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Words of Inspriation

Elizabeth Dole, Federal Trade Commissioner, 
Addresses The National Association of Home Builders

January 21, 1979 .for too many Americans, the dream home has turned into a nightmare.  You know as well as I do that as families move into their own little Garden of Eden, more and more are finding the apple full of worms.   As a result, some homebuyers believe they are being bilked for thousands of dollars, and they are expressing not only anguish but outrage. Shoddy building practices can be concealed from many purchasers who cannot be expected to have the technical expertise to evaluate the structural soundness of a home or the quality of electrical, plumbing, or air conditioning systemsThe patience of the American consumer is rapidly running out.  Consumers are demanding more protection from the government, not LESS.  The consumer movement is no longer made up of small bands of activists with no troops standing behind them; the consumer movement is now part of our culture it embraces every one of us.  And it will not be denied over an issue so fundamental as decent housing
HUD's Broken System and Deregulation
Saturday, 02 July 2005

                                 HUD's Broken System and Deregulation
HUD - No Crack Down on Fraud in Federal Housing Programs
 Who is Guarding the HUD Guards
An Insight investigation into the inner workings of the HUD IG office has revealed a complex web of alleged abuses of investigative power. Waste and mismanagement of monies appropriated to crack down on the hundreds of millions of dollars' worth of fraud in federal housing programs is common, and allegations of disregard for civil-service hiring rules and a penchant for political cronyism appear to reach into the highest ranks of the investigations office. Scores of documents examined by this magazine, made available by congressional critics of HUD, suggest that within the very office meant to audit, investigate and evaluate the spending by HUD of billions in taxpayer dollars are senior officials who have engaged in chronic wrongdoing. 
        
                        


Did HUD Secretary Cisneros Mastermind Predatory Lending?
Read more...


A Classic of HUD's Deregulation
Pulitzer Prize Award The Seattle Times Investigative Report:
The Tulalips: Despite $92,000 income, couple got federal aid to build 5,300-square-foot house
At nearly 5,300 square feet, it's three times the size of the average American home.

Read the investigative report...
this secluded manor was built with tax dollars intended to help needy Native Americans... The money came from a U.S. Department of Housing and Urban Development program to build low-cost homes for low-income tribal members... This enormous house was one of 18 built for Tulalip-reservation residents under the HUD program. Most of them are large enough to blend into any upscale suburban subdivision. Although none of the others is as big as the Gobin-Alva house, several are over 2,000 square feet and as big as 3,000 square feet, and three have three-car garages...If they had had it built, like any other middle-income couple, they would have paid upward of $400,000, not including the land, according to real-estate and construction experts. The inspector general is expected to set the actual cost of the house at $260,000, Leslie said. The deal with Leslie ensures they won't pay more than $214,000 - 18 percent under cost and half the market rate.  
Read the Seattle Times Investigative Report... 

       _________________________________________________________________________

Lack of HUD Oversight - 3 HUD Changes contribute to Poor  Building  

 Builders Approve Subdivisions, Loans and Choose Appraisers

In 1993 U. S. Department of Housing and Urban Development Discontinued Approval of All New Homes and Subdivisions by Adopting the Developer and Builder Certification Procedure, based on builders promises to comply with HUD Standards

Termination of Subdivision Processing and New Builder Certification
September 09, 1993
OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING

  Mortgagee Letter 93-27
HUD will no longer approve new subdivisions under the Developer Certification Procedure or the Local Area Certification Procedure or perform subdivision analysis as set forth in HUD Handbook 4135.1  (REV-2) after September 1, 1993.  The new Builder Certification procedure and the Improved Area procedure (which has been in place for several years) will be the only methods by which the Department will grant mortgage insurance on individual properties in new subdivisions that were not approved by HUD on
or before
September 1, 1993 .
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/93-27ml.txt
  

In 1993 HUD Established, Nationwide Approval of Mandatory Direct Endorsement Underwriters by Builder's Mortgage Company’s (Lenders) to Originate and Approve HUD Loans
Non-supervised HUD Approval

Regulations on Mortgagee Approval and Single Family Direct Endorsements
January 7, 1993
OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING 
  Mortgagee Letter 93-2
Mandatory Direct Endorsement Processing and Certifications

