The American Rescue Plan Act of 2021 doesn’t have reverse mortgage-specific provisions, but a $10 billion Homeowners Assistance Fund could be used by HECM borrowers for help during the pandemic.
The White House
The U.S. Department of Housing and Urban Development (HUD) on Tuesday released a Mortgagee Letter (ML) with a number of housing provisions across all of the Federal Housing Administration (FHA)’s single family housing programs, including the Home Equity Conversion Mortgage (HECM) program. These include an additional extension of the foreclosure and eviction moratoria first announced […]
The U.S. Department of Housing and Urban Development (HUD) announced on Thursday that it will administer and enforce the Fair Housing Act to prohibit discrimination on the basis of sexual orientation and gender identity, in guidance which applies uniformly to all FHA programs. This is a notable change in posture on the part of HUD […]
The U.S. Senate Committee on Banking, Housing and Urban Affairs has advanced the nomination of Rep. Marcia L. Fudge (D-Ohio) — President Joe Biden’s nominee to become the next Secretary of the U.S. Department of Housing and Urban Development (HUD) — to the full Senate for confirmation. This is according to reporting at Cleveland.com and […]
The U.S. Department of Housing and Urban Development (HUD) has installed a new acting leadership team and a new permanent chief of staff, while the Consumer Financial Protection Bureau has also appointed a new acting director while new full-time positions are awaiting the Senate confirmation process according to announcements issued by the White House and […]
Today is Inauguration Day, marking the official beginning of the four-year term of the 46th President of the United States, Joseph R. Biden, Jr. Whether you voted for the incoming president or not, some in the reverse mortgage industry appear to be interested in the changes that the federal government under Biden’s watch could make […]
President-elect of the United States Joe Biden has nominated Federal Trade Commissioner Rohit Chopra to serve as the new director of the Consumer Financial Protection Bureau (CFPB), signaling that the incoming Biden administration aims to return the Bureau to its original enforcement posture according to reporting at the Washington Post. Chopra, who has served as […]
Now that we’ve all opened presents and sang our renditions of “Auld Lang Syne,” it’s time to get back to work. The reverse mortgage industry is on the cusp of another eventful year in 2021 because of a lot of different components including changes to the Home Equity Conversion Mortgage (HECM) lending limit, a new […]
It’s likely fair to say that compared with the outlook one year ago, as we were anticipating the arrival of 2020 in the waning days of the prior year, things generally worked out quite a lot differently than people were expecting. 2020 brought with it an enormous set of challenges for people all over the […]
The American financial sector is concerned about the potential actions of the Consumer Financial Protection Bureau (CFPB) in 2021, owing to changes that the incoming administration could make to the agency’s regulatory posture particularly as it pertains to the Bureau’s use of its enforcement authority. This is according to reporting at Bloomberg. “Banks should be […]
