Topic: HUD

HUD secretary announces disaster assistance for Tennessee storm victims

August 25, 2009 |

Foreclosure protection offered to displaced families in six counties

Washington – U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to counties in Tennessee and provide support to homeowners and low-income renters forced from their homes following severe storms and flooding.

On Friday, President Obama issued a disaster declaration for Chester, Clay, Decatur, Jackson, Overton, and Wayne Counties. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in these counties.

“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Donovan. “Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.” «Read the rest of this article»

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FHA suspends Taylor, Bean, & Whitaker Mortgage Corp. & proposes sanctions

August 6, 2009 |

Ginnie Mae Issues Default Notice and Transfers Portfolio

Washington – The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW’s nearly $25 billion Ginnie Mae portfolio.

FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud. FHA’s suspension is also based on TBW’s failure to disclose, and its false certifications concealing, that it was the subject of two examinations into its business practices in the past year.

“Today, we suspend one company but there is a very clear message that should be heard throughout the FHA lending world – operate within our standards or we won’t do business with you,” said HUD Secretary Shaun Donovan. «Read the rest of this article»

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HUD pledges faster loan modifications for struggling homeowners

July 29, 2009 |

Administration, Servicers Commit to Faster Relief for Struggling Homeowners through Loan Modifications

Washington, D.C. – Senior Obama Administration officials met today with top executives from servicers participating in the Making Home Affordable loan modification program to discuss ways to improve effectiveness and efficiency of the program. The meeting – led by Treasury Assistant Secretary for Financial Institutions Michael S. Barr, Treasury Assistant Secretary for Financial Stability Herb Allison, FHA Commissioner David Stevens and HUD Senior Advisor to the Secretary William Apgar – addressed challenges to modifications, strategies for improvement, and collective goals that the servicers and Administration are committed to reaching.

“With over 200,000 trial loan modifications already under way, we are on track to meet our goals,” said Treasury Secretary Tim Geithner. “Still, too many homeowners are at risk of foreclosure right now. Today’s meeting was an opportunity to identify ways to accelerate the program and bring relief faster.”

Servicers in attendance committed to significantly increasing the rate at which they are performing loan modifications. The Administration has established a goal of reaching half a million trial modifications begun by November 1, 2009.

“I am confident that the best practices shared today, combined with more transparent reporting methods, better communication among all parties, and a strong commitment from servicers, will ensure that we can ramp up the MHA program’s pace to meet these ambitious goals,” said HUD Secretary Shaun Donovan. «Read the rest of this article»

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HUD announces $360 million in grants for community & economic development nationwide

July 20, 2009 |

First rounds of awards made under the Recovery CDBG program will revitalize neighborhoods and create jobs across the country

WASHINGTON – In the Obama Administration’s continued effort to stimulate community development and job growth, U.S. Housing and Urban Development Secretary Shaun Donovan today announced nearly 700 grants totaling $360 million in funding through the American Recovery and Reinvestment Act of 2009 (Recovery Act). To view the list of grantees receiving funding under this round of grants, visit HUD’s Recovery Act website.

The grants awarded today represent over half of the Recovery Act-funded grants available through the Community Development Block Grant (CDBG) Program, which primarily benefit low- to moderate-income families. CDBG enables state and local governments to undertake a wide range of activities intended to create suitable living environments, provide affordable housing and create economic opportunities. Under the Recovery Act, recipients give priority to prudent responsible that can award contracts through a bidding process within 120 days of the grant agreement. A total of $1 billion will be awarded nationwide by HUD in Recovery Act Community Development Block Grants. «Read the rest of this article»

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HUD offers permanent homes for more than 10,000 homeless vets

July 17, 2009 |

$75 million HUD-VASH program to provide rental housing and support services

WASHINGTON – U.S. Housing and Urban Development announced today the final allocations of more than 10,000 vouchers to local public housing authorities across the country to provide permanent supportive housing for homeless veterans.

For a local breakdown of the rental vouchers announced today, visit HUD’s website.

“Numerous men and women voluntarily leave their families and put their lives on the line to ensure that we, their fellow Americans, live safely in our homes,” said HUD Secretary Shaun Donovan, who announced the $75 million in funding last month with Veterans Affairs Secretary Eric K. Shinseki. “These vouchers offer veterans a permanent home and critically needed supportive services to those who have served our nation.” «Read the rest of this article»

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HUD announces $113 million available for public housing transformation, community revitalization.

