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HUD Secretary Castro Says There Is Some ‘Agreement’ Between Parties on Housing Reform

first_img The Best Markets For Residential Property Investors 2 days ago U.S. Representative Ed Royce (R-California) questioned HUD Secretary Julián Castro regarding the need for housing finance reform during a full House Financial Services Committee hearing this week titled The Future of Housing in America: Oversight of the Department of Housing and Urban Development, with Castro agreeing there were ways to introduce more private capital into the market.Royce, a member of the House Finances Services Committee since 1995 and a member of the Capital Markets and Government-Sponsored Entities Subcommittee and the Housing and Insurance Subcommittee, has long been an advocate for taxpayers and transferring mortgage risk to the private market. In late February, he introduced the Pay Back the Taxpayers Act of 2015, aimed at preventing the GSEs from funding housing groups while Fannie Mae and Freddie Mac are under the FHFA’s conservatorship.Castro was making his second appearance testifying before the full House Committee on Financial Services since being sworn in as HUD Secretary in July 2014.Royce asked the Secretary about the GSEs sharing more credit risk with the private sector and about the creating of a common securitization platform allowing for mortgage-backed securities to be issued by other entities besides Fannie Mae and Freddie Mac, and also about the development of a common residential MBS by the two GSEs.”I thought I would just give you the floor to discuss how this might bring private sector capital back into the market and how we might work together to achieve these goals as kind of a building block,” Royce said during the hearing.Castro responded by stating there was some “agreement” between the two parties on the issue of housing reform.”The President has made very clear that he does have an interest, as I think all Americans do, in taking taxpayers off the hook in the event that God forbid we did experience the same kind of housing crisis we did go through,” Castro said. “Agreed that we can find ways to introduce more private capital into the market. With respect to proposed legislation, I think there’s some common principles that are the foundation to build on and we look forward to working with you.”Royce then asked Castro about a reduction in FHA market share for large banks, which he said has been recently cut from 61 percent to 33 percent, and that non-bank financial institutions how have 51 percent of the market share compared to 24 percent several years ago.”Is this troubling, and do you think legal uncertainty maybe is part of the problem in terms of getting the traditional lenders more involved here and what about the need for a greater certainty around the rep and warranty framework here and looking at that as a way of bringing capital back in?” Royce said. “. . . Given the percentage of erosion here in market share and especially the fact that it’s thinly capitalized non-banks that are coming in, I think that it needs to be addressed.”Castro said in his response that “we are looking at that” and that it “makes sense to take reasonable steps to create more business certainty for lenders.” He cited HUD’s Blueprint for Access to Credit as a means of easing risk while expanding the credit box.”We hear from lenders about the uncertainty that does exist regarding potential liability,” Castro said. “We look forward to being able to create greater certainty that will help open up the credit box reasonably for responsible Americans to get access to credit.”Click here to see the exchange between Royce and Castro. in Daily Dose, Featured, Government, News Sign up for DS News Daily Home / Daily Dose / HUD Secretary Castro Says There Is Some ‘Agreement’ Between Parties on Housing Reform Tagged with: Congressman Ed Royce House Financial Services Committee HUD Julian Castro Demand Propels Home Prices Upward 2 days ago Congressman Ed Royce House Financial Services Committee HUD Julian Castro 2015-06-12 Brian Honea HUD Secretary Castro Says There Is Some ‘Agreement’ Between Parties on Housing Reform Previous: Freddie Mac’s STACR Program Receives Prestigious RMBS Award Next: DS News Webcast: Monday 6/15/2015 Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago June 12, 2015 1,298 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Related Articles Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Visiting Chinese scholar finds respect in America

first_imgLatest Stories Plans underway for historic Pike County celebration Troy falls to No. 13 Clemson Visiting Chinese scholar finds respect in America Skip Remember America’s heroes on Memorial Day You Might Like No parking Students struggled to find parking on Troy University’s campus as classes started back on Wednesday. Even with the threat of… read more By Jaine Treadwell Print Article Sponsored Content Legend says that there’s a pot of gold at the end of the rainbow.Liqin Chen, a native of Nanning, Guingxi, China, found something worth more than a pot of gold at the end of her rainbow.Music is the universal language. Shelia Jackson, Troy Tourism director, and Liqin Chen, a visiting Chinese scholar, communicated in music with Jackson in the lead.Chen, a visiting scholar at Troy University, arrived in Alabama on Monday, July 23. She spent the first two days inside the apartment recovering from jetlag. But, on Thursday, she decided to venture outside and see what this Alabama was all about. Published 11:00 pm Wednesday, August 15, 2012 Pike County Sheriff’s Office offering community child ID kits Book Nook to reopen In China, Chen is a teacher of English education and associate dean of the school of foreign languages.“English is the international language and, in China, children begin to learn English when they are nine years old and continue to learn through college,” she said. “But the English language is most difficult in cross cultures.”The Johnsons invited Chen a second time to their home and, on this visit, Chen met Steve Johnson’s parents.“They were celebrating their 63-year anniversary and it was a wonderful love story they shared,” Chen said. “After those years, they are so happy. It was inspiring to hear their story and it was good to know more of the American culture.”For their hospitality Chen gave the couple a gift, “a very small gift.”“But, in return, I received a card from an 81-year-old person thanking me for the small gift,” she said. “I was impressed with the respect they showed to each other and to me, an ordinary person.“The people here in Alabama have treated me with love and respect. I think they do to each other and to all people. What I have learned about Alabama and America the most is the respect the people have. I am so impressed with the respect.”Chen was invited to attend the IT Summit at Troy University and she received the same kind of respect from those in attendance that she had found on her