The U.S. Department of Housing and Urban Development (HUD) awarded more than $36 million in grants to national, regional and local housing counseling organizations, HUD announced Tuesday. While the grants are not allocated directly to reverse mortgage counseling, they will support counseling overall, with agencies responsible for allocating funding for their reverse mortgage operations. In […]

President Obama directed the Department of Labor to “crack down on Wall Street” to protect families from conflicted retirement advice, the White House said in a statement Monday. The announcement was made in conjunction with the release of a new report by the President’s Council of Economic Advisors, “The Effects Of Conflicted Investment Advice On Retirement […]

A former acting chief operating officer of the Consumer Financial Protection Bureau (CFPB) is now the second most senior official at the U.S. Department of Housing and Urban Development (HUD). The United States Senate confirmed President Obama’s nomination of Nani Coloretti on Wednesday to serve as deputy secretary of HUD. As HUD’s deputy secretary Coloretti will […]

The Department of Justice (DOJ) has issued a new framework to tackle challenges to elder abuse prevention and prosecution.  Supported by the DOJ and the Department of Health and Human Services (HHS), the Elder Justice Roadmap was developed with input from public and private stakeholders nationwide.  “The Roadmap Project is an important milestone for elder […]

The Consumer Financial Protection Bureau (CFPB), which has been working on combining the Truth in Lending form with the Good Faith Estimate since May, is now testing the revised design with consumers and industry and is starting a new project: revamping the disclosure form that informs borrowers of final terms and costs at closing. With […]

The Office of Thrift Supervision within the Department of the Treasury is soliciting comments on a proposed new schedule for Annual Supplemental Consolidated Data on Reverse Mortgages for its Thrift Financial Report (TFR). With the volume of reverse mortgage activity expected to dramatically increase, the agencies said they need to collect information from financial institutions […]

Last week, the U.S. Housing and Urban Development Secretary Shaun Donovan announced his intention to implement the mortgage reforms under the Real Estate Settlement Procedures Act (RESPA) which are scheduled to take full effect on January 1, 2010.  For the first time in more than 30 years, HUD is updating mortgage rules to help consumers […]