Tag archives for Hud

HUD Alleges Improper Short Sale Documentation by CitiMortgage

In a recent report the Office of the Inspector General (OIG) at the department of Housing and Urban Development (HUD) accuses Citimortgage Inc. has violated the Federal Housing Administration (FHA)’s Preforeclosure Sale Program (PSP) by “failing to properly determine that borrowers were eligible to participate in the program”. CitiMortgage’s written response states simply that the lender “respectfully disagrees.” OIG is Read full article »

FHFA to Raise GSE Fees

Next year lenders will be paying more if they want government-controlled Fannie Mae or Freddie Mac to guarantee their mortgages. The fee hikes are designed to “ready the market for private-sector reinforcements and wean the nation’s housing sector off of low-cost government support,” says FHFA acting director Edward DeMarco. DeMarco believes that “a series of periodic, gradual price increases makes Read full article »

HUD Hopes to Get Housing Counseling Funds Returned

In April of this year, Congress slashed $88 million in HUD nonprofit counseling funds for 2011. Fortunately, HUD had at least $10 million “left over” and unspent from 2010, and they used this to fund various programs and outreach efforts. However, HUD’s acting deputy assistant secretary for single family housing is now warning that failure to restore the cut funds Read full article »

AARP Sues Wells Fargo, Fannie Mae

The AARP is challenging reverse mortgage foreclosures conducted by Fannie Mae and Wells Fargo, claiming that these lenders did not hold up their end of the bargain with senior homeowners before foreclosing. Part of the terms of a reverse mortgage require that borrowers – and often borrowers’ spouses and heirs – be permitted to purchase the property after the mortgagee’s Read full article »

HUD, Justice Department Bring Pressure to Contrary Attorneys General

If you live in New York, Nevada, Massachusetts or Delaware, then you can rest assured that your attorney general is pretty steamed about the robo-signer crisis. So steamed, in fact, that they are doing everything possible to prevent the current proposed settlement with the nation’s biggest lenders from happening. A lot of people support this reluctance to cave in and, Read full article »

The Politics of Real Estate

Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.

Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.

About Bryan Ellis

Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.

Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.

Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.