New Study Finds Consumer Confusion Leads To Higher Closing Costs
Many American consumers overpay by thousands of dollars in total closing costs when they purchase their homes, according to a new nationwide report from the Urban Institute. The study found that there are significant and unsupported variations in loan charges, title fees and other closing costs charged to homebuyers, and that minority borrowers pay hundreds of dollars more in total loan origination fees than do non-minority homebuyers.
President Bush Nominates SBA Administrator Steve Preston To Serve As HUD Secretary
Today, President Bush announced his intention to nominate Steve Preston to serve as the next Secretary of Housing and Urban Development. A strong executive with an outstanding track record in the private sector and at the Small Business Administration (SBA), Administrator Preston has a deep financial and capital markets background, and he understands the important role that the housing market plays in the broader economy. President Bush is confident that Administrator Preston is a reformer who will act aggressively to help struggling Americans obtain affordable mortgages and keep their homes, as well as help ensure that all Americans have access to safe, decent, affordable housing.
HUD Secretary Alphonso Jackson Stepping Down
U.S. Housing and Urban Development Secretary Alphonso Jackson announced today he will be stepping down as the nation’s chief housing officer. Jackson will conclude his government service as the nation’s 13th HUD Secretary on April 18, 2008.
“During my time here, I have sought to make America a better place to live, work and raise a family,” said Jackson, who served as Deputy Secretary and then Secretary. “I take great pride in working alongside some of the most dedicated civil servants in America. The hardworking people at HUD make a difference in the lives of thousands of Americans daily.”
HUD Raises Mortgage Limits In 14 High-Cost California Counties
The government on Wednesday raised the mortgage limits for loans guaranteed by the Federal Housing Administration in 14 high-cost California counties.
The Department of Housing and Urban Development released the new loan limits for California — a hotbed during the housing boom that now is suffering the worst home-price declines in the nation. The limits, with the maximum at $729,750, are derived from median home prices in each county.
HUD is expected to raise the limits in other counties nationwide in the coming days.
Read the entire article written by Marcy Gordan at www.MSNBC.com
Nehemiah Wins Judgment Decision In Lawsuit Against HUD
The following statement is in response to the decision by the United States District Court for the Eastern District of California to rule against the U.S. Department of Housing and Urban Development (HUD) rule to ban private downpayment assistance as proposed in the “Standards for Mortgagor’s Investment in Mortgaged Property” regulation published October 1, 2007.