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BUSINESS
December 7, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - A top Obama administration official said a key government agency that has helped stabilize the housing market might be able to stay afloat next year, but he couldn't guarantee it wouldn't need a taxpayer bailout. He warned lawmakers, however, not to make the situation worse by messing too much with how it does business. In a Senate hearing Thursday, Housing and Urban Development Secretary Shaun Donovan cautioned lawmakers worried about the increasingly precarious finances of the Federal Housing Administration that making hasty changes to its operations could endanger the strengthening housing turnaround.
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BUSINESS
December 7, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - A top Obama administration official said a key government agency that has helped stabilize the housing market might be able to stay afloat next year, but he couldn't guarantee it wouldn't need a taxpayer bailout. He warned lawmakers, however, not to make the situation worse by messing too much with how it does business. In a Senate hearing Thursday, Housing and Urban Development Secretary Shaun Donovan cautioned lawmakers worried about the increasingly precarious finances of the Federal Housing Administration that making hasty changes to its operations could endanger the strengthening housing turnaround.
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CALIFORNIA | LOCAL
August 29, 1996 | HECTOR TOBAR, TIMES STAFF WRITER
Jack Kemp came to the Challengers Boys and Girls Club on Wednesday and pulled off a feat that surely would have eluded nearly any other Republican politician--assembling an enthusiastic and sympathetic crowd in the overwhelmingly African American and Latino community of South-Central Los Angeles. The Republican vice presidential candidate held a two-hour round-table discussion with a dozen handpicked community leaders and 300 invited guests.
BUSINESS
December 6, 2012 | By Jim Puzzanghera
WASHINGTON -- A top Obama administration official said Thursday that he could not guarantee that efforts to shore up a key government housing agency won't save it from needing a taxpayer bailout next year. But Housing and Urban Development Secretary Shaun Donovan cautioned senators worried about the increasingly precarious finances of the Federal Housing Administration that making hasty changes to its operations could endanger the housing recovery. Sharp revisions to FHA's standards for insuring mortgages -- often for first-time, lower income home buyers -- could dampen the recovery and lead to more foreclosures that further reduce the size of the fund the agency uses to cover its losses.  "We are seeing a recovery, but it is still fragile," Donovan told the Senate Banking Committee.
NEWS
July 7, 1989 | MARLENE CIMONS, Times Staff Writer
HUD Secretary Jack Kemp on Thursday suspended the Retirement Service Center, a nationwide housing program for the elderly, saying that it has cost the federal government more than $119 million in direct losses and that it does not serve the low- and moderate-income citizens for whom it was created. "This is a program that should serve low-income people, but instead is serving upper- and middle-income persons--and doing it very poorly at that," Kemp said in a statement.
NEWS
September 23, 1994 | RONALD J. OSTROW and SARA FRITZ, TIMES STAFF WRITERS
The Justice Department is reviewing tape recordings made secretly by HUD Secretary Henry G. Cisneros' former lover to determine whether to open a formal inquiry that could lead to appointment of a special counsel to look into allegations she has raised against him, officials said Thursday. Sources said the investigation centers on accusations made by Linda Medlar that Cisneros may have misled the FBI before his appointment as secretary of Housing and Urban Development.
NEWS
December 12, 1997 | ROBERT L. JACKSON and RONALD J. OSTROW, TIMES STAFF WRITERS
Former Housing Secretary Henry G. Cisneros, a onetime rising Democratic star and close political advisor to President Clinton, was indicted Thursday on 18 counts of lying, obstructing justice and conspiracy for misleading FBI agents about payments he made to a former mistress.
NEWS
July 17, 1989 | From United Press International
U.S. Trade Representative Carla Anderson Hills, a former secretary of the Department of Housing and Urban Development, denied to a House panel today any link to the scandal plaguing the housing agency she once headed. But she was questioned about her role representing a mortgage firm that has become a major player in the multibillion-dollar scandal. Hills, a lawyer who was HUD secretary from 1975 to '77 under President Gerald R.
NEWS
July 14, 1991 | From Associated Press
A Texas real estate developer has been indicted by a grand jury investigating influence peddling at the Department of Housing and Urban Development, court papers disclosed Friday. The indictment implicates two one-time aides to former Housing Secretary Samuel R. Pierce in a scheme to help the developer obtain federal grants under false pretenses. The developer, Leonard E. Briscoe, 49, of Ft.
NEWS
June 27, 1989 | From United Press International
President Bush refused to affix blame today for the scandal racking the Department of Housing and Urban Development, saying he wants to ensure "we don't have any recurrence," not "find winners and losers." "I am not going to assign blame," Bush declared during a wide-ranging news conference at the White House. "I want to look to the future." Bush said he is confident his own HUD secretary, Jack Kemp, will correct the conditions that allowed influence-peddling in the assignment of lucrative public housing contracts during the Reagan Administration.
