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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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
1h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
2h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16