The Philadelphia Housing Authority, in a recent lawsuit, has accused Housing Secretary Alphonso Jackson of taking retaliatory action against the agency because it would not transfer, at a steep discount, a $2 million piece of public property to a friend of the secretary. Previous to the lawsuit, HUD had accused the PHA of not providing enough housing units to people with disabilities, an allegation that if confirmed, could lead to loss of federal funds for the authority. The existence of the PHA lawsuit was first reported by The Washington Post. PHA director, Carl Green, in an affidavit, said Mr. Jackson called the city's mayor, demanding that the parcel be transferred to developer Kenny Gamble, who is described by the newspaper as a "business friend" of the secretary. The PHA chief alleges that Mr. Jackson's aides at the agency followed up with "menacing" threats about the property. The Department of Housing and Urban Development would not comment on specifics but said in a statement that "this litigation will vindicate our actions to enforce our nation's fair housing laws." Besides being a real estate developer, Mr. Gamble is a songwriter who penned such Motown classics as "Love Train" and "Me and Mrs. Jones."
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Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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A Treasury proposal would remove race and ethnicity from the criteria community development financial institutions can use to establish a targeted market population, a move that could affect institutions serving minority communities.
October 1 -
A top official at the Office of Inspector General says significant budget cuts will force large layoffs and essentially eliminate enforcement activities.
October 1 -
The fraud prevention firm has taken an approach to consolidation and a more connected experience similar to that of Rocket and the Real REMAX Group.
October 1 -
Mutual of Omaha Mortgage originated a pool with mostly adjustable rate mortgages, which account for 66.25% of the pool's aggregate unpaid principal balance.
October 1 -
Zillow now predicts mortgage rates to end 2026 over 7%.
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