May 8, 2012 |
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.
October 21, 2010 |
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.
December 3, 2009 |
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.
February 18, 2007 |
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.
April 11, 2003 |
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.
May 6, 2001 |
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.