Department of Housing and Urban Development (HUD)
- Homepage: http://www.hud.gov/
May 2005: HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships--particularly with faith-based and community organizations--that leverage resources and improve HUD's ability to be effective on the community level.http://www.hud.gov/library/bookshelf18/hudmission.cfm
March 2012: "Bank of America, for example, said it will slash mortgage balances by an average of $100,000 or more for roughly 200,000 homeowners. The goal, according to BofA, is to reduce the amount owed on the home to 100% match the current market value. Meanwhile, the other four major mortgage lenders, CitiBank, Wells Fargo, JPMorgan Chase and Ally Financial, are expected to reduce qualified borrowers' principal to between 115% and 125% of the value of their homes -- an amount that the Department of Housing and Urban Development said should average about $20,000. Multi-million dollar foreclosures"http://money.cnn.com/2012/03/13/real_estate/mortgage-settlement/index.htm
February 2012: "As more and more states signed on this week, the negotiations with the banks became especially intense, said one participant, who wasn’t authorized to speak publicly. Two bank officials, Frank Bisignano of JPMorgan Chase and Mike Heid of Wells Fargo, played a critical role in the talks with Shaun Donovan, the secretary of Housing and Urban Development, and Thomas J. Perrelli, the associate attorney general at the Justice Department. Bank of America, which will make the largest payout as the nation’s biggest mortgage servicer, moved more cautiously, the participant said."http://www.nytimes.com/2012/02/09/business/states-negotiate-25-billion-deal-for-homeowners.html
July 2011: "Federal officials announced on Wednesday that they had reached a settlement with a group of homeowners who sued the federal government and the State of Louisiana alleging discrimination in the state’s Road Home program, which distributed grants to those whose houses were destroyed in Hurricane Katrina and the subsequent flooding."http://www.nytimes.com/2011/07/07/us/07orleans.html
February 2011: "The report, prepared by Treasury and the Department of Housing and Urban Development, also notes that policies like allowing homeowners to deduct mortgage interest payments from taxable income — an expensive pillar of the government’s housing campaign — encourage people to invest in housing rather than other parts of the economy, and deserve to be reconsidered."http://www.nytimes.com/2011/02/12/business/12housing.html
April 2010: '“This allows us to reorient a system that is focused on fixing a problem after it happens to preventing the problem,” said Shaun Donovan, the secretary of the Department of Housing and Urban Development, which oversees the program. “This is the single most important thing the federal government has ever done on family homelessness. It’s a transformative tool.”'http://www.nytimes.com/2010/04/22/business/economy/22prevent.html
February 2010: 'At the meeting with major lenders, HUD Deputy Assistant Secretary Vicki Bott warned that under no circumstances can worksheet quotes be issued to a mortgage applicant "in lieu of a GFE." Once a customer supplies the essential application information -- Social Security number, property address and estimated value, among others -- lenders must issue a binding-cost GFE rather than a worksheet, Bott said.'http://www.washingtonpost.com/wp-dyn/content/article/2010/02/25/AR2010022506626.html
August 2009: "Complaints to the government about mortgage servicers have soared in recent years. They’ve risen from 31 percent of the complaints that the Department of Housing and Urban Development received in 2006 to 78 percent in 2008, according to HUD spokesman Lemar Wooley."http://www.propublica.org/ion/bailout/item/bankruptcy-judges-justice-dept.-rip-mortgage-companies-811
October 2008: "Federally insured home equity conversion mortgages, or HECMs, backed by the U.S. Department of Housing and Urban Development, or HUD, account for 90 percent of all reverse mortgages, according to the National Reverse Mortgage Lenders Association."http://www.bankrate.com/brm/news/Financial_Literacy/borrowing_money/reverse_mortgages_a1.asp
September 2008: "The outcome of the discussions will most likely broaden the categories of people eligible for emergency shelter, housing and other services provided by the Department of Housing and Urban Development’s $1.7 billion budget for the homeless, which accounts for most federal spending on homelessness. Bush administration officials support the narrow expansion under consideration in the House."http://www.nytimes.com/2008/09/16/washington/16homeless.html
May 2008: "The Department of Housing and Urban Development, for example, takes nothing to administer its earmarks, while the Defense Department takes out as much as 25 percent. A spokesman for the housing department said it used money budgeted for salaries and expenses to manage earmarks."http://www.nytimes.com/2008/05/20/washington/20earmark.html
April 2008: "Jackson also issued a rule allowing FHA lenders more self-policing. Under the lender insurance rule that HUD implemented in 2006, lenders could endorse FHA loans without prior review and no longer had to submit loan paperwork to HUD. The agency's inspector general and the FBI objected, and HUD's office of general counsel registered concern because detecting fraud would be more difficult without lenders' paperwork."http://www.washingtonpost.com/wp-dyn/content/article/2008/04/12/AR2008041202374.html
