The Federal Housing Finance Agency announced Wednesday that Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities through May 31, while allowing some to expire at the end of April. Originally enacted early in the Covid-19 pandemic, alternative appraisals on purchase and rate-term refinance loans are among the flexibilities that will now be extended through May 31, FHFA said. Flexibilities related to employment verification, condominium project reviews, and expanded power of attorney are being allowed to expire as scheduled on April 30. Additionally, FHFA expects to retire all temporary selling flexibilities on May 31, 2021. …
Former Vice President Walter Mondale died Monday at the age of 93, and his family noted his role in passing the Fair Housing Act as a senator from Minnesota. “As proud as we were of him leading the presidential ticket for Democrats in 1984, we know that our father’s public policy legacy is so much more than that,” the Mondale family said in a statement. “The Fair Housing Act of 1968 was one of his proudest – and hardest fought – achievements.” Mondale served in the U.S. Senate from 1964 to 1976, when he was elected vice president under President Jimmy Carter. He was the Democratic nominee for president in 1984, losing 49 states to Ronald Reagan. Mondale was the…
Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez introduced a “Green New Deal for Public Housing Act” on Monday that would invest $172 billion in “green retrofits” that they say would eliminate all carbon emissions and update all needed repairs in public housing. “At this time of unprecedented crisis, we must move forward to boldly address the systemic and existential threats facing us today and that includes combating climate change and making sure that every American has a safe and decent place to live,” Sanders said. In addition to the $172 billion investment, Sanders and Ocasio-Cortez say their bill would: Create up to 240,000 jobs per year across the county.Reduce annual carbon emissions by 5.6 million metric tons.Reduce public housing water bills…
The Consumer Financial Protection Bureau on Monday moved to beef up the federal eviction moratorium by requiring debt collectors to provide written notice to renters of their rights – and bars debt collectors from misrepresenting tenants’ protection from eviction. The Centers for Disease Control issued the eviction moratorium in an effort to reduce the spread of Covid-19 during the pandemic. Debt collectors who evict tenants could be prosecuted and be exposed to lawsuits by those they evicted, the CFPB said. “With COVID-19 killing hundreds of Americans every day, kicking families out into the street during this pandemic may literally be a death sentence,” CFPB Acting Director Dave Uejio said. “No one should be evicted from their home without understanding their…
With 2.5 million Americans still in mortgage forbearance plans, the Consumer Financial Protection Bureau is proposing rule changes designed to prevent people from losing their homes when the foreclosure bans expire. The CFPB issued a proposal Monday that would: Prohibit lenders from starting foreclosure proceedings until after December 31 to give borrowers time to get caught up.Provide options to lenders to offer streamlined loan modification options to borrowers with Covid-19-related issues.Require lenders to communicate with borrowers in a timely way to ensure they are aware of their options. “The nation has endured more than a year of a deadly pandemic and a punishing economic crisis. We must not lose sight of the dangers so many consumers still face,” CFPB Acting…
Housing and Urban Development Secretary Marcia L. Fudge announced that mortgage insurance on Federal Housing Administration loans will remain the same for the foreseeable future. “Given the current FHA delinquency crisis and our duty to manage risks and the overall health of the fund, we have no near-term plans to change FHA’s mortgage insurance premium pricing,” HUD Secretary Marcia L. Fudge said. “We will continue to rigorously evaluate our strategy and work transparently with Congress. Our number one priority is helping families keep their homes and remain safe as we work toward an equitable recovery.” What is FHA mortgage insurance? Bankrate explains: All FHA loans require the borrower to pay two mortgage insurance premiums: Upfront mortgage insurance premium: 1.75 percent of the loan amount,…
The Consumer Financial Protection Bureau and the Federal Trade Commission on Monday issued a warning to landlords to “stop illegal evictions” during the Covid-19 pandemic. The statement was issued as the Centers for Disease Control and Prevention extended its eviction moratorium, banning landlords from kicking tenants out for being unable to make their rental payments. “Staff at both agencies will be monitoring and investigating eviction practices, particularly by major multistate landlords, eviction management services, and private equity firms, to ensure that they are complying with the law,” CFPB Acting Director Dave Uejio and FTC Acting Chairwoman Rebecca Slaughter said. “Evicting tenants in violation of the CDC, state, or local moratoria, or evicting or threatening to evict them without apprising them of…
The US Department of Housing and Urban Development announced $450 million in housing block grants to support affordable housing, as well as another $5 million for Native Hawaiians. The Indian Housing Block Grants will be used to help Tribes carry out affordable housing activities to protect the safety and health of their Tribal members and communities during the Covid-19 pandemic. The list of tribes receiving the grants can be found here. Indian Housing Block Grants pay for housing development, operation and maintenance, modernization of existing housing, housing services to eligible families and individuals, housing management services, crime prevention and safety activities, and model activities that provide creative approaches to solving affordable housing problems in Indian Country. “With the enactment of the…
Housing and Urban Development Secretary touched off a mini political storm last week when she answered a political question in the White House briefing room, raising concerns that she violated the Hatch Act in the process. The Hatch Act prohibits executive branch employees from engaging political activity as part of their government work. They can do political work, but it must be separated from their government jobs. Fudge was in the White House briefing room Thursday with Press Secretary Jen Psaki when she was asked by a reporter about the race to succeed her in Congress. She declined to answer, but was then asked about the Ohio Senate race. Here is how she responded when asked if there were any…
The White House took to Twitter on Thursday to promote the housing-related benefits included in the $1.9 trillion American Rescue Plan. Here’s what they had to say: Across the country, millions of Americans are struggling to keep a roof over their head. Here’s a breakdown of how the American Rescue Plan will help:— The White House (@WhiteHouse) March 18, 2021 The American Rescue Plan provides more than $21.5 billion in emergency rental assistance to help millions of families keep up on their rent and remain in their homes.— The White House (@WhiteHouse) March 18, 2021 The bill includes $10 billion to help homeowners behind on their mortgage and utility payments — helping avoid foreclosures.— The White House (@WhiteHouse) March 18,…
