fall in the housing market than expected, with a decline of 2.6%. It is predicted that the current slump in housing will continue until the inventory level is reduced to a level that resembles the norm. In order to address the housing crisis, Congress has moved to pass a number of measures designed to provide relief to the market, including providing support to homeowners who are at risk of foreclosure.

For the complete story, please visit:
http://www.msnbc.msn.com/id/25830491/

HUD Issues Statement on Pending Housing Legislation

2008-07-25T10:31:00.000-04:00

Recently, HUD Secretary Steve Preston issued a statement in order to address the housing legislation that is being currently considered by congress. Preston noted that although the proposed legislation makes moves toward providing stability to the financial markets, it does have a degree of restriction from helping more families. In order to help more families to avoid foreclosure, FHA has developed a fairer and more flexible pricing plan – yet the legislation would deny the FHA the ability to change differential pricing.

For the full comments from HUD, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-111.cfm

$4.6 Billion in Losses for the FHA

2008-07-18T12:23:00.000-04:00

Due to unforeseen high default rates on home loans, the FHA expects to lose $4.6 billion. The causes of these losses are cited as the FHA’s seller-financed down payment mortgage program, which in particular have seen high delinquency and rates of foreclosure. In order to avoid the losses, the FHA will have to renew efforts to the end seller-financed down payment program to which 35% of losses in 2007 can be attributed.

For the full story, please visit:
http://www.nytimes.com/2008/06/10/business/10housing.html?_r=1&oref=slogin

New Hopes in Store for the Mortgage Market

2008-07-18T12:18:00.001-04:00

Recently, a plan formed by a group representing the buyers and sellers of mortgage backed securities was revealed which aims to rejuvenate the current mortgage market. In the midst of the housing crisis, losses in mortgage backed securities began to accumulate. The result was a halt in the purchasing by investors of packages of residential mortgages from lenders. The new plan, called Project RESTART, has the goal of increasing the supply of mortgage loans to borrowers while simultaneously decreasing their cost.

For full details, please visit:
http://money.cnn.com/2008/07/17/real_estate/jumpstarting_mortgage_markets/index.htm?section=money_realestate

Sarasota Housing Authority Returns from Control by the FHA

2008-07-18T12:01:00.000-04:00

After three years under federal receivership, the Sarasota, FL Housing Authority (SHA) has returned to local control. According to an article by HUD, the change took place over a ceremony at City Hall with HUD officials and the Mayor of Sarasota. In 2005, HUD took over SHA because of large scale mismanagement and financial issues. As a result, strides were made in terms of structural changes and much needed improvements to public housing.

For more information, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-101a.cfm

FHA to Provide Foreclosure Prevention to Detroit Area

2008-07-11T11:53:00.000-04:00

According to HUD, action is being taken to create a means for lenders to assign their non-performing FHA-insured mortgages to HUD and a join venture partner that specializes in keeping families who are at risk of foreclosure to keep their homes. By doing this, HUD also aims to reduce the number of additional properties that are becoming vacant. This program will allow FHA lenders to submit an insurance claim with the FHA when the borrowers are in default, instead of waiting for foreclosure, and then to assign the mortgage instead of turning the vacated hope over to HUD.

For the complete details, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-101.cfm