Word: hud
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Instead, he said they were simply part of a decades-long, bipartisan push - from Capitol Hill, the White House, the Department of Housing and Urban Development (HUD) and even bank regulators - for ever more mortgage lending on ever easier terms. Gramm said he arrived in Washington in 1978 convinced as an economist that subsidizing housing and mortgage lending was a bad idea, but was soon won over to Washington's pro-housing consensus. During his 1990 U.S. Senate campaign, he said, polls revealed that 82% of Texas homeowners supported him over his Democratic opponent. After that, "You didn't have...
...Sorry, had to look them up. That would be VA Secretary James Peake, HUD Secretary Steve Preston and Energy Secretary Samuel Bodman. They're not exactly household names, which is why it's so weird that second-tier Cabinet appointees get so much attention initially; they rarely make much news once they're in office. That's why I've proposed shrinking the Cabinet, which has doubled in size yet probably halved in importance since the Kennedy Administration. But that's one thing Obama does not appear likely to change. Judging by his appointments thus far, the Cabinet will continue...
...Obama's choices for departments like HUD and Energy telegraph his intent to change housing and energy policies, just as the creation of HUD and Energy were supposed to telegraph the importance of housing and energy problems. But it certainly hasn't solved those problems. Just once, it would be nice to see a Cabinet appointee - maybe a Commerce Secretary or an Agriculture Secretary or a drug czar - say that his or her department's mission was obsolete, or that it certainly didn't deserve Cabinet status...
...second plan being discussed calls for the expansion of existing housing-assistance programs run by the Department of Housing and Urban Development, according to an Administration official. The official said there were advantages to using existing HUD programs rather than starting a new one from scratch, adding that it was unclear who would administer the FDIC's plan. "There's a lot of work to do to flesh out [Bair's] idea," the official said. Congress and both candidates for President have also discussed potential homeowner-bailout programs of their...
...these talks, however, it appears that the breadth of her proposal is causing friction. HUD's existing programs would seem to be the natural foundation for a mortgage rescue plan. But part of the problem in addressing the housing crisis is figuring out which loans can still be serviced, since some banks required little or no documentation of a homeowner's ability to carry the loans. The FDIC's role as a bank overseer is viewed as giving it more insight into the quality of loans on banks' books...