Nonprofit housing counseling organizations across the nation are gearing up for the effects of Congress slashing the Department of Housing and Urban Development’s (HUD) $88 million in housing counseling funds from the FY 2011 budget, while simultaneously pushing to reverse the cuts. Strong support and interest in restoring funding was evidenced last week by more [...]

In the ongoing effort to combine Truth in Lending and Good Faith Estimate forms into a single document, the Consumer Financial Protection Bureau today released the second drafts of two sample mortgage disclosure forms, and is now seeking public comment. The CFPB released the first round of revamped forms on May 18, after which it [...]

Get ready to share the airwaves, Fred Thompson and Robert Wagner—there’s a new reverse mortgage spokesman in town, and he’s about to appear on TV screens nationwide. Security One Lending (S1L) says the company has wrapped production with recently chosen spokesman Pat Boone for its national TV spots, which will air starting in August. Boone was chosen, [...]

With some uncertainties on the horizon for reverse mortgages, there are several alternative ways that families can set up a reverse mortgage-style agreement that still allow retirees to tap into their home equity, a Wall Street Journal article reported this weekend. The article suggests that as an alternative to a FHA-backed HECM loan, families with [...]

Two House committees expressed concerns about Consumer Financial Protection Bureau transparency in a letter sent to Treasury Secretary Timothy Geithner last week. Specifically, the committees request documents regarding the ongoing mortgage settlement negotiations that involve coordination between the CFPB and State Attorneys General. For several months, members of the two committees have sought answers as [...]

Four independent research studies supported the benefits of mortgage counseling through findings released this week. The studies, conducted by Harvard University, The Urban Institute, Federal Reserve Board of Governors, and National Council on Aging, confirmed the favorable impact that mortgage counseling has had during the economic crisis. “Alarmingly, the continued availability of these much-needed services is in [...]