Marcia L. Fudge, secretary of the U.S. Department of Housing and Urban Development, is unexpectedly resigning due to personal circumstances. Her exit comes after three years at HUD’s helm, having served for almost all of the Biden presidency. Fudge attributed her decision to her 92-year-old mother, with whom she wants to spend more time, and…
The U.S. Department of Housing and Urban Development commemorated Black History Month by highlighting its impact on the Black community. “This Black History Month, we celebrate all that Black Americans have contributed to our great nation,” Secretary Marcia Fudge said in a statement. “As the 18th Secretary of Housing and Urban Development and a student…
The Federal Housing Administration introduced a new offering to help struggling homeowners avoid foreclosure. The offering, called the Payment Supplement, is a loss mitigation home retention option available to borrowers with FHA-insured single-family mortgages. Payment Supplement gives mortgage servicers a tool to reduce the borrower’s monthly payment by up to 25% without modifying the rate…
By KIMBERLEY HAAS Federal officials and members of the mortgage industry are mourning the loss of David Stevens, who helped the country navigate the aftermath of the 2008 housing crisis before serving as president and CEO of the Mortgage Bankers Association for seven years. Stevens worked as the Federal Housing Administration Commissioner at the U.S….
U.S. Department of Housing and Urban Development Secretary Marcia Fudge testified before the House Committee on Financial Services this week, emphasizing the department’s progress in tackling the affordability crisis. “When this Administration began, conditions were bleak. During the COVID-19 pandemic, millions of Americans lost or had little access to quality, safe, and affordable housing. Many…
By KIMBERLEY HAAS Officials at the U.S. Department of Housing and Urban Development have awarded funding from a program established by the Inflation Reduction Act to owners of assisted multifamily housing properties and the money is going to climate-related investments. The act, signed into law by President Joe Biden on Aug. 16, 2022, has done…
By SCOTT KIMBLER Leaders at the U.S. Department of Housing and Urban Development have unveiled their proposed budget for FY 2024 and say funds will be directed at solving the nation’s housing crisis. Secretary Marcia Fudge said in a statement that the proposed budget will help ensure every American has access to housing. “The budget…
By KIMBERLEY HAAS The Biden administration has announced a reduction on mortgage insurance premiums in a move they say could benefit an estimated 850,000 borrowers over the coming year. New borrowers who take out loans insured by the Federal Housing Administration will see the effects of the reduced premiums, according to a press release. The…
Officials at the U.S. Department of Housing and Urban Development have opened a portal for local government leaders to request technical assistance so housing needs are considered as part of their larger infrastructure investment plans. The Thriving Communities technical assistance program was designed to help local government leaders identify land for housing development near transportation projects,…
By KIMBERLEY HAAS A new proposed rule meeting President Joe Biden’s call to fully enforce the Fair Housing Act was announced by officials at the U.S. Department of Housing and Urban Development on Thursday. “Affirmatively furthering fair housing means more than merely steering clear of housing discrimination violations,” Demetria McCain, principal deputy assistant secretary for…
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