The new Trump administration has already made one of its first moves, directing the Department of Housing and Urban Development to suspend a recently announced program that would have reduced mortgage insurance rates for a number of new homeowners. [More]
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Proposed Rule Would Ban Smoking In All Public Housing
By 11.12.15
Even though smoking has reached historically low levels in the U.S., regulators continue to try to snuff out cigarettes with bans on smoking in public spaces. We’ve already seen beaches, parks, and office buildings say no to tobacco, and a new federal rule would extend this anti-smoking stance to all public housing in the U.S. [More]
DOJ Sues Quicken Loans Over Improperly Underwritten Mortgages
By 4.23.15
If you thought that we were done with lawsuits related to the mortgage meltdown, think again. The U.S. Dept. of Justice is suing Quicken Loans, alleging that the lender improperly underwrote hundreds of FHA-insured home loans before and during the housing market crash, resulting in substantial losses for the federal government. [More]
New Homeowners To Pay Less For FHA Mortgage Insurance
By 1.8.15
In the wake of the devastating crash of the housing market, the U.S. Dept. of Housing and Urban Development was forced to increase mortgage insurance premiums for borrowers with loans insured by the Federal Housing Administration, effectively stopping hundreds of thousands of potential homeowners from climbing the property ladder. With the market stabilizing, HUD is rolling back most of that rate increase for new homeowners in the hope that it will spur more borrowing. [More]
Bank Of America Accused Of Neglecting Foreclosures In Non-White Neighborhoods
By 11.15.13
In 2012, a National Fair Housing Alliance survey of bank-owned properties in nine metro areas found that those buildings in predominantly white neighborhoods were more likely to be properly maintained by the bank while those homes in non-white parts of town were often being allowed to fall into disrepair, driving property values down for neighbors and causing public health and safety concerns. Since then, the NFHA has filed a federal discrimination complaint against the bank for what it alleges are violations of the Fair Housing Act. [More]
Bank Of America Caught Refusing Mortgages To Women On Maternity Leave
By 11.5.13
Compared to $40 billion-plus in penalties, settlements, adjustments, and legal fees Bank of America has already racked up because it flat-out stinks at servicing home loans, a $45,000 payment split between two couples is a molecule in a drop of water in the bucket. But this story, in which BofA decided that pregnant homeowners were too big a risk for mortgage refinancing, is a good reminder of consumers’ rights under the law and of BofA’s general incompetence. [More]
HOA Agrees To Pay $65K For Banning Family From Parking Ambulance In The Driveway
By 11.1.13
When a Las Vegas family bought an ambulance for their son, it wasn’t so he could go tearing around town in it, woo-wooing the siren all over the neighborhood. No, it was purchased so the family could transport their disabled son to appointments. Despite what would seem like a very valid use of the vehicle, their homeowners association banned the family from parking it in the driveway. [More]
Wells Fargo Fails At Getting Federal Mortgage Lawsuit Dismissed
By 9.24.13
The same day that trial began in the Justice Dept.’s lawsuit against Bank of America, the DOJ had another victory in a similar suit filed last year against Wells Fargo, as the bank failed this morning in its attempt to have the suit dismissed. [More]
Feds Unhappy With Denver Housing Authority For Evicting Slain Woman’s Family From Her Home
By 8.21.13
Federal housing officials are coming out against the decision by the Denver Housing Authority to evict the mother of a woman who was murdered, three days after the slaying. The feds says compassion lies within the scope of the law in this case, and hopes Denver will rethink the eviction. [More]
Wells Fargo To Pay $38.5 Million In Response To Claims It Neglected Bank-Owned Homes In Minority Neighborhoods
By 6.6.13
Add another stack of zeros to the running total of mortgage-meltdown-related cash laid out by banks, as Wells Fargo has agreed to pay a total of $38.5 million to advocacy groups and regulators to resolve complaints that the bank neglected foreclosure properties in predominantly non-white areas. [More]
Feds To Stop Punishing Chase, Bank of America For Sucking At Mortgage Modifications
By 3.2.12
Since the Treasury Dept. began releasing quarterly report cards on big banks’ efforts to improve their mortgage modification processes, Bank of America and JPMorgan Chase have consistently received subpar marks, leading the feds to withhold a total of $171 million in incentives. That money is now set to be released to BofA and Chase — but not necessarily because they suck any less at mortgage mods. [More]
HUD Accuses Bank Of America Of Discriminating Against Disabled Homebuyers
By 2.27.12
Just when you thought people had run out of reasons to hate Bank of America, the U.S. Department of Housing and Urban Development pops in to give you a new one. Earlier today, HUD charged BofA of discriminating against homebuyers with disabilities. [More]
Government Prevents 101-Year-Old Evictee From Moving Back Home
By 1.23.12
Four months ago, a 101-year-old Detroit woman was evicted from her home because her son could no longer afford payments. The U.S. Department of Housing and Urban Development stepped in and said she go back home, but has now reversed course, deeming the residence unfit to live in. [More]
Landlord Refuses To Rent To Single Mother Because There's No Man "To Shovel The Snow"
By 9.9.11
A Wisconsin landlord has been sued by the US Department of Housing and Urban Development after refusing to rent a property to a single mother. The landlord, who is a woman, said it was because the renter didn’t have a man “to shovel the snow.” [More]
Unemployed Homeowners Will Have Longer Before Facing Foreclosure
By 7.7.11
If you’re unemployed and worried about losing your home, here’s some news that might make your day a little brighter. The White House announced earlier today that all FHA-approved mortgage servicers must extend the forbearance period for unemployed homeowners, currently four months, to one year. [More]
HUD calls For Lenders To Send Tennessee Flood Victims A Lifeline
By 5.11.10
Tennesseans homeowners have enough to worry about with the flooding, but the U.S. Department of Housing and Urban Development has stopped worries that victims would drown in the resulting debt. HUD Secretary Shaun Donovan directed lenders to put a 90-day moratorium on foreclosures in flood-ravaged areas. [More]
FedMod.com: Loan Mod Scammers Advertising On Network TV?
By 1.14.09
Matt at SteadFastFinances tipped me off to a possible loan-modification scam running ads on network TV.
What Does The Bailout Mean For You?
By 10.6.08
So, Congress finally passed the bailout bill. You know about the Treasury’s newfound $700 billion, and you’ve heard about the snipped golden parachutes, but what does the 451-page week-old shotgun savior of a bill actually mean for you?
