The Department of Housing and Urban Development posted a welcome video from new Secretary Marcia Fudge, who was sworn in Wednesday after being confirmed by the Senate earlier in the day. Here is her video: And here are the remarks: A good home shapes nearly every part of our lives. It’s where we start and end each day. It’s where we raise our families and come together in times of joy. It’s where we find shelter and comfort during times of hardship. The past year has reminded us just how important it is to have a safe and stable place to call home. But, right now-for millions of Americans-that sense of security and peace of mind is out of reach.…
The Senate voted 66-34 on Wednesday to confirm former Rep. Marcia Fudge as the Secretary of Housing and Urban Development, as the nation’s housing market faces major challenges in the coming months with the end of bans on evictions and foreclosures. “I’m honored to serve as the 18th Secretary of Housing and Urban Development,” Fudge said in her welcome remarks. “I am proud to join a group of public servants who work with compassion and determination to change the lives of those in need. And I can’t wait to get started.” Last week, the Consumer Financial Protection Bureau reported that millions of Americans face foreclosure and eviction from their homes once housing pandemic protections come to an end. The CFPB…
Millions of Americans face foreclosure and eviction from their homes once housing pandemic protections come to an end, according to a report released Monday by the Consumer Financial Protection Bureau. The CFPB found that nearly 11 million families are behind on rent or mortgage payments, with 8.8 million behind on rent and 2.1 million behind on their mortgages. That accounts for nearly $90 billion in missed mortgage payments. The report also found: Black and Hispanic families are more than twice as likely to report being behind on housing payments than white families.While mortgage forbearance has dropped foreclosures to historic lows, 1 million homeowners are more than 90 days behind on payments and are likely to experience severe financial hardship when…
Fannie Mae and Freddie Mac will disburse $1.09 billion in affordable housing grants for the year – more than double the funding released last year, the Federal Housing Finance Agency announced Monday. The U.S. Department of Housing and Urban Development’s Housing Trust Fund will receive $711 million, while $383 million will go to the Treasury Department’s Capital Magnet Fund. The Housing Trust Fund allocates money annually to states and state-designated entities for the production or preservation of affordable housing through the acquisition, new construction, reconstruction, and rehabilitation of housing. The Capital Magnet Fund awards money to finance affordable housing activities, as well as related economic development activities and community service facilities. “The more than $1 billion disbursed today will help…
The Federal Housing Finance Agency on Thursday announced extensions on the bans on foreclosures and evictions, bringing Fannie Mae and Freddie Mac policies in line with others recently announced by the federal government. Enacted in response to the Covid-19 pandemic, the moratoriums on single-family foreclosures and real estate owned evictions will be in place until June 30, 2021, FHFA announced. The foreclosure moratorium applies to Fannie and Freddie-backed, single-family mortgages. The REO eviction moratorium applies to properties that have been acquired by a Fannie or Freddie through foreclosure or deed-in-lieu of foreclosure transactions. FHFA also announced that borrowers may be eligible for an additional three-month extension of Covid-19 forbearance, allowing borrowers to be in forbearance for up to 18 months. …
The Biden Administration announced Tuesday that it will extend the Federal Housing Administration’s foreclosure and eviction moratoriums into the summer, while also extending mortgage forbearance options. The ban on foreclosure and evictions will be in place through June 30, the Department of Housing and Urban Development announced. The Office of Public and Indian Housing also is planning to announce similar relief for Native American and Native Hawaiian homeowners. “As President Biden has made clear, it is urgent that we help homeowners throughout the nation who are struggling financially from this unprecedented national emergency,” Acting HUD Secretary Matthew Ammon said. “The steps we are taking today will provide both immediate relief to those in desperate need of assistance and help more…
By Adam Luehrs For millions of people, owning their own home is a crucial part of the American Dream. Not only does owning a home allow people to build wealth through home equity, but there are also tax breaks available for home buyers. For generations, immigrants who may have entered the United States illegally have been prevented from buying property. Primarily because they don’t have Social Security numbers, immigrants have struggled to gain access to the financial resources they need to make home ownership a reality. However, a change made on January 19, 2021 by the Trump administration has opened the door for DACA recipients, often referred to as “Dreamers,” to get Federal Housing Administration loans to help in their…
The Federal Housing Finance Agency is getting a new general counsel for the first time since its creation. FHFA announced Monday that Clinton Jones is the new general counsel, replacing Alfred Pollard, who is retiring in March after serving in the role since 2008. He also was general counsel to the agency’s predecessor, the Office of Federal Housing Enterprise Oversight. “Alfred has served admirably as General Counsel to every FHFA Director. I am grateful for his wise counsel, hard work, and dedication to the Agency,” Director Mark Calabria said. “Clinton’s long-standing career in public service, in-depth legal expertise in housing policy, and executive leadership skills will help bolster FHFA’s work as a world-class prudential regulator.” Jones has served as a…
By Elise Daniel When Vice President Joe Biden entered the White House in 2008, he inherited an economic recession and subprime mortgage crisis in which millions of people lost their homes due to foreclosure. Bank bailouts, stimulus packages, and financial regulation followed. The burning question for lenders in 2021 is: How will President Biden, who’s been around this block before, respond to today’s complex housing market that has been propped up by forbearance and historically low interest rates? Just hours after swearing in, Biden signed an executive order that pushed back the federal eviction moratorium to the end of March. He’s asked Congress to extend the grace period until the end of September and plans to call on the Federal Housing Finance Agency to extend the foreclosure…
President Joe Biden issued an executive order Thursday that increases the percentage of funding the federal government will provide when emergency officials provide housing to people during the Covid-19 pandemic. The order, issued on Biden’s second day in office, increases the Federal Emergency Management Agency’s share of the costs from 75 percent to 100 percent when providing emergency housing during the pandemic. Previously, states or cities would have to pay whatever the federal government did not cover. The change was recommended by the National Low Income Housing Coalition, which had issued a report that said “the resources needed to keep people experiencing homelessness afe during the public health emergency exceed the response capabilities of state and local governments and warrant the full…
