Senate Hearing Today on Mortgage Servicing Foreclosures and Loan Modification Problems.

Web page for 11:30 AM PST Tuesday hearing is HERE.

Related just issued GAO report,Additional Mortgage Servicer Actions Could Help Reduce the Frequency and Impact of Abandoned Foreclosures , is HERE.

Originally created and posted on the Oregon Housing Blog.

Merkley Amendment to Senate Financial Reform Bill Tightens Lending Practices.

Last week the Senate adopted on a bipartisan 63-36 vote an amendment to the Senate financial reform bill cosponsored by Senator Merkely that tightens home lending practices.  PR from Merkley's website is HERE:

Senators Merkley and Klobuchar’s amendment will ban mortgage lenders and loan originators from accepting payments based on the interest rate or other terms of the loans.  In addition, it will require lenders to document income and other underwriting standards to ensure that borrowers’ can repay their loans.  This will end the damaging and deceptive practice of “no doc” and “liar loans.”

Text of actual amendment (SA 3962)  from Congressional Record is HERE and HERE.

The Thomas page for the Senate financial services reform bill (S.3217 ) is HERE.

The complete bill has yet to pass the Senate and if it does the Senate and House bills will need to be reconciled before the President can sign the legislation into law.

Originally created and posted on the Oregon Housing Blog.

Correction to Web Video: Senate Appropriations FY 2011 HUD Budget Hearing from Thursday, March 11th.

For some reason the video embed for C-SPAN is not working properly, to view the video please go to the C-SPAN website for the hearing HERE.(Includes ability to search transcript by keyword).
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C-SPAN has web video of yesterday's Senate Appropriations Subcommittee hearing on the FY 2011 HUD budget, from C-SPAN. (Unlike Internet Archive video I often post this video can only be viewed on line).

Originally created and posted on the Oregon Housing Blog.

Senate Hearing: Merkley Asks HUD's Donovan About Homeownership Tax Credit Instead of Mortgage Interest Deduction.

At Tuesday's hearing on the state of housing markets Oregon Senator Merkley asked whether the Administration supports use of a homeowner tax CREDIT (instead of the current non refundable DEDUCTION that does not benefit lower income homeowners).

Secretary Donovan reminds Merkely of Obama's support for that idea during the campaign last year and says he will work with Merkley on the idea. (NOTE: This kind of an ongoing tax credit is different than the current ONE time first time home buyer tax credit, although that credit IS a refundable credit where the family gets cash back if they have no net tax liability).

Check out exchange in YouTube video I constructed below:



(A direct URL to this question and answer exchange on YouTube is HERE).

If you want to watch the entire 2 hour, 50 Minute hearing it's in the C-SPAN library HERE.

Originally created and posted on the Oregon Housing Blog.

Senate Hearing Tomorrow on State of Nation's Housing Market, Likely to Include Discussion of Home Buyer Tax Credit Extension.

Hearing is Tuesday, Oct 20@ 6:30 AM Pacific time; Hearing page is HERE.

NLIHC alert to hearing and summary about related home buyer's tax credit extension bill is HERE. (Note that Chair Dodd is co-chair of extension bill).

My bet is that NLIHC Board member testifying will refer to open letter [What WE Mean by Housing] signed by more than 1,000 organizations asking for a better balance between resources provided for home ownership vs resources provided to lower income households/renters.

That letter is HERE, and Oregon signatories currently appearing (pg 21) are:

Bienestar – Hillsboro, OR
CASA of Oregon – Newberg, OR
Community Housing Fund – Beaverton, OR
Community Partners for Affordable Housing – Tigard, OR
Housing Alliance – Portland, OR
Housing Authority of Washington County – Hillsboro, OR
Northwest Pilot Project – Portland, OR
Oregon Opportunity Network – Portland, OR
ROSE Community Development – Portland, OR
St. Joseph Homeless and Migrant Shelter – Mt. Angel, OR
William Temple House, Episcopal Mission Society - Portland, OR

Originally created and posted on the Oregon Housing Blog.