BUSINESS
May 8, 2012 | By Jim Puzzanghera
WASHINGTON - Congress should quickly pass legislation to make it easier for more homeowners to refinance their mortgages, a move that could help households save money on their monthly payments and boost the housing market, Housing and Urban Development Secretary Shaun Donovan said Tuesday. It's imperative to act soon so homeowners can take advantage of record-low mortgage rates , Donovan told the Senate Banking Committee. "There's a real urgency here because interest rates today are at the lowest level they have ever been for a 30 - year mortgage," he said.
BUSINESS
October 21, 2010 | By Jim Puzzanghera, Los Angeles Times
A government review of botched foreclosure paperwork so far has found that the problems do not pose a "systemic" threat to the financial system, a top Obama administration official said Wednesday. But Housing and Urban Development Secretary Shaun Donovan said a comprehensive review of mortgage foreclosure procedures would not be completed until the end of the year. He said the administration was "very, very focused" on addressing the issue, promising to hold banks accountable if problems are uncovered.
BUSINESS
December 3, 2009 | By Jim Puzzanghera and Alejandro Lazo
Reporting from Los Angeles and Washington Alejandro Lazo -- Thousands of Southern California home buyers, and millions nationwide, will have to come up with more cash and reach higher minimum credit scores to get a government-backed mortgage under changes unveiled by the Federal Housing Administration. Some loans might require more than the current 3.5% minimum down payment, but the Obama administration is resisting calls for an across-the-board hike. Instead, it is looking at other ways to increase the amount of cash at closing, such as requiring borrowers to pay more of their mortgage insurance premiums up front.
BUSINESS
February 18, 2007 | Kathy M. Kristof, Times Staff Writer
Loans from the Federal Housing Administration were once a ticket to homeownership for millions of middle- and low-income buyers. Now, FHA loans are costly, burdensome and completely antiquated. Or so says Alphonso Jackson, secretary of Housing and Urban Development, who oversees the program. Most homes in populous states, such as California, are so expensive that they don't even qualify for FHA loans.
NATIONAL
April 11, 2003 | David G. Savage, Times Staff Writer
The independent counsel who spent $9 million to get a misdemeanor plea from former Housing Secretary Henry G. Cisneros nearly four years ago is still in business -- although he has promised to bring his now nearly $19-million probe to a close soon. "We're wrapping it up," said David Barrett, the lawyer and lobbyist who was selected in 1995 to look into whether Cisneros had lied about how much money he had given a former mistress.
NEWS
May 6, 2001 | From Associated Press
On Feb. 6, 1962, a 15-year-old Cuban refugee named Melquiades Martinez arrived in the United States, scared and alone. He was taken to Camp Matecumbe, a makeshift home for more than 400 Cuban youths, given two cookies and a carton of milk. He spent that first frightening night sleeping on an Army-style bunk bed.
CALIFORNIA | LOCAL
August 5, 1989
Here's how "Silent Sam" Pierce got his nickname. In 1980, hundreds of United States mayors gathered in a crowded room in Washington, D.C., waiting to meet Ronald Reagan's new HUD secretary and learn what was in store for the nation's cities. As mayor of Inglewood and also President of NOISE, the National Organization to Insure Sound-controlled Environment, I was among those waiting anxiously to hear how local programs would fare under the new Administration. Pierce was late arriving.
CALIFORNIA | LOCAL
July 21, 1992
In response to "Watts Residents Go Public on Privatization," July 14: Privatization of public housing developments: Cui bono ? HUD requires that the housing authorities are run with the input of their residents. No resident council, no federal subsidies! Consequently, the poverty pimps in the housing authorities prop up a few "resident-leaders" to front as resident councils, keep the money coming and make political hay for (HUD Secretary) Jack Kemp and his ilk. These "elected resident leaders" do not understand the consequences of their own somnambulistic posturing any better than the poor people they supposedly represent.
CALIFORNIA | LOCAL
March 25, 2000 | BETH SHUSTER, TIMES STAFF WRITER
They are the ambitious sons of powerful political fathers, now unlikely allies working on opposite coasts. But Los Angeles City Atty. James K. Hahn and U.S. Department of Housing and Urban Development Secretary Andrew Cuomo became fast friends recently while working closely on controversial gun litigation.
NEWS
June 22, 1999 | ROBERT L. JACKSON, TIMES STAFF WRITER
A federal prosecutor acknowledged at a court hearing Monday that crucial tape recordings of phone conversations to be used as evidence against former Housing Secretary Henry G. Cisneros are all copies and that the originals have been destroyed.
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