March 2008: "Housing and Urban Development Secretary Alphonso Jackson resigned Monday, amid multiple ethics investigations and criticism from top lawmakers."http://www.cnn.com/2008/POLITICS/03/31/hud.resignation/index.html
February 2008: "The Department of Housing and Urban Development has ruled for years that any fee imposed in connection with a residential real estate transaction must be for services actually rendered. Some federal courts have agreed with HUD's interpretation of the Real Estate Settlement Procedures Act. Others have disagreed."http://www.washingtonpost.com/wp-dyn/content/article/2008/02/08/AR2008020801944.html
November 2007: "Mississippi is the only state for which the Bush administration has waived the rule that 50 percent of its Community Development Block Grants be spent on low-income programs, according to the Department of Housing and Urban Development, which administers the program. It is also the only state to ask for such waivers."http://www.nytimes.com/2007/11/16/us/16mississippi.html
March 2007: On Friday, the Department of Housing and Urban Renewal blocked the sale until Clipper Equity can prove to its satisfaction that the complex will remain affordable. Also last week, state Democratic lawmakers introduced a bill that would require all units at Starrett City and the 47 other Mitchell-Llama affordable housing complexes in the state be rent stabilized if they're sold and their mortgages are paid off.http://www.csmonitor.com/2007/0305/p02s01-usec.html
December 2006: She and others questioned why the Department of Housing and Urban Development would destroy affordable housing in New Orleans, saying it is essential to the city's recovery.http://www.washingtonpost.com/wp-dyn/content/article/2006/12/07/AR2006120701482.html
Role Name Type Last Updated Owner of (partial or full, past or present) Federal Housing Administration (FHA) Organization Feb 3, 2004 Financial Supporter of (past or present) Toolbase Services Source Jan 30, 2008 Organization Executive (past or present) Adm. Dennis "Denny" C. Blair Person Jan 31, 2010 Organization Head/Leader (past or present) Henry Gabriel Cisneros Person Apr 9, 2007 Opponent (past or present) Financial Supporter of (past or present) Organization Executive (past or present) H. R. Crawford Person Dec 9, 2008 Organization Head/Leader (past or present) Andrew M. Cuomo Esq. Person Jun 12, 2007 Organization Head/Leader (past or present) Shaun Donovan MS Person Apr 22, 2010 Organization Executive (past or present) Conrad Eagan Person Apr 9, 2007 Organization Head/Leader (past or present) Alphonso Jackson Esq. MA Person Jun 26, 2005 Member of (past or present) Organization Executive (past or present) Kim Kendrick Person May 7, 2006 Organization Head/Leader (past or present) Moon Landrieu Person Feb 17, 2007 Organization Head/Leader (past or present) Sen. Melquiades "Mel" Rafael Martinez Person Oct 12, 2007 Organization Executive (past or present) Prof. Donna E. Shalala Ph.D. Person Sep 19, 2006 Employee/Freelancer/Contractor (past or present) John C. Weicher Person
Articles and Resources
Date Fairness.com Resource Read it at: Mar 13, 2012 Rage grows over mortgage deal
QUOTE: As more details emerge about the massive $26 billion foreclosure settlement between the five biggest mortgage lenders and the states' attorneys general, a growing number of borrowers are realizing that the deal will do little, if anything, to help them out.
CNN (Cable News Network) Feb 08, 2012 States Negotiate $26 Billion Deal for Homeowners
QUOTE: After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses.
New York Times Jul 06, 2011 Settlement Is Reached in Suit Over Katrina Grants
QUOTE: Federal officials announced on Wednesday that they had reached a settlement with a group of homeowners who sued the federal government and the State of Louisiana alleging discrimination in the state’s Road Home program, which distributed grants to those whose houses were destroyed in Hurricane Katrina and the subsequent flooding.
New York Times Mar 08, 2011 AARP Sues U.S. Over Effects of Reverse Mortgages
QUOTE: AARP, the seniors’ organization, filed suit Tuesday against the Department of Housing and Urban Development, which regulates reverse mortgages. The suit asserts that policy changes by HUD are pushing older homeowners into foreclosure.
New York Times Feb 11, 2011 Administration Calls for Cutting Aid to Home Buyers
QUOTE: The three ideas that the report outlines for replacing Fannie and Freddie all would raise the cost of mortgage loans and push homeownership beyond the reach of some families.
New York Times Apr 19, 2010 U.S. Offers a Hand to Those on Eviction’s Edge
QUOTE: Much like the Great Depression, when millions of previously working people came to rely on a new social safety net for their sustenance, a swelling group of formerly middle-class Americans like Mr. Moore, 30, is seeking government aid for the first time. Without help, say economists, many are at risk of slipping permanently into poverty, even as economic conditions improve.
New York Times Feb 27, 2010 Be aware of good-faith estimate' rules, or it could cost you
QUOTE: Depending on how loan officers provide quotes up front -- on an informal "worksheet" that carries no federal consumer protections or on a new, three-page "good-faith estimate" that comes with rock-hard guarantees -- there could be a world of difference.
Washington Post Sep 27, 2009 As Subprime Lending Crisis Unfolded, Watchdog Fed Didn't Bother Barking (Banking on the Fed)
QUOTE: Under a policy quietly formalized in 1998, the Fed refused to police lenders' compliance with federal laws protecting borrowers, despite repeated urging by consumer advocates across the country and even by other government agencies.
