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Mortgagee Letter 2011-16

Beyond ML 2008-38: The 800-Pound Can of Worms

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After more than two years of single-handedly urging U.S. Department of Housing & Urban Development (HUD) to revoke Mortgagee Letter 2008-38, it finally listened, under legal and political pressure. HUD issued Mortgagee Letter 2011-16 on Tuesday, April 5, 2011, rescinding the odious Mortgagee Letter 2008-38 (Dec. 5, 2008), the cause of ongoing litigation brought by a widower and two widows (the “AARP case” March 8, 2011), among hundreds of seniors across the America who have been recklessly hurt by the application of ML 2008-38 as alleged in the federal lawsuit.Click to continue