The secretary of housing and urban development plans to "finish out this term" but wants to return to "the private sector because I think you have just as much influence, maybe more."
The agency's pilot program, designed to streamline mortgage insurance applications associated with the Low-Income Housing Tax Credit program, will now include applications for new construction and substantial rehabilitation.
A lapse in rental-assistance funding, an understaffed FHA and other effects of the government shutdown are causing real harm to families, said the chair of the House Financial Services Committee.
Michael Bright is resigning as acting president of Ginnie Mae to run the Structured Finance Industry Group, a trade association that's been without a CEO since Richard Johns resigned in July amid a reported split with the group's board.
Acting Ginnie Mae President Michael Bright will leave his post on January 16 and will no longer seek confirmation to be the permanent head of the mortgage secondary market agency.
The agency wants mortgage servicers to extend special forbearance plans to those affected by the partial government shutdown and evaluate borrowers for loss-mitigation options.
Borrowers and financial institutions may be feeling the strain from reduced operations at the FHA and IRS, which has suspended the release of certain income documentation during the budget impasse.
The Democrat, who will likely head the Financial Services Committee, has signaled she'll make expanded housing opportunities for lower-income consumers a top priority.
The Trump administration should consider putting much of the subsidized mortgage lending done by the federal government under the government-sponsored enterprises to improve efficiency and transparency.
