May 2008 Bulletins
NEW STUDY FINDS CONSUMER CONFUSION LEADS TO HIGHER CLOSING COSTS
Released 5/29/08 by HUD
WASHINGTON - Many American consumers overpay by thousands of dollars in total closing costs when they purchase their homes, according to a new nationwide report from the Urban Institute. The study found that there are significant and unsupported variations in loan charges, title fees and other closing costs charged to homebuyers, and that minority borrowers pay hundreds of dollars more in total loan origination fees than do non-minority homebuyers. Full release
BUSH ADMINISTRATION IMPLEMENTS A TARGETED, FINANCIALLY RESPONSIBLE PLAN TO HELP HOMEOWNERS
Released 5/6/08 by HUD
Risk Exposure RESPONSIBLE: The Bush Administration's plan will give the Federal Housing Administration (FHA) greater flexibility to insure mortgages and reduce monthly payments for borrowers with adjustable rate mortgages - without forcing taxpayers to foot the bill. Expanding FHASecure, the government-backed mortgage refinancing product, creates a more viable option for American families who are in the right house but the wrong mortgage, and will help break the cycle of price depreciation and foreclosure.
Full release
FHA COMMISSIONER WINS PRESTIGIOUS AFFORDABLE HOUSING AWARD FROM HOMEBUILDERS ASSOCIATION
Released 5/2/08 by HUD
WASHINGTON - HUD's Assistant Secretary for Housing-Federal Housing Commissioner Brian D. Montgomery has been awarded the prestigious Robert J. Corletta Award for Achievement in Affordable Housing. Presented by the National Association of Home Builders (NAHB), Montgomerywas recognized for his commitment to creating more affordable housing opportunities and solutions. Full release
Senate Seeks Additional Boost to Military Pay
Released 5/2/08 by Military.Com
Senate lawmakers backed a 3.9 percent pay raise for all military personnel in their first draft of the fiscal 2009 defense authorization bill. Lawmakers said the 3.9 percent pay raise, 0.5 percent above what defense officials requested, is designed to close the gap between military and civilian pay. Full release
HUD DEPUTY SECRETARY SERVES LUNCH AT AREA SHELTER IN RECOGNITION OF NATIONAL VOLUNTEER WEEK
Released 5/1/08 by HUD
WASHINGTON - U.S. Department of Housing and Urban Development Deputy Secretary Roy A. Bernardi today joined HUD staff to serve lunch at So Others Might Eat (SOME), in recognition of National Volunteer Week.?? SOME is a community-based organization that provides daily needs such as clothing, healthcare, and serves nearly 1,000 meals to men, women, and children each day. Full release
