Tag Archives: Marcia Fudge

Housing Secretary Marcia Fudge stepping down March 22

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The surprise announcement comes as the Biden administration rolls out a $7.3 trillion budget proposal that would provide $258 billion to expand access to affordable housing. Continue reading →

Biden administration backs plan to convert more offices to homes

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Initiative provides new financing and technical assistance to developers and local government, and highlights grants and tax incentives that can make conversion projects more attractive. Continue reading →

Real estate industry welcomes FHA premium cuts, with caveats

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Cuts are expected to save borrowers $678 million a year but don’t apply to existing loans or release homeowners who have built up equity from “life-of-loan” requirements. Continue reading →

After 2-year ordeal, FHA borrowers can now buy private flood insurance

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The Department of Housing and Urban Development on Monday announced it had prevailed in expanding flood insurance choices for homebuyers with Federal Housing Administration-insured mortgages. Continue reading →

Industry groups renew push for lower FHA mortgage premiums

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The Black Homeownership Collaborative also asks HUD to ditch a “life of loan” requirement that forces homeowners to continue paying mortgage insurance premiums in perpetuity. Continue reading →

Modern-day redlining is killing Black neighborhoods: HUD Secretary

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Lending practices are killing Black neighborhoods across the country by making it so that only investors can afford to buy in them, HUD Secretary Marcia Fudge said. Continue reading →

HUD to ‘punish’ appraisers and lenders who discriminate

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One month after the Biden administration announced its $86 million five-point plan to combat racial discrimination in the lending and appraisal industries, the Department of Housing and Urban Development has released its own equity action plan that out… Continue reading →

Biden administration lays out bold plan to combat appraisal bias

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The five-point plan seeks to make the appraisal industry more accountable, arm consumers with assistance, prevent algorithmic bias, cultivate a more diverse appraisal industry, and leverage federal data to benefit research and policymaking. Continue reading →

Flush with cash, FHA urged to lower mortgage insurance premiums

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Although the FHA isn’t signalling it’s ready to reduce premiums, it’s looking at ways to expand access to mortgage credit, including downpayment assistance and support for “small-dollar” lending in underserved markets. Continue reading →

Landmark study confirms troubling ‘appraisal gap’ in minority enclaves

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Mortgage giant Freddie Mac’s analysis of 12 million appraisals comes as federal task force prepares action report to address appraisal bias. Continue reading →