The Real Deal New York

Posts Tagged ‘hud’

  • In a first for the U.S. Department of Housing and Urban Development, the agency found bids for about $450 million in distressed Federal Housing Administration mortgages were too low to be accepted at an auction late last month. [more]

    Comments
  • From left, HUD Secretary Sean Donovan, damage done to the Jersey Shore by Hurricane Sandy

    From left, HUD Secretary Shaun Donovan, damage done to the Jersey Shore by Hurricane Sandy

    In its competition to help rebuild areas hit hardest by Superstorm Sandy and to protect them from future storms, the U.S. Department of Housing and Urban Development has narrowed the finalists down to 10 architectural teams, Crain’s reported. [more]

    1 Comment
  • Shaun Donovan

    Shaun Donovan, the U.S. Department of Housing and Urban Development Secretary, said it is crucial for Congress to approve aid for Sandy victims in order for storm-affected residents to begin planning their rebuilding, WNYC reported. Though immediate concerns, such as getting the displaced back home, are a top priority, long-term issues, such as climate change and where to rebuild, remain as well.

    “One of the things the President has made clear to me is we have to rebuild not exactly what was there before,” Donovan told WNYC. “We have to rebuild smarter and stronger to make sure that we minimize the enormous damage to people’s lives and their families and their communities that we saw in this storm.” [more]

    Comments
  • Bronx’s Co-op City refinanced for $621M

    November 29, 2012 08:30AM

    Co-op city

    Co-op City, a 15,000-unit affordable housing community in the Bronx, has secured a massive refinancing which will allow it to continue to remain affordable for many years to come.

    The community’s mortgage has been refinanced by Wells Fargo for $621 million, the U.S. Housing and Urban Development agency said. The loan is the largest ever insured by HUD and the only loan it has insured on a co-op property. The complex is home to more than 57,000 residents. [more]

    Comments
  • Shaun Donovan

    The U.S Department of Housing and Urban Development has issued a 90-day moratorium on foreclosures of FHA-insured mortgages for homeowners in the New York region, the agency said today.

    The measure applies to homes across New York City and Long Island’s Nassau and Suffolk counties, and comes as a result of President Barack Obama’s disaster declaration for areas affected by Hurricane Sandy. [more]

    Comments
  • From left: First Residential Vice President Guillermina Chaux and a block in Jamaica (credit: Google)

    Queens led the city in residential foreclosures during the economic downturn, and once again lenders are having trouble in the borough that saw an uptick in foreclosure filings in the first quarter of the year.

    A survey by The Real Deal of Queens’ most active lenders of loans insured by the U.S. Federal Housing Administration, a division of the Department of Housing and Urban Development, found several with delinquency rates above the norm; but one lender stood out for having far more defaults than the others. [more]

    Comments
  • Nationwide housing starts slipped down 1.1 percent in July to a seasonally adjusted rate of 746,000 units, according to U.S. Department of Housing and Urban Development and U.S. Census Bureau tallies. This news follows a decline in May and a 6.9 percent increase in June. The July numbers show a 21.5 percent year-over-year increase in housing starts.

    However, with the decline in housing starts came a 6.8 percent rise, since June, in building permits for planned new-home projects, to a rate of 812,000 — a 29.5 percent year-over-year increase. Permits come before a construction project would get underway. [more]

    Comments
  • Rob Astorino, county executive

    The U.S. Department of Housing and Urban development is accusing Westchester County of violating a settlement connected to a 2009 discrimination suit, the Wall Street Journal reported.

    The settlement stipulated that Westchester needed to provide more affordable housing, which it has done, but also that it should analyze the ways in which zoning in the county potentially encouraged racial discrimination — something Westchester has thus far failed to do. But perhaps more importantly, the case has ignited a debate about the role of the federal government in local housing issues.

    HUD is withholding more than $12 million in funds for local projects until Westchester complies, and is threatening to fine the county for being in contempt. Last week, the U.S. Attorney’s office filed a motion asking a federal judge to compel the county to “cooperate more fully.” [more]

    1 Comment
  • New U.S. home sales jump 7.6 percent

    June 25, 2012 02:00PM

    In May sales of new single-family homes jumped 7.6 percent, month-over-month, to a seasonally adjusted annual rate of 369,000, U.S. Census Bureau and the Department of Housing and Urban Development numbers reveal. The data, released today, also show a 19.8 percent increase, year-over-year.

    “May’s sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is keeping in touch with our expectations for continued, steady improvement through the end of this year,” David Crowe, chief economist at the National Association of Home Builders, said in a separate statement. [more]

    Comments
  • Sales of new single-family homes rose 3.3 percent month-over-month in April 2012 and 9.9 percent year-over-year, according to a release issued by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. April saw new home sales at a seasonally adjusted rate of 343,000 units.

