Primer on HUD and Carson Testimony, Thoughts on MIP Cut, and Reduced Government Footprint

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Posted To: Pipeline Press

The average person in the residential lending sector would be hard pressed to say what Julian Castro, the current Secretary of HUD, does , or what role he serves. (Kind of like asking someone what gluten is.) We should remember that the Department of Housing and Urban Development is responsible for programs concerned with the Nation’s housing needs, fair housing opportunities, and improvement and development of the Nation’s communities. It has responsibilities ranging from insuring low-down-payment mortgages to administering rental assistance for low-income home owners. It does not oversee Fannie Mae or Freddie Mac, or directly oversee the myriad of residential loan lenders or investors. It does, however, carry a big stick when it comes to making sure that lenders and investors who originate…(read more)

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