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Tag Archives: HUD

FHA Anti-Flipping Waiver Extended Through 2014

FHA flipping rules

HUD plans to waive the Federal Housing Administration's (FHA) anti-property-flipping rule through December 31, 2014. The agency is extending the temporary waiver that was put into place in January 2010 for another two years to encourage investors to acquire and renovate foreclosed and vacant homes.

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New PSAs Seek to Deliver Message of Hope to At-Risk Borrowers

Treasury, HUD, and the Ad Council are reaching out to struggling homeowners with a message of hope. On Wednesday, the groups announced the launch of the third and final phase of their Foreclosure Prevention Assistance Public Service Advertising (PSA) Campaign. With data showing nearly one in 14 homeowners knows what it means to be behind on a mortgage payment, the campaign aims to identify those struggling homeowners and educate them about the free resources available to help prevent foreclosure.

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Administration Assesses Housing Market, Servicer Performance

Based on data compiled in the latest ""housing scorecard, the Obama administration described the housing market as ""strengthening"" and noted the continual rise in home values and the strong home sales in October. The administration also released the Making Home Affordable Program report, which details performance related to modifications. According to the report, since the national mortgage servicing settlement, principal reductions outside of the HAMP Principal Reduction Alternative (PRA) program have been more widely used.

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HUD Provides Details for Next Distressed Asset Sale

HUD's next sale as part of the Distressed Asset Stabilization Program (DASP) will include even more loans. The agency announced it will put out about 10,000-15,000 loans in its next sale, which will take place in the first quarter of 2013. The most recent sale in September included about 9,000 loans.

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Donovan Questioned by Senate Committee on FHA’s Finances

In a testimony before the Senate Banking Committee on Thursday, HUD Secretary Shaun Donovan defended the Federal Housing Administration's (FHA) recent role in the housing market and the steps the agency has taken to avoid a possible bailout. In an annual report issued to Congress in mid-November, HUD revealed the capital reserve ratio of FHA's Mutual Mortgage Insurance (MMI) Fund had fallen to -1.44 percent (representing -$16.3 billion) based on data from an independent actuary. The report has many analysts, policymakers, and trade groups speculating about the likelihood of an imminent Treasury draw to keep the FHA alive.

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NJCC Selected to Buy 399 Distressed Loans Through HUD Program

New Jersey Community Capital (NJCC) was selected as part of HUD's Distressed Asset Stabilization Program (DASP) to purchase 399 troubled loans, the nonprofit announced Tuesday. Out of the 399 loans purchased by NJCC, 150 were based in Essex County, New Jersey and another 249 in Tampa Bay, Florida.

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Pending Home Sales at Highest Level Since March 2007

The number of homebuyers committing to sales contracts soared last month. The National Association of Realtors (NAR) says its Pending Home Sales Index for October skyrocketed to hit its highest mark in more than five years. The index jumped 5.2 percent from September to October to a reading of 104.8, its highest point since March 2007. Economists had expected a smaller increase to 100.5. Compared to October 2011, the index was up 13.2 percent, making it the 18th straight month of year-over-year gains.

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October New Home Sales Dip After Downward Revision for September

New home sales barely budged in October, dropping 0.37 percent to 368,000 after September’s report was revised sharply downward from an original 389,000 to 369,000, Census Bureau and HUD reported Wednesday. Economists surveyed by Bloomberg expected the report to show a sales pace of 387,000.

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Housing Starts Up in October, Completions Soar

Housing starts rose 3.6 percent in October to a seasonally adjusted annual rate of 894,000, the highest level since July 2008, but permits for new residential construction fell the Census Bureau and HUD reported jointly Tuesday. Housing completions soared in October, up 14.5 percent during the month to 772,000, the highest level since June 2010. The increase in completions was led by a 5.3 percent jump in multifamily completions. Single-family completions in October reached their highest level since June 2010, increasing to 542,000.

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HUD Offers Disaster Relief for Victims in New York and New Jersey

HUD secretary Shaun Donovan announced the department is working to speed up federal disaster assistance to areas in New York and New Jersey following the passage of the storm. HUD is also granting a 90-day forbearance on foreclosures of home mortgages insured by the Federal Housing Administration (FHA).

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