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Inside Washington (01/14/2009)
* WASHINGTON (1/15/09)--If he is confirmed by the Senate, Shaun Donovan, secretary-designate of the Department of Housing and Urban Development (HUD), said he will ensure the agency returns to its role in easing the housing crisis. Donovan made the statement at a confirmation hearing before the Senate Banking Committee (American Banker Jan. 14). He said he supports using Troubled Asset Relief Program money for loan modifications and noted some possible changes for the Federal Housing Administration's Hope for Homeowners (H4H) program, which was implemented in October. Though H4H was slated to help up to 400,000 homeowners, fewer than 500 have applied for the program. Reforming Hope’s fee structure and writing down troubled loans to 96.5% of the current appraised value--compared with 90%--could spark participation, he said ... * WASHINGTON (1/15/09)--The Department of Housing and Urban Development is launching a financial literacy effort over the next six months in six cities to prevent foreclosures. “Keep Your Home. Know Your Loan” will kick off in Chicago, Detroit, Los Angeles, Miami, New York and Phoenix, and target homeowners who are three to six months from defaulting, facing a reset, or experiencing a family crisis. Campaign materials include print, radio, television public service announcements and a toolkit for non-profits to join the effort. The agency is seeking homeowner associations, real estate brokers and other members of the financial services industry to participate ...


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