Housing and Urban Development

7 Stories

To End Homelessness, Stop Buying Holiday Decor?

Americans will spend more than the $20B that HUD needs

(Newser) - If Americans passed on buying Christmas trees, illuminated reindeer, and poinsettias, and instead donated the money they would have spent to the Department of Housing and Urban Development, we could theoretically end homelessness. Or so says ThinkProgress . HUD's latest annual report shows that progress isn't being made quickly... More »

Millions Wasted as Homes for Poor Sit Unfinished

'Washington Post' investigates massive issues with the HUD fund

(Newser) - Brace yourself: This is yet another depressing housing story. A yearlong Washington Post investigation reveals that the country's largest federal housing construction program for the poor has wasted hundreds of millions of dollars on "stalled or abandoned" projects and failed to hold "derelict developers" accountable. The Post... More »

At-Risk Owners Pay Big Bucks to Mortgage Modifiers

Some take advantage of patchwork laws, charge for services non-profits offer for free

(Newser) - A growing mortgage-modification industry has cropped up amid the housing bust, the Washington Post reports, charging homeowners thousands to help them negotiate better loans. The problem? Non-profit groups already offer those services gratis. “It is very frustrating to find a homeowner who has paid a for-profit company $3,000... More »

Bush Tabs 'Problem Solver' to Head HUD

New secretary must face the housing market's troubles

(Newser) - With the housing market in turmoil, President Bush is turning to an investment banker-turned-bureaucrat to head HUD, the Washington Post reports. Steven Preston, 47, has run the Small Business Administration since 2006 after a stint at Lehman Brothers; he succeeds Alphonso Jackson, who announced his resignation 2 weeks ago amid... More »

Bush Housing Secretary Steps Down

Jackson out after clashes with Congress, charges of favoritism

(Newser) - HUD Secretary Alphonso Jackson resigned this morning, after a series of accusations of political favoritism. The departure marks a setback to the Bush administration's efforts to stem the housing crisis, the Wall Street Journal reports, as Jackson has been a central player on key initiatives. He cited family reasons in... More »

Big Easy Protest Turns Rough

New Orleans OK's demolition of housing despite opposition

(Newser) - Police used pepper spray and stun guns on protesters in New Orleans attempting to push their way into a City Council meeting over the impending demolition of 4,500 public housing units damaged by Katrina. Local activists oppose HUD's push to raze the houses to make room for mixed-income neighborhoods.... More »

Plan to Freeze Subprime Loans

Treasury and lenders close to deal

(Newser) - The Treasury Department and a coalition of lenders are close to a deal to freeze interest rates on some subprime loans in a bid to bring the mushrooming mortgage crisis under control, reports the Wall Street Journal. A freeze would ease the burden on beleaguered borrowers and banks. Rates on... More »

7 Stories