The U.S. Senate approved fiscal 2020 spending packages for government agencies. Some $400 billion has been set aside for new guarantees on FHA single-family mortgages.
HUD Secretary Ben Carson faced the ire of House Democrats over delays in sending disaster recovery funds to Puerto Rico and issues related to disparate impact and risk-based pricing.
New York state agencies against HUD’s proposal on disparate impact rule; USDA warns customers of fraudulent calls; FHA provides training material for implementation of FHA-insured condo financing rules.
The White House has nominated FHA Commissioner Brian Montgomery as HUD deputy secretary. Meanwhile, interim Ginnie President Maren Kasper is stepping down by the end of next week.
In a comment letter, the CHLA said its members are opposed to proposals to shrink FHA’s footprint, utilize tiered pricing and increase the FHA insurance fund’s 2% capital reserve ratio.
Senate Appropriations Committee has asked HUD to ensure transparency and improve the resolution of defaulted and foreclosed HECMs and to better manage the sale of troubled taxpayer assets.
The department has recommended a scorecard to ensure FHA borrowers re-ceive financing that is appropriate and sustainable for long-term homeowner-ship. Meanwhile, the Treasury has outlined the new role Fannie Mae and Freddie Mac would play in a revamped housing-finance system.
Despite a legal setback, the department said it intends to proceed with a for-mal rulemaking on downpayment assistance provided by government entities. This time, though, with proper notice to stakeholders.
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