There’s a new sheriff in town. It’s about time and none too soon! These folks mean business! The U.S. Department of Housing & Urban Development (HUD) is determined to move forward with strong actions to reduce defaults and claims that are dragging down the Federal Housing Administration (FHA) mortgage insurance program. Guided by the firm resolve of its new HUD Secretary, Shaun Donovan, and FHA Commissioner, David H. Stevens, new ways and means are being implemented to put FHA’s future on a much stronger foundation.Read more

Amidst all of the discussion of the mortgage crisis and the implementation of the Home Valuation Code of Conduct (HVCC), there has been lots of finger pointing, concerning who was at fault for the meltdown and what should and should not be done to fix the problem(s). Unless you have been in seclusion for the past year, you have heard of the attempts of New York Attorney General Andrew Cuomo to keep appraisers separated from loan originators.Read more

Nearly two dozen sub-prime firms are set to receive billions in taxpayer dollars through a federal government program designed to stem foreclosures. According to a new Center for Public Integrity analysis of public records, of the top 25 participants in the Home Affordable Modification Program (HAMP), at least 21 were heavily involved in the sub-prime lending industry. The majority specialized in servicing sub-prime loans, but several firms both serviced and originated the loans.Read more