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Posts Tagged ‘italics’

Galante finally Approved to Lead FHA

January 2nd, 2013 Comments off

NationalMortgageNews reports over a year after the Senate Banking Committee voted to send Carol Galante’s confirmation to the full Senate as Commissioner of the Federal Housing Administration (FHA), the Senate voted 69-24 to confirm her appointment Sunday during a special session dealing with the fiscal cliff controversy. As MHProNews reported Dec. 14, 2011, Sen. Jim Demint, (R-SC), leveling charges at Ms. Galante of being short-sighted at a Senate Banking Committee hearing on her nomination, said, “We need people with a sense of urgency (italics added) about the need to turn things around and reduce our debt and avoid future bailouts.” Sen. Bob Corker (R-Tenn.), noting more needs to be done to repair FHA’s financially challenged single-family program, says as the confirmed commissioner Galante can now assemble her own staff and take more aggressive steps. The acting head of FHA since July 2011, she will also serve as a HUD assistant secretary.

(Photo credit: HUD GOV–Carol Galante)

Reviewer Skewers Book’s Political Bias

October 15th, 2012 Comments off

In his review of Stanley Kurtz’s Spreading the Wealth: How Obama is Robbing the suburbs to Pay for the Cities, Eric Miller notes in Sustainable City News how the right has set up a straw man just to smash it down. Miller points out the suburbs were subsidized in the 1960’s when interstates connected different parts of large metro areas, and FHA loans helped build homes in the ‘burbs, leaving the poor behind in the inner city. That trend trend is now reversing and people are returning to the city as poverty and foreclosures dot the suburbs, and housing prices stagnate. He says if investment is going to the cities then it is following the population who choose to work and live there, and in many cases eschew having a car. Miller notes how talk show host Rush Limbaugh has picked up this cudgel to bash Obama, saying, “So he (Obama) doesn’t want to build any more roads and bridges, ’cause he doesn’t want any more people to be able to leave the cities. He wants everybody riding mass transit, when you get right down to it, or driving an old Volt for no further than 40 miles.” MHProNews has learned Miller, who has written often about real estate topics and trends, cites considerable research in documenting the wealth and demographics of those returning to the cities, as well as housing and urban store development by major retail chains. He concludes: “It’s consumer preference despite (his italics) suburban subsidies.”

(Photo credit: Eric Miller)

MH Excluded from Definition of Higher-Risk Mortgage Loans

August 16th, 2012 1 comment

The Truth in Lending Act (TILA) was set up to promote informed use of consumer credit and increase transparency by requiring disclosures about its costs and terms. A joint group of federal agencies that oversee truth-in-lending concerns, including the Consumer Financial Protection Bureau (CFPB), are proposing to amend Regulation Z, which implements TILA. The revisions include a provision added as part of Dodd-Frank that excludes loans for manufactured homes in communities from the definition of “higher-risk mortgage loan.” The Indiana Manufactured Housing Association (IMHA) reports some industry lenders say they would not be able to make more than half of the loans they currently make on manufactured homes without this exclusion. MHProNews has learned if the loan is secured by the home and the land on which it sits (italics added), it could be considered a “higher risk mortgage”. Public comment on the proposal will be open until Oct. 15, 2012. See pp. 14, 38, and 44 of the attached link to the entire document forwarded to MHProNews by D.J Pendleton of the Texas Manufactured Housing Association.

(Photo credit: MHProNews)