July 15, 2009 |

WASHINGTON – U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced the availability of $113 million in HOPE VI funding today in a keynote address on the future of urban revitalization at the National Press Club during the Brookings Institution’s event, “From Despair to Hope: Two HUD Secretaries on Urban Revitalization and Opportunity.” Donovan joined former HUD Secretary Henry Cisneros in a comprehensive discussion about the HOPE VI revitalization program and the Obama Administration’s proposed Choice Neighborhoods Initiative, which seeks to build on the lessons from HOPE VI and expand urban revitalization beyond public housing. The full text of Donovan’s speech is available here.

“The HOPE VI Program has improved the conditions of low-income communities across this nation,” said Donovan. “However, HOPE VI was developed in response to the concentrated poverty that resulted not in spite of government housing policy in the twentieth century – but often because of it. Now is the time for us to take the lessons learned from HOPE VI, build on the accomplishments, and broaden the scope of the program for broader impact. Today’s funding announcement is the first step toward this new comprehensive approach, because for the first time, we are encouraging housing authorities to incorporate early childhood education components into the HOPE VI planning process.” «Read the rest of this article»

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HUD issues 2008 annual homeless assessment report to Congress

July 13, 2009 |

WASHINGTON – The U.S. Department of Housing and Urban Development today issued its 2008 Annual Homeless Assessment Report to Congress, a national study that explores changes in homelessness nationwide. HUD’s assessment concludes that while overall homelessness in America held fairly steady from 2007 to 2008, the number of homeless families, particularly those living in suburban and rural areas, increased.

In addition to the annual report, HUD Secretary Shaun Donovan announced that HUD will, for the first time ever, begin measuring homelessness on a quarterly basis to gain a better understanding of the impact of the current economic crisis on homelessness. The first “Homeless Pulse Project” for the first quarter of 2009 is now available.

A homeless person

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HUD to offer housing assistance to 4,000 Americans with disabilities

June 29, 2009 |

WASHINGTON – The U.S. Department of Housing and Urban Development today joined President Obama’s commemoration of the tenth anniversary of the Supreme Court’s Olmstead decision by announcing that it will offer rental assistance to 4,000 non-elderly families with disabilities, including 1,000 vouchers specifically targeted to those transitioning out of nursing homes and other care facilities. Through its funding notice, HUD is seeking comment from public housing authorities and others to ensure this critically needed assistance is distributed and administered in the most effective manner possible.

Today’s announcement coincides with the tenth anniversary of the Supreme Court’s ruling in Olmstead v. L.C. & E.W. which affirmed the rights of individuals with disabilities to live independently. To commemorate this landmark decision, President Obama declared 2009 the Year of Community Living.

“As individuals with disabilities leave institutional care, it is essential that they have housing options that will allow them to live independently,” said HUD Secretary Shaun Donovan. «Read the rest of this article»

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HUD offers $58 million for housing counseling

June 20, 2009 |

Funding to help hundreds of thousands of homeowners, homebuyers and renters find and sustain housing

WASHINGTON – The U.S. Department of Housing and Urban Development today announced that more than $58 million is available for a broad range of housing counseling programs to help families find and preserve housing. The funding is an increase of $11 million, or 23 percent, over last year. These grants will be awarded competitively to hundreds of HUD-approved counseling agencies and State Housing Finance Agencies that offer a variety of services including how to purchase or rent a home, how to avoid foreclosure, how to improve credit scores, and how to qualify for a reverse mortgage.

“Now, more than ever, it is crucial that American families make informed decisions about their housing choices,” said HUD Secretary Shaun Donovan. “These counseling agencies are also vital to the success of the President’s Making Home Affordable Plan which is helping families avoid foreclosure and remain in their homes.” «Read the rest of this article»

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Donovan announces $3.7 billion in disaster assistance to 11 states impacted by 2008 natural disasters

June 11, 2009 |

WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD is allocating $3.7 billion in disaster aid to 11 States to help them recover from dozens of natural disasters last year. The emergency funding will support the States’ long-term disaster recovery and is in addition to $2.4 billion HUD already allocated through its Community Development Block Grant (CDBG) Program. Donovan announced the additional funding following a tour of flood-damaged areas of Cedar Rapids, Iowa with Agriculture Secretary Tom Vilsack, Governor Chet Culver and Congressman David Loebsack.

Donovan also announced that nearly $312 million is available to States that spend their existing funding on programs that reduce potential damages from future disasters. This Disaster Recovery Enhancement Fund is designed to encourage States to design forward-thinking recovery plans that will reduce the risks of loss of life and the extent of future damage. «Read the rest of this article»

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