Washington Post Aug 27, 2009 After Iowa Flood, Feeling Just a Bit Ignored
QUOTE: The outpouring of attention toward New Orleans and the Gulf Coast, ratcheting up again now as the fourth anniversary of Hurricane Katrina approaches, has not been seen here [Cedar Rapids, Iowa]. In fact, the people of Cedar Rapids are feeling neglected.
New York Times Aug 11, 2009 Bankruptcy Judges, Justice Dept. Rip Mortgage Companies
QUOTE: Judges have found that major mortgages servicers regularly mess up basic accounting, improperly credit payments and charge unwarranted fees.
Jul 31, 2009 Federal Agencies Diverted Earmark Money
QUOTE: Thirteen federal agencies took nearly half a billion dollars off the top of Congressional earmarks for administrative expenses in 2008, nearly 3 percent of the total amount that members of Congress had directed to pet projects in federal spending bills.
New York Times Apr 10, 2009 Health agency covered up lead harm
QUOTE: The Centers for Disease Control and Prevention withheld evidence that contaminated tap water caused lead poisoning in kids.
Salon Dec 26, 2008 Firms Charge Thousands To Modify Mortgages: Nonprofits Offer Service For Free, Advocates Say
QUOTE: "Once a borrower pays an unscrupulous loss-mitigation consultant and time is wasted, the damage has been done," said Sarah Bloom Raskin, Maryland's commissioner of financial regulation. "While we may be able to recover fees, we can never recover the lost time -- time that the borrower could have used to work out a bona fide loan modification."
Washington Post Dec 25, 2008 Pardon Lasts One Day for Developer in Fraud Case
QUOTE: President Bush changed his mind on Christmas Eve, pulling back a pardon he had extended a day earlier to a Brooklyn developer at the center of a Long Island real estate fraud case and adding a bizarre twist to the episode...Mr. Toussie’s father, Robert, donated $28,500 to the Republican National Committee last April, for what apparently was his first political contribution.
New York Times Dec 07, 2008 Building on Broken Promises: D.C. Developer's Projects Marred by Unchecked Spending and Dubious Deals
QUOTE: longtime D.C. Council member H.R. Crawford told tenants, "I can show you how you can be a homeowner."....Crawford used hundreds of thousands of dollars to fund his own property management firm even after paying his company more than $3 million in developer's fees, a practice developers and HUD officials say amounts to double-billing.
Washington Post Nov 14, 2008 How Dogs Help Those With Autism (Tara Parker-Pope on Health)
QUOTE: Aaron has been diagnosed with Asperger’s syndrome, often considered a high-functioning form of autism, and his doctors believe a service dog will relieve anxiety and help him cope with the disorder....a lawsuit claims the building owners violated the Fair Housing Act by imposing unreasonable demands on Aaron’s parents before allowing a dog.
New York Times Oct 13, 2008 The ins and outs of reverse mortgages
QUOTE: But before rushing out to apply for a reverse mortgage, be aware that this type of loan has several downsides. Closing costs and fees can be steep, and if you are thinking about leaving your home in two to three years, this is not a financially prudent way to extract money from your home. In that case, a home equity loan is likely a cheaper option.
Bankrate.com Sep 16, 2008 Capitol Strives to Define ‘Homeless’
ABSTRACT: With unemployment and foreclosures rising and growing numbers of families struggling to find affordable housing, lawmakers in Congress are debating who should be considered homeless... with too few shelter beds and services available to help the homeless who are already living on the streets, the debate over whether to expand significantly the pool of people eligible for such limited aid has sharply divided advocates for the homeless and upended political alliances.
New York Times Aug 18, 2008 U.S. Says Many Apartments Violate Law on Disabled
QUOTE: But the United States attorney’s office in Manhattan has sent letters to about a dozen of the city’s most prominent landlords and their architects saying that some of their buildings were “not accessible to persons with disabilities,” which would constitute discrimination under the Fair Housing Act.
New York Times Jul 21, 2008 New Regulator in Rescue Plan Spurs Debate
QUOTE: While experts on the companies agree that the proposed regulator would be stronger than the existing one, housed in the Department of Housing and Urban Development, some contend that the legislation does not go far enough. These critics say that the measure tilts in favor of the companies, even as it tries to strike a balance between promoting affordable housing — a primary mission of the government-sponsored mortgage giants — and setting limits on them to diminish the risks they pose to the world financial system.
New York Times
- Arts & Humanities
- Businesses & Organizations
- Computers & Information Technology
- Family & Friends & Interpersonal
- Government & Politics / History
- Health & Medicine
- Law & Justice
- Media & Journalism
- Personal Finance & Career
- Philosophy & Religion
- Recreation & Entertainment
- Science & Technology
- Social Sciences & Groups
- Arctic / Antarctic / Greenland
- Central America / Caribbean
- Eurasia / Central Asia
- Middle East
- North America
- Oceania / AustralAsia
- South America
- About Fairness.com
- Contact Us
- Conditions of Service
- Fair Use Notice
- Advisory Board
Not a current user? Sign up!