AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
FHA Wants Secondary Market To 'Screen Out' Predatory Loans.(Federal Housing Administration)
The Department of Housing and Urban Development is urging Federal Housing Administration lenders to screen loan purchases as a way to spot predatory loans.
"If reputable lenders do not buy these bad loans, flippers and fraudulent loan brokers have no market for their bad loans," HUD special assistant Laurie Maggiano said.
HUD believes reputable lenders must be more accountable for due diligence on purchased loans and it intends to issue regulations requiring "prepurchase quality control reviews."
In the meantime, HUD is asking for voluntary compliance with a mortgagee letter (2002-21) that spells out industry best practices for conducting due diligence.
In testifying before a special meeting of the Baltimore City Flipping/Predatory Lending Task Force, Ms. Maggiano said HUD's experience in Baltimore shows that "fly-by-night loan brokers" originate fraudulent and predatory loans, not reputable lenders.
However, reputable lenders purchase these bad loans and they are shielded from liability involving the originator's fraudulent actions by FHA insurance.
In many cases, real estate speculators, loan brokers and appraisers, teamed up to flip properties at inflated prices.
- HUD-Treasury Task Force on Predatory Lending to Hold Forum In Baltimore 9:30...
- Press release article from: PR Newswire May 18, 2000 700+ words
...debts they cannot pay. HUD Secretary Cuomo and Treasury...Summers convened this Joint Task Force on Predatory Lending...so that Treasury and HUD can make substantive...Secretary William Apgar HUD General Counsel Gail...WHAT: Predatory Lending Task Force Forum WHEN: Forum ...
- Treasury Joins HUD in Co-Chairing Predatory Lending Task Force.
- Press release article from: PR Newswire April 12, 2000 700+ words
...him as co-chair of the Task Force. Key findings of the Department...by predatory lenders. HUD and Treasury are now examining...why we will work on this Task Force to find ways of maximizing...of GSE discretion. The HUD study focused primarily...
- Credit Insurers Disappointed by HUD Task Force Finding on Credit Insurance.
- Press release article from: PR Newswire June 20, 2000 700+ words
...Burfeind observed that HUD itself estimates that...the concern of the task force about lending abuses...insurance companies. The task force was established during March by HUD Secretary Andrew Cuomo...Chicago and Baltimore. Task force membership included...
- Task force may decline funds for housing programs.
- News wire article from: Knight Ridder/Tribune Business News February 7, 2005 700+ words
...housing centers. The HUD money also will continue...Bonner County Homeless Task Force's transitional housing...domestic violence." The HUD money will help pay for...who lives on site. The task force kept its entire HUD grant last year thanks...
- Task Force Will Look for Ways to Prevent Predatory Lending.
- Magazine article from: National Mortgage News BAILEY, DAWN April 10, 2000 700+ words
...Development has formed a task force to examine predatory...fraud. In announcing the task force, HUD secretary Andrew Cuomo...shortly, according to a HUD spokesman. MBA executive...said participants in the task force had no idea when they...
- Federal Task Force Will Recommend Expansion of 'Predatory' Term.(Brief Article)
- Magazine article from: National Mortgage News Collins, By Brian June 5, 2000 700+ words
...abusive potentially abusive loans." The joint HUD/Treasury task force on predatory lending has held field hearings...lending schemes. At a Baltimore hearing of the HUD/Treasury task force on May 19, HUD Secretary Andrew Cuomo announced a fraud...
- Janie Polk Task Force wants Sarasota public housing stock replaced.(B SECTION)
- Newspaper article from: Sarasota Herald Tribune December 14, 2005 700+ words
...writing. The Janie Poe Task Force will write a resolution...apartment complexes. The task force includes representatives...residents can return," task force member Jude Levy said...Carmen Valenti, the HUD receiver who now acts...
- SECRETARY OF HOUSING AND URBAN DEVELOPMENT ALPHONSO R. JACKSON DELIVERS REMARKS...
- News wire article from: Political/Congressional Transcript Wire March 26, 2008 700+ words
...Foreclosure Prevention Task Force, which has been created...4673, or HOPE. The HUD-approved housing counselors...households that completed a HUD-approved counseling...of the members of this Task Force. We understand that...Workshops. On Saturday, HUD participated in one in...
- Utah County task force calls for facility to be built in downtown.
- Newspaper article from: Salt Lake Tribune (Salt Lake City, UT) July 26, 2006 700+ words
...said Kelly Ward, task force chairman. "We believe...considered." Included on the task force are representatives from...the two buildings. The task force recommended center costs...Legislature appropriations, HUD grants and private donations...
- Joint Task Force on Predatory Lending to Hold First Forum in Atlanta; 9:30 a.m....
- Press release article from: PR Newswire April 24, 2000 700+ words
...Summers convened this Joint Task Force on Predatory Lending...so that Treasury and HUD can make substantive...Secretary Gary Gensler HUD Assist. Secretary for Housing William Apgar HUD General Counsel Gail...WHAT: Predatory Lending Task Force Forum WHEN: 9:30 a...
Source: HighBeam Research, FHA Wants Secondary Market To 'Screen Out' Predatory Loans.(Federal...