 HUD's Direct Endorsement Program mortgagee approval.Elimination of Type 2 Supervised Mortgagees The Department has eliminated "Type 2" Supervised mortgagees as a category of approved mortgagee.  Under the prior regulations a "Type 2" Supervised mortgagee was typically a subsidiary or affiliate of a bank or savings and loan association, or an institution regulated solely by State officials.  A mortgagee presently approved by the Department as a "Type 2" Supervised mortgagee will be automatically converted to a Non-supervised mortgagee status on January 11, 1993 (unless the mortgagee requests HUD approval for Loan Correspondent status).
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/93-2ml.txt

 In 1993 HUD Established – Lenders Select their own Appraisers

Procedures for Lenders to select their own Appraisers
November 7, 1994 OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING                                              
  Mortgagee Letter 94-54
That Section allows Direct Endorsement (DE) lenders to select their own appraisers in addition to the current options of using a staff appraiser employed by the DE lender itself or a fee appraiser assigned by HUD from one of its fee panels.

HUD is leaving it up to lenders to decide whether error and omissions insurance coverage should be required from appraisers that they select.

Although HUD strongly encourages appraisers to attend a training session sponsored by HUD or a local trade group, we are not requiring that appraisers attend any such session prior to applying for placement on the Lender Selection Roster.  Instead, the Department will rely upon lenders to assure that only knowledgeable appraisers are chosen to perform HUD appraisals and will rely on the integrity of each individual appraiser.
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/94-54ml.txt


________________________________________________________________
Nearly a Billion Wasted at HUD
Uncovering waste, fraud and abuse
 

HUD Fraud: $240,000 Nearly a Billion Wasted at HUD
Dallas/St. Louis HUD Waste: $4.7 million
Noncompetitive HUD Grants: $6 million
Atlanta HUD Waste: $7 million
PR Housing Authority Waste: $25.9 million
HUD subsidy overpayments: $935 million
According to a HUD inspector general report, in Atlanta HUD failed to put vacant homes back on the market and let half of them deteriorate into bad condition. In other words, they wasted $7 million in taxes while making neighborhoods worse. 

OIG Texas Audit Reports - Mismanaged HUD Programs and waste by Texas Housing Authorities
 _____________________________________________________________________

Convicted State Senator gets HUD Funds?
'No Agent' makes no deal
Kingston was a state senator when he was caught illegally buying HUD properties and renting them out. The government claimed Kingston did not make payments on the properties causing HUD, using taxpayer money, to pay off the mortgages when the properties went into foreclosure.
Leo Kingston was found guilty of fraud and sentenced to federal prison and so was his wife Paulette. She is the one now seen in the commercials for 1-800-No-Agent or RAK properties. NewsChannel 4 learned that as a result of his fraud conviction Kingston’s name was on a government list barring him from being a HUD funded landlord for low income properties.
Read more...

Housing Corruption Protest in Dade County
HOMES FOR THE LOW-INCOME WERE SNAPPED UP BY OTHER BUYERS WHO FLIPPED THEM FOR A PROFIT
In a county seized by one of the most dramatic affordable housing shortages in the nation, developers entrusted with government land and money to build homes for the poor have sold instead to real estate investors, wealthy buyers or families who turned quick profits. Read more...

HUD's $20M Mirasol Fiasco
Express News Special - U.S. Rep. Charlie Gonzalez pushes for answers

American dream now homeowners' nightmare
The empty houses in Mirasol, a West Side project paid for with federal tax dollars and owned by the San Antonio Housing Authority, sit in various states of deterioration, preyed on by vandals and thieves. Read more... 


Sep 6 2002 Editorial: Housing debacle warrants scrutiny San Antonio Express-News The contractor for the project is Magi Realty. Its subcontractor is major homebuilder that has said it will take care of the problems. .... But they were supposed to replace aging, dilapidated public housing. Given the state of things less than a year after their construction, it won't take long for the new homes to achieve that aging and dilapidated look.
Aug 30 2002 SAHA slates hearing on Mirasol Homes  By Ron Wilson  San Antonio Express-News Problems at the $50 million single-family-homes development were detailed Aug. 12 in a San Antonio Express-News story [Fault found with housing project] that told of houses without back doors or windows, falling cabinets, broken doors and listing porch beams and a contaminated landfill that apparently escaped the notice of planners.

 
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Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


Amazon
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 Feature
Rise and Fall of Predatory Lending and Housing

NY Times: Building Flawed American Dreams 
Read CATO Institute: 
HUD Scandals

Listen to NPR:
Reckless Endangerman
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Gretchen Morgenson : How 'Reckless' Greed Contributed
to Financial Crisis - Fannie Mae

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