In a letter to Senate Banking Committee Chairman Chris Dodd (D-CT), Rep. Chaka Fattah (D-PA) asked that new Senate regulations on the financial services industry include Fattah's mortgage relief provisions that are contained in HR 4173, the Wall Street and Consumer Protection Act of 2009. Sen. Dodd is working to introduce the Senate bill this week. If Fattah's provisions are included, and the legislation is passed by the Senate and signed by President Barack Obama, it would clear the way for $3 billion in emergency mortgage assistance to be provided to struggling homeowners.Read more

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

Ted Tozer has been sworn in as president of the Government National Mortgage Association (Ginnie Mae). Tozer will be responsible for ensuring Ginnie Mae safely guarantees the principal and interest payments on mortgage-backed securities (MBS) backed by loans insured or guaranteed by the FHA, VA, HUD's Office of Public and Indian Housing, and the USDA's Rural Development Housing & Community Facilities Programs. He is a graduate of Indiana University with a BA in accounting and finance.Read more

Doug Criscitello has been sworn in as the chief financial officer at the U.S. Department of Housing & Urban Development (HUD). Criscitello is responsible for overseeing the financial management practices that ensure that HUD meets the needs of the housing community. His duties include preparing and accounting for HUD's budget, strategic and budget planning, and establishing and maintaining financial systems which process millions of transactions annually to support HUD projects.Read more

During a sustainability forum at Portland State University and a speech to the New Partners for Smart Growth Conference in Seattle, U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan has announced the launch of HUD’s new Office of Sustainable Housing and Communities (OSHC). The office will be overseen by HUD Deputy Secretary Ron Sims who won national recognition for turning King County, Wash. into a model for sustainable communities.Read more

► On Feb. 3rd the Mortgage News Daily posted a blog by "The Voice of Housing: Reverse Mortgages: Friend or Foe? Definitely Friend" … to get those of you who dismiss the reverse mortgage program as too risky for the FHA and taking advantage of the elderly, to get a grip and look at this wonderful program as a means to provide our growing (aging) population a better quality of life while maintaining our independence and self respect.Read more

U.S. Housing & Urban Development (HUD) Secretary Shaun Donovan has unveiled the Department's fiscal year 2011 budget proposal, following President Barack Obama's presentation of his Administration-wide budget. The HUD budget focuses on fiscal discipline, creating jobs and builds on the administration's first year accomplishments by proposing reform in HUD's housing and community development programs to make them more streamlined, efficient, and accountable.Read more

Federal Housing Administration (FHA) Commissioner David Stevens has announced a set of policy changes to strengthen the FHA's capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation's housing market recovery.Read more

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan has announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure.Read more

The U.S. Department of the Treasury, together with the U.S. Department of Housing & Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) have announced the completion of all transactions under the recently-introduced state and local Housing Finance Agency (HFA) Initiative, a key element of the Obama Administration's Homeowner Affordability and Stability Plan (HASP).Read more