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Former Ginnie Mae president applauds the development of new HMBS product

Housing Wire

Ted Tozer, former president of Ginnie Mae during the Obama administration and current president Alanna McCargo’s most recent Senate-confirmed predecessor, applauded the news that the company is looking into the development of a new Home Equity Conversion Mortgage (HECM)-backed Security (HMBS) product. That’s all it says.”

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Movement to pay $24M to settle underwriting government loans fraud case

Housing Wire

Like its peers, Movement has the authority to originate and underwrite loans without first having the government review them. If the borrowers default, they may submit a claim to the government for certain losses. The company also confirmed that it failed to adhere to the government’s self-reporting requirements.

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‘Abandoned’ Bay Area land will be developed into housing

Housing Wire

Encinal Terminals, a 32-acre plot of land that formerly operated as a shipping terminal on the north side of Alameda, California, will be developed into a new housing development in an effort to bolster the supply of one of the most expensive areas in the country. This is according to reporting at the Mercury News and the Alameda Post.

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US government to sell off $13B of mortgage bonds from failed banks Signature and SVB

Housing Wire

government is seeking to sell $13 billion worth of mortgage bonds amassed after the failures of both Silicon Valley Bank (SVB) and Signature Bank earlier this year. The bonds are secured by “long-term, low-rate” loans made primarily to developers of low-income multifamily apartment complexes.

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To spur affordable housing, the federal government is selling land for dirt cheap

Housing Wire

Department of Housing and Urban Development (HUD) and the U.S. was a key player in the development of the arrangement, according to local reporting by the Las Vegas Review-Journal. Catherine Cortez Masto (D-Nev.)

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Thousands of government-backed mortgages impacted by Maui fire

Housing Wire

Department of Housing and Urban Development (HUD) this week announced a package of regulatory and administrative waivers that will allow the use of HUD funding to assist with the recovery of Maui after the island endured a series of devastating wildfires. Most of the structures in the town were destroyed.

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The appraisal industry’s governance problem

Housing Wire

Apart from questions of governance, the report found significant gaps in the Appraisal Foundation’s fair housing requirements and training. The report comes just as a task force to root out bias in appraisals, led by the Department of Housing and Urban Development , finalizes its policy recommendations. “I