Announcements

Fannie Mae – Preforeclosure Clear Boarding Clarifications

Fannie Mae released a new allowable for clear boarding on properties in preforeclosure and no longer accepts plywood boards as an acceptable boarding solution on windows of its properties. This clarification applies to properties in preforeclosure that secure a Fannie Mae loan (non-home equity conversion mortgage [non-HECM]). It does not apply to Fannie Mae’s REO […]

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Administration Proposes 2018 HUD Budget

Today, the Administration proposed a Fiscal Year 2018 spending blueprint for discretionary programs in several agencies across the Federal Government, including the U.S. Department of Housing and Urban Development. The blueprint reflects the President’s commitment to support HUD’s critical functions that provide rental assistance to low-income and vulnerable households and to help work-eligible families achieve self-sufficiency. […]

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DR. BEN CARSON SWORN IN AS HUD SECRETARY

WASHINGTON – Dr. Ben S. Carson, Sr. was sworn in today as the 17th Secretary of the U.S. Department of Housing and Urban Development (HUD). Vice President Mike Pence administered the oath of office with Secretary Carson’s wife Candy and granddaughter Tesora holding the bible. Secretary Carson will now lead a cabinet agency with approximately […]

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HUD SECRETARY CASTRO ANNOUNCES PUBLIC HOUSING TO BE SMOKE-FREE

WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Julián Castro today announced that public housing developments in the U.S. will now be required to provide a smoke-free environment for their residents. In an address to local public housing officials, residents and public health professionals in Boston, Secretary Castro said HUD’s new rule will provide […]

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FHA’S 2016 ANNUAL REPORT SHOWS CONTINUED GROWTH OF CAPITAL RESERVES

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today released its annual report to Congress on the financial condition of the Federal Housing Administration’s Mutual Mortgage Insurance (MMI) Fund. The independent actuarial analysis shows the MMI Fund’s capital ratio grew by $3.8 billion and now stands at 2.32 percent—the second consecutive year […]

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FHA TO LOWER OWNER-OCCUPANCY REQUIREMENT FOR CERTAIN CONDOMINIUM DEVELOPMENTS

WASHINGTON – The Federal Housing Administration (FHA) today announced that, under certain circumstances, it will lower its required owner-occupancy standard for approved condominium developments effective immediately. FHA currently requires that approved condominium developments have a minimum of 50 percent of the units occupied by owners. However, the agency determined this requirement can be lowered to […]

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CFPB Unveils Consumer Credit Trends Tool to Help Forecast Potential Consumer Risks

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today unveiled Consumer Credit Trends, a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks. The beta version of the tool covers the mortgage, credit card, auto loan, and student loan markets. The first Consumer Credit Trends release shows […]

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CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and […]

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