Senate Passes HUD FY 2010 Appropriations Bill

Bill passed on Thursday afternoon.

Were a few amendments included, but doesn't appear that there were major changes. House and Senate will now move to conference, still a chance bill could get enacted by end of FY, but equally possible that short term continuing resolution may be required.

Bill page is HERE.

Originally created and posted on the Oregon Housing Blog.

Senate Version of HUD Appropriations Bill Now Ready for Consideration by Full Senate.

The Senate version of the HUD/DOT FY 2010 appropriations bill (H.R. 3288) approved by the Senate Appropriations Committee is now ready HERE for consideration by the full Senate.

The related Senate Committee report 111-069 (which includes details, as well as earmarks) is HERE. [HUD (Title II) begins on page 111; HUD earmarks start on page 204; and summary table of HUD Budget is on pages 227-232].

Originally created and posted on the Oregon Housing Blog.

Senate Appropriations Committee Marks Up HUD/DOT FY 2010 Appropriations Bill.

Thursday afternoon, The Senate Appropriations Committee completed mark up of the FY 2010 HUD/DOT Appropriations bill. The summary from the HUD/DOT Subcommittee is HERE.

Round-Up Gets Only HUD Oregon Earmark in Bill.
"Congressionally Directed Spending" , AKA EARMARKS listing is HERE. Only HUD Oregon earmark I saw was $500k Economic Development Initiative grant for construction and reconstruction of facilities for the Pendelton Round-Up.

Bill will now move forward for consideration by the full Senate. Currently no bill number or Committee report is available, so not possible to compare to House passed version. More in the coming days as those details become available.

Originally created and posted on the Oregon Housing Blog.

Senate Banking Committee Hearing Today on Homeownership and Foreclosures with Merkley Questions.

Hearing webpage with written testimony is HERE.

Steaming (Flash) video is pasted HERE.

(Senator Merkley's questions begins at 92:22 in the video).

Senate Recovery Bill Finally Posted; Quick Page References to Housing Items.

The Senate Recovery bill [SA 570] (778 pages) for which cloture is being voted on today has finally been posted HERE. Some quick page references:

1. HUD provisions start at page 193.
2. The FHA HOPE for Homeowner modifications start at page 277.
3. Home buyer $15,000 credit starts on page 434.
   
4. Accelerated Low Income Housing Tax Credits start on page 586.
5. Foreclosure Prevention/Loan Modification provisions start at page 766 (Includes $50 billion carve out from TARP II).

CBPP Story on Recovery Bill LIHTC Provisions.

The Center for Budget and Policy Priorities has published a new piece HERE on Low Income Housing Tax Credit provisions in the House recovery bill, that are absent in the Senate version of the bill.

A very comprehensive piece, missing only information on projected state grant amounts of converted LIHTC allocations.

Recovery Bill Would Increase FHA/GSE Loan Limits Back to 2008 Levels.

The recovery bill in the House would increase FHA/GSE limits back to the temporary limits in place during 2008. A November 7, 2008 prior post included a side by side listing of FHA limits by county showing which counties had mortgage limit reductions and which had no changes; that table from the prior post is HERE.

Relevant text from the House bill, H.R.1 (Section 1203 contains similar language for the GSE's) is pasted below. (The Senate version of the bill S.1 has not yet been updated, so can't see if similar text is in the Senate bill).

"SEC. 12002. FHA LOAN LIMITS FOR 2009.

(a) Loan Limit Floor Based on 2008 Levels- For mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2009, if the dollar amount limitation on the principal obligation of a mortgage determined under section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) for any size residence for any area is less than such dollar amount limitation that was in effect for such size residence for such area for 2008 pursuant to section 202 of the Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 620), notwithstanding any other provision of law, the maximum dollar amount limitation on the principal obligation of a mortgage for such size residence for such area for purposes of such section 203(b)(2) shall be considered (except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to be such dollar amount limitation in effect for such size residence for such area for 2008."

