by iwd Tina | Jun 20, 2011 | Housing News
The Massachusetts economy contracted at a 4.2 percent annualized rate in February according to the latest MassBenchmarks Current Economic Index. Recent data revisions indicate that the state economy declined at a 4.7 percent annualized rate in the fourth quarter of 2008, substantially worse than the 3.5 percent decline previously reported but comparatively better than the 6.3 percent annual rate of contraction the US experienced during the same period.
Please click here to read the full bulletin from MassBenchmarks.
by iwd Tina | Jun 20, 2011 | Housing News
The FDIC has initiated a systematic loan modification program at IndyMac Federal Bank to reduce first lien mortgage payments to as low as 31% of monthly income. Modifications are based on interest rate reductions, extension of term, and principal forbearance.
The FDIC’s proposal is designed to promote wider adoption of the systematic loan modification program:
- by paying servicers $1,000 to cover expenses for each loan modified according to the required standards; and
- sharing up to 50% of losses incurred if a modified loan should subsequently re-default
The FDIC envisions that the program can be applied to the estimated 1.4 million non-GSE mortgage loans that were 60 days or more past due as of June 2008, plus an additional 3 million non-GSE loans that are projected to become delinquent by year-end 2009. Of this total of approximately 4.4 million problem loans, the FDIC expects that about half can be modified, resulting in some 2.2 million loan modifications under the plan
Please click here to read further details of the proposal on the FDIC’s website.
by iwd Tina | Jun 20, 2011 | Housing News
The Recovery Act is designed to stimulate the economy through measures that, among other things, modernize the Nation’s infrastructure, jump start American energy independence, and protect those in greatest need. Green Building is an approach to sustainable development that is designed to result in a property that reduces energy demand, costs less to operate, improves the residents’ quality of life, and reduces its impact on the environment. Issuance of the Notice implements the Green Retrofit Program.
by iwd Tina | Jun 20, 2011 | Housing News
GENERAL RESOURCES:
Economic Stimulus Materials:
FY 2009 HUD Appropriations:
KEYNOTE ADDRESS PRESENTATION: Michael D. Goodman, PhD – “What’s Going on in the Economy?” WORKSHOP RESOURCES: 11:40 am – 12:40 pm: Update on Section 8 Funding and SEVRA Legislation Workshop Handouts:
Section 8 SEVRA Materials:
Other Voucher Reform Proposals: Testimony before the National Commission on Fair Housing and Equal Opportunity Boston, Massachusetts on “HOW TO PROMOTE HOUSING INTEGRATION AND CHOICE THROUGH THE SECTION 8 VOUCHER PROGRAM”
11:40 am – 12:40 pm: Communications Strategies to Generate Support for Affordable Housing
11:40 am – 12:40 pm: Public Housing Funding and Revitalization Strategies The Future of Public Housing – Policy Framework
2:15 pm – 3:45 pm: State and Federal Approaches to the Foreclosure Crisis
2:15 pm – 3:45 pm: The Impact of the High Cost of Utilities on Affordable Housing
2:15 pm – 3:45 pm: Integrating Green Building Techniques into Affordable Housing Building Healthy Affordable Homes: www.homedepotfoundation.org 2:15 pm – 3:45 pm: Smart Growth Coalitions and Their Role in Affordable Housing
by iwd Tina | Jun 20, 2011 | Housing News
HUD’s new Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring.
Read HUD’s News Release for Allocations
by iwd Tina | Jun 20, 2011 | Housing News
May 4, 2009 – HUD and the Treasury Department released guidance on TCAP and the exchange program today.
Treasury press release
Treasury Application information
HUD Press release
HUD Home page on TCAP implementation
