Ginnie Mae mortgage-backed securities continue to surge

Ginnie Mae mortgage-backed securities continue to surge

May 6, 2009

Secretaries Chu and Donovan sign agreement to help working families weatherize their homesMortgagePress.comU.S. Department of Housing and Urban Development, Shaun Donovan, U.S. Department of Energy, Steven Chu, MOU
U.S. Department of Housing and Urban Development (HUD) Secretary
Shaun Donovan and U.S. Department of Energy (DOE) Secretary Steven
Chu have announced an important step forward in the partnership
between HUD and DOE to streamline and better coordinate federal
weatherization programs. These efforts will make it easier for
low-income families to weatherize their homes, saving money for
working families and creating tens of thousands of new green
jobs.
The Secretaries signed a Memorandum of Understanding (MOU) to
coordinate energy retrofit programs in the American Recovery and
Reinvestment Act of 2009. The signing of the MOU today represents
the next step in a longer-term partnership between these agencies,
as they continue to make it easier and more cost-effective for
families to weatherize their homes. To view the MOU, click here.
This unprecedented interagency collaboration will help minimize
administrative barriers and simplify the process for residents of
HUD public and assisted housing that are seeking to weatherize
their homes under the DOE Weatherization Assistance Program, which
is targeted to low-income households. By eliminating unnecessary
red tape and helping more families weatherize their homes,
Secretary Chu and Secretary Donovan are helping to fulfill
President Obama's goal of making government work better for all
Americans.
Vice President Joe Biden, joined by Secretary Donovan and
Secretary Chu, praised the interagency proposal during his remarks
at a Recovery Act Implementation Cabinet Meeting in Washington,
D.C.
"This agreement is the perfect example of government coming
together in service of the greater good," said Vice President
Biden. "Thanks to this new partnership, we're going to tear down
the unnecessary barriers in making the homes of low-income and
elderly citizens more energy-efficient and shred the red tape that
too often stands between government assistance and the people it is
meant to serve. In the process, we'll not only bring down energy
costs, but also create new green jobs that will be the foundation
of our economic recovery."
"The Recovery Act made a critical investment in home energy
efficiency," said Secretary Chu. "But, to help as many families as
possible, we need to cut the federal red tape that tangles up too
many Americans trying to do the right thing. By making it as easy
as possible for families to weatherize their homes, we can create
new jobs that can't be shipped overseas, save families money on
their energy bills, and take another step toward energy
independence."
"HUD is committed to making public housing more green, while
keeping it as affordable as possible for working families,
particularly in these challenging economic times," said Secretary
Donovan. "This partnership will ensure that HUD and DOE together
can play a significant role in the Administration's goal to
weatherize one million homes, while at this same time serving a
population in need. I am proud of the work our agencies have done
and look forward to a continued partnership with Secretary Chu and
DOE to make all housing affordable and energy efficient."
This agreement will also impact tens of thousands of residents
in rural communities -- mostly seniors and low-income
individuals--who are part of U.S. Department of Agriculture's
Multi+Family Housing Direct Loan Program.
"This agreement will make a big difference in the lives of many
rural residents providing much-needed heating and cooling, saving
money and enhancing energy efficiency," said U.S. Department of
Agriculture Secretary Tom Vilsack added.
Currently, the income verification requirements under DOE's
Weatherization Assistance Program duplicate the HUD system for
verifying income before providing housing subsidies. Under this new
agreement, the income verification process will be conducted only
once, breaking down bureaucratic barriers to using weatherization
funds in HUD-assisted housing. HUD is committing to rent
stabilization and scope of work requirements consistent with
weatherization requirements.
The Recovery Act provides $16 billion to the Department of
Energy and the Department of Housing and Urban Development to
improve the energy efficiency of existing homes. The partnership
announced today between HUD and DOE will coordinate funding for the
Weatherization Assistance Program, which received $5 billion under
the Recovery Act. Other energy efficiency efforts include $4.5
billion in HUD funding to renovate and upgrade public and Native
American housing, as well as $250 million to retrofit privately
owned federally assisted housing. In addition to the weatherization
funds, DOE received $3.2 billion for Energy Efficiency and
Conservation Block Grants for cities, counties, states and Indian
Tribes, $3.1 billion for the State Energy Program, and other
programs.
The Recovery Act funds provide an historic opportunity for the
two agencies to work together to accelerate deployment of energy
efficient and green building technologies in millions of homes,
while helping to create a highly-qualified, highly-trained, and
high-performing workforce. Today's announcement is only one step in
a continued partnership between the two agencies. HUD and DOE will
continue to work together to provide guidance to public and
assisted housing on energy efficiency programs, develop a common
baseline for measuring energy efficiency, and develop new home
energy financing products.
Fore information, visit www.hud.gov.

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