In the future to see the CURRENT FHA mortgage limit for any area in Oregon (or anywhere else in the country), go HERE,

Senate Finance Committee Recovery Legislative Description Posted Prior to Mark Up Next Week; LIHTC Grant Provisions Not Included-Contact Wyden?

Explanation of revenue provisions of the proposed legislation, scheduled for committee markup on Tuesday January 27th, is available HERE.

News report indicate that the current Senate version of this legislation (House version now has a bill number H.R. 598) does NOT include the House version of the bill that would convert Low Income Housing Tax Credits into a grant. [LIHTC grants are found in Section 1711 of H.R.598].

ACTION OPPORTUNITY: Would be opportune moment to contact Senate Finance Committee member Ron Wyden (D.C. Office: (202) 224-5244) to let him know of your support for the addition of this provision in the markup session occurring on Tuesday, January 27th.

REQUEST: At $2.30 per capita, I project Oregon's 2009 LIHTC normal allocation would be $8,717,138.

However, I do NOT know how much that would translate into as a grant. If anyone DOES not, please feel free to add a comment with that amount and how you calculated it, or provide a weblink, if that is easier.

U.S. House and Senate Add YouTube Channels.

Looks like its all promos for individual members right now, perhaps we will start seeing Committee Chairs getting wise and adding hearings to YouTube.

House channel/"hub" is HERE
Senate channel/"hub" is HERE.

HUD Secretary Designate Donovan's Senate Confirmation Hearing.

Held Tuesday.

His statement is HERE.

A news account is HERE. (Says he is self proclaimed "numbers guy"-I love the guy already):

C-SPAN has page for video HERE; Flash video is not yet posted as program has not yet been aired on C-SPAN.

You might also try the Senate Banking Committee URL HERE for the Flash video.

Former HUD Secretary Not Running for Senate Re-Election in Florida in 2010.

NY Times politics blog story HERE says that Mel Martinez will not run for Senate re-election in Florida 2010.

Video: Senate Oversight Hearing on Use of Funding Under the Capital Purchase Program.

Senate Banking Committee page for hearing yesterday is HERE.

C-SPAN Video link is HERE.

(As noted previously for C-SPAN video, you may search within video for specific term and then copy /share link to specific video segment with others).

Dodd Proposed Amendments to Bail Out Bill.

Senate Banking Committee Chris Dodd is proposing changes to the draft Treasury bail out bill.

A summary of his proposals can be found HERE; specific legislative language is HERE. Changes include changes to the new HUD/FHA Hope for Homeownership program scheduled to begin Oct.1st.

Bill to Blow Through Coburn Holds Introduced in Senate.

Senator Coburn from Oklahoma has a well deserved title of "Dr. No" for the many holds that he has placed on a variety of bills in the Senate.

The Democratic leadership in the Senate appears to reaching the end of their tolerance of this practice. As the news story HERE relates, current plans are to bundle 40 or so bills into a single bill on which the Senate will be asked to vote for cloture, which would then allow debate and eventual votes on these bills.

The status and language of the Senate bill, S. 3297, can be found on Thomas HERE.

Senate Passed Housing Reform Bill Posted With Ball Now Back With the House.

The version of the Housing reform bill (H.R. 3221) which passed the Senate on July 11th has finally been posted on the Thomas website.

HERE is the PDF file--caution, it is more than 600 pages long! (First few pages are a listing of various Sections and Titles, so start there looking for specific provisions).

Passage of the legislation predictably has been made more uncertain over jockeying on the new request by the Administration to authorize unlimited federal equity investments in Fannie and Freddie. House Financial Services Committee ranking member Bachus apparently sent a letter to Chair Frank asking for ONLY consideration of a basic GSE reform bill; this prompted a scathing response from Chair Frank HERE. It appears that the current plan is to take up the housing reform bill in the House next week, based on the letter from Chair Frank.