Word: hud
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Lenders aren't allowed to close on a federally insured reverse mortgage until borrowers meet with a HUD-approved counselor, who is required to help them explore alternatives such as selling their home or lowering their expenses. That's because the greatest reverse-mortgage risk, especially for younger borrowers, may be that they will live longer than they expected and drain all the available equity from their home. Says reverse-mortgage specialist Bronwyn Belling: "If you borrow the money now, you may not have it when you need it later...
...Department of Housing and Urban Development doesn't really know what's in store for America's already overburdened homeless shelters. In its assessment to lawmakers, the agency known as HUD included this caveat: Our info is pretty outdated. "The data collection period ended on Sept. 30, 2008, just as the [economic] crisis was accelerating," the authors noted. "Also, there is an expected time delay between the moment someone loses her job or home and the moment she enters the shelter system." While the agency plans to begin issuing quarterly "pulse reports" to keep pace with the issue, counting people...
...secretary of Housing and Urban Development under President George H.W. Bush that Kemp began to realize political possibilities for Republicans committed to racial progress, said Scott Reed, his chief of staff at HUD. He championed public housing tenants over developers, even spending a night in a Philadelphia project to gain perspective. He pushed for urban enterprise zones that offered tax incentives to lure investment to blighted communities. "It generated headlines that were nontraditional for Republicans," said Reed, who went on to run Dole's 1996 campaign. "It gave him an opportunity to show Republicans that it works...
...homes who aren't going to be in them long term and that trying to keep them there is throwing good money after bad. The plan allocates money that implicitly acknowledges that: $1.5 billion to help displaced homeowners transition back to being renters and $2 billion to boost HUD's Neighborhood Stabilization Program, which lets cities and states deal with foreclosure fallout. (See pictures of the recession...
...which official Washington seemed to believe that no home loan could be a bad home loan. "What we did and what we started was not just to push banks to make marginal loans, but to give them an excuse and to give them regulatory cover," he said. "Countrywide became HUD's poster child for what a good lender was like...