    “Today’s report is representative of the kind of modest but consistent gains that we expect to see in new-home sales through the remainder of 2012,” said David Crowe, chief economist of the National Association of Home Builders, in a separate release. [more]

    Comments
  • U.S. housing starts grew 2.6 percent in April compared to the month before, hitting a seasonally adjusted annual rate of 717,000 units, according to data released today by the Census Bureau and the Department of Housing and Urban Development. The data also shows a 29.9 percent increase above the April 2011 rate. [more]

    Comments
  • HUD Secretary Shaun Donovan

    Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, is pushing for mortgage refinancing reform and supporting a proposed bill to eliminate certain refinancing barriers, according to DS News. The Federal Housing Administration convened with the Senate Banking Committee yesterday where Donovan made his case that lower fees, simpler underwriting guidelines and manual appraisals for borrowers would increase refinance opportunities for homeowners. [more]

    Comments
  • David Montoya, inspector general at HUD

    A new report from the inspector general of the U.S. Department of Housing and Urban Development shows that the management at large banks, not low-level employees, were responsible for the forging of foreclosure documents that sparked a nationwide investigation, culminating in the settlement filed yesterday. The report shows bank managers ignoring “widespread errors in the foreclosure process,” the New York Times reported. [more]

    Comments
  • FHA at risk as capital reserves dwindle

    February 28, 2012 04:30PM

    From left: HUD Secretary Shaun Donovan and President Barack Obama

    The Federal Housing Administration continues to experience “considerable risks” to its finances, and the Obama administration will continue to minimize the FHA’s exposure in the mortgage market, Reuters reported.

    To create a more “robust private system of housing finance and protect the FHA fund for the future” the government must scale back the FHA’s mortgage presence, Housing and Urban Development Secretary Shaun Donovan told Congress today, according to Reuters. [more]

    1 Comment
  • New residential construction surged nationwide November to its highest level of the year, and more building permits were issued than in any other month in 2011, according to a report released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

    Housing starts in November stood at a seasonally adjusted annual rate of 685,000, 9.3 percent above October’s estimate and a 24.3 percent increase over November 2010. The uptick was most profound in structures with five or more units, as that market segment gained 32.2 percent month-over-month and 180.5 percent year-over-year. — Adam Fusfeld
    [more]

    Comments
  • alternate<br /></a>text
    HUD Secretary Shaun Donovan
    Controversy continues to swirl around the Federal Housing Administration, as lawmakers are accusing the agency of exacerbating its problems by downplaying the extent of its financial struggles.

    The Wall Street Journal reported that lawmakers are concerned the agency will need a bailout, a belief that both University of Pennsylvania research and an independent audit confirmed in recent weeks, and want Department of Housing and Urban Development Secretary Shaun Donovan to come clean.

    The independent audit found that projected losses on the $1.1 trillion in mortgages the FHA backs would leave just $2.6 billion in reserves, or 0.24 percent of the value of the agency’s insured mortgages, to cover losses over the next three decades. … [more]

    Comments
  • Thanks to a failed inspection caused by a variety of wiring and safety issues, Carmel Towers in Newark, N.J. will no longer receive financial aid, and according to the New York Times, that has the nearly 200 families occupying the building scrambling for a new home.

    The Department of Housing and Urban Development, which has often paid more than $1,000 to fund most of the monthly rent for each apartment, declined to renew its contract with the building. Carmel Towers failed two inspections, including one last July when it only achieved 18 out of a possible 100 points. … [more]

    Comments
  • By agreeing to take on a lawsuit against Detroit-based Quicken Loans, the U.S. Supreme Court will rule on what constitutes illegal fees for mortgage lenders during the closing of a home sale, the Wall Street Journal said. It will clarify the interpretation of the 1974 Real Estate Settlement Procedures Act that prohibits mortgage lenders from receiving kickbacks or referral fees.

    The Obama administration and the U.S. Department of Housing and Urban Development have interpreted the law as a clear order against lenders collecting unearned fees. But lower courts have ruled that the law doesn’t explicitly ban all unearned fees, rather it merely prohibits the payment or receipt of kickbacks. … [more]

    Comments
  • Bank of America should face fraud claims because its Countrywide unit submitted faulty data in claims for reimbursement of federally insured mortgages, according to an audit by the Department of Housing and Urban Development, Bloomberg News reported.

    “Countrywide did not properly verify, analyze, or support borrowers’ employment and income, source of funds to close, liabilities and credit information,” a HUD regional inspector general wrote in the audit. “This noncompliance occurred because Countrywide’s underwriters did not exercise due diligence in underwriting the loans.” HUD runs the Federal Housing Administration, which insures mortgages on loans to borrowers who can’t find traditional financing, such as those with low income.  … [more]

    Comments
  • The Department of Housing and Urban Development filed charges against the RiverBay Corporation, which operates Co-op City in the Baychester section of the Bronx, for violating the Fair Housing Act, the agency said. RiverBay allegedly denied a disabled tenant’s request to live with a medically prescribed support animal and further harassed that tenant because of the animal.

    Though the tenant did sign a “no pets” provision upon first moving in, that was “a number of years” before he requested a service animal, with letters from his doctor and the city’s Department of Health and Mental Hygiene explaining his need for the animal.

    But RiverBay allegedly denied the request and began refusing to accept the tenant’s rent payments while attempting to evict him. Eventually RiverBay stopped pushing for eviction, but continued to deny his request while security officers “harassed” the tenant and his wife for keeping the animal, according to the HUD. – Adam Fusfeld[more]

    Comments
MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News