Housing Secretary Alphonso Jackson is "stepping down" on April 18 after being dogged by allegations of using his office to help friends and Bush supporters as well as recent calls for his resignation by two senators that oversee the Department of Housing and Urban Development. HUD officials said they didn't know whether the White House is ready to appoint Mr. Jackson's successor. Under normal circumstances, Deputy Secretary Roy Bernardi, a former mayor of Syracuse, N.Y, would be in line to become the acting secretary. At a HUD news conference, Mr. Jackson said he is stepping down to attend to "personal and family matters" and abruptly left the room without taking questions from the news media. In testifying before two Senate panels, the secretary refused to answer questions about a lawsuit by the Philadelphia housing authority, which alleges that HUD tried to punish the agency for refusing to sell land to one of Mr. Jackson's friends. Sens. Christopher J. Dodd, D-Conn., and Patty Murray, D-Wash., called for the secretary's resignation on March 21 after he declined to answer questions about his conduct. At a time when the country is facing a national housing crisis, the "allegations of cronyism and favoritism against Secretary Jackson are a worsening distraction at HUD," Sen. Murray said. "It is time for Secretary Jackson to go." Sen. Murray chairs a HUD appropriations subcommittee.
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A 10-state coalition is asking a federal court to put a halt to the OCC's rules which pre-empt laws on banks paying interest on mortgage escrow deposits.
August 11 -
Southwest leaders cited Varun Krishna's technology and financial leadership as key factors behind his new appointment to its board of directors.
August 11 -
A record percentage of homeowners renewing their insurance policy saw their fee decrease, up from 7.4% last year, according to Matic's mid-year trends report.
August 11 -
The new Stratmor study sizes up a part of the business that has become an acquisition target and examines what players who use third parties to service want.
August 11 -
The Mortgage Bankers Association says the three-day post-close period is redundant, but consumer groups called it vital for borrowers and required by law.
August 11 -
Homeowners won't trade in their cheap mortgages so lenders keep finding other ways to reach that equity. Bond buyers keep showing up.
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