Related White Papers

HUD chief Shaun Donovan ‘phoned it in’ Friday (literally) during a press conference to discuss the beleaguered FHA fund. Of course, he was on a more important mission: dealing with the human strife in New York and New Jersey affecting home owners and renters savaged by Hurricane Sandy. Donovan tried to put a positive spin on the FHA situation and wouldn’t speculate on whether the fund will need a draw from Treasury. But as far as U.S. home owners are concerned, he said something that probably went over the heads of most reporters in the room at 451 Seventh Street: that over the past six months – thanks to improved home values – 1.3 American families were removed from being on that ugly list of ‘underwater’ mortgagors.