Marcia Fudge, secretary of the Department of Housing and Urban Development, this week announced her retirement, effective March 22. HUD Deputy Secretary Adrianne Todman will step in as acting secretary.

President Biden last weekend signed a six-bill fiscal 2024 appropriations package that includes funding for the departments of Housing and Urban Development, Veterans Affairs and Agriculture.

At the National Association of Hispanic Real Estate Professionals conference this week, FHA Commissioner Julia Gordon said FHA financing becomes increasingly important as interest rates rise.

Comments are due May 6 to address a change in language on the proposed rule, which was first issued in November 2022.

President Biden’s fiscal year 2025 budget request includes a proposal for mortgage tax credits for first-time homebuyers as well as those who sell starter homes.

VA lenders can now apply an assumption locality variance on loan assumptions. The MBA called for an even higher fee.

VA extends rescission date for circular on expanding home loan eligibility based on certain National Guard service; FHA issues mortgagee letter for Section 232 residential care facility mortgage insurance program; HUD allocates $70 million to 38 tribal communities; USDA updates guidelines on obtaining a payoff for a guaranteed loan mortgage recovery advance; HUD’s Office of Housing Counseling announces $10 million grant.

After years of lobbying by the mortgage industry, Congress gave Ginnie Mae’s budget a boost for fiscal year 2024.

Lenders typically hedge loans by short selling the type of security those loans will eventually go into. However, if the market for that security is unattractive, they can cross-hedge into better performing markets if their pricing movement correlates with the loans.

The diversification inherent in MBS may be the ideal tool to combat climate risk in housing finance.