Congressional appropriators have slashed funding for the president's downpayment assistance program to $25 million in approving the fiscal year 2006 budget for the Department of Housing and Urban Development.In his budget request to Congress last winter, President Bush proposed $200 million for his signature housing program, which provides downpayment and closing-cost assistance to low-income homebuyers. The House and Senate appropriations committees originally set aside $50 million for the DPA program, which has been underfunded since it was created three years ago. However, the appropriators reduced it to $25 million in agreeing to the Transportation, Treasury and HUD appropriations conference report that passed on Nov. 18 -- just before Congress adjourned for a two-week Thanksgiving recess. The HUD fiscal 2006 appropriations bill keeps loan commitment authority for the Federal Housing Administration and Ginnie Mae at fiscal 2005 levels. The Office of Federal Housing Enterprise Oversight also receives $60 million in fiscal 2006, the same as in fiscal 2005. OFHEO regulates Fannie Mae and Freddie Mac.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
7h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
10h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25