Posts Tagged ‘housing counseling’

Housing Counseling Advisory Committee Created by HUD

June 2nd, 2016 Comments off

HUD logoIn an effort to determine more methods of providing counseling for new homebuyers and troubled homeowners, the U. S. Department of Housing and Urban Development (HUD) has created a new Housing Counseling Federal Advisory Committee as mandated by the Dodd-Frank Act.

Made up of three representatives from each of the four mortgage, real estate, consumer and housing counseling sectors, the committee is charged with developing strategies to offer counseling services at the community level, as nationalmortgagenews tells MHProNews.

Counseling can address fair housing issues, rental assistance, pre-purchase counseling, finding a mortgage lender and putting together a household budget.

Senior Loan Officer Pamela Marron with Innovative Mortgage Strategies, Inc. in Florida, said, “I’m in Florida, the land of underwater homes. I would tell them what is really happening at ground zero. And I am expecting the other members will have similar stories. We have a good diverse group and I am excited about that.”

Meg Burns, a former HUD official who has been selected to serve on the advisory committee, said, “It really goes well above and beyond what must people are familiar with as a result of the foreclosure crisis.” ##

(Image credit: Department of Housing and Urban Development)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

FHFA Director Wants to Step Up Efforts To Increase Affordable Home Ownership

January 20th, 2015 Comments off

mel-watt-fhfa-housingIn an effort to help underserved borrowers, Director Melvin L. Watt of the Federal Housing Finance Agency (FHFA) has ordered the GSEs, Fannie Mae and Freddie Mac, to increase the use of housing counseling. It is hoped that this will assist entry-level borrowers to get into the housing market by educating them about the process.  Watt also wants to “review new ways of evaluating borrowers’ creditworthiness.”

He also stated that he believes these goals will help FHFA and the GSEs to “build a strong, vibrant national housing finance market, which will create new homeownership and rental opportunities for existing and potential borrower.”

Bloomberg News tells MHProNews that the FHFA hopes this process will enable more people to buy affordable homes including manufactured homes.

Watt, who took over at FHFA a year ago, has been reversing previous policies that emphasized shrinking Fannie Mae and Freddie Mac. The two companies, which were seized by regulators in 2008, buy more than half of the new mortgages in the United States and package them into securities.

In an attempt to boost funding for affordable rental housing, the two companies will each be limited to buying $30 billion in apartment building loans unless the loans are for affordable housing projects or manufactured housing rental communities. ##

(Photo Credit: Wikipedia).


Article Submitted by Sandra Lane to – Daily Business News- MHProNews.