FHA Strengthens Loss Mitigation Program

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

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

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