The Department of Housing and Urban Development has given the green light to the recent request by AmeriDream Inc., Gaithersburg, Md., to prolong its ability to provide downpayment assistance until Feb. 29, 2008."We are pleased to reach an amicable agreement with HUD in our common mission to serve low- and moderate-income homebuyers," said AmeriDream president Ann Ashburn. The new deadline does not include other DPA providers, who are required under a HUD rule to stop their seller-funded DPA operations by Oct. 31. "HUD will recognize all applications that have a signed sales contract prior to the effective date, according to its congressional testimony," the DPA reported. Moreover, the affordable housing nonprofit said, "This agreement will facilitate litigation on an orderly schedule and provide the court with ample time to consider the merits of this important dispute." AmeriDream can be found online at http://www.ameridream.org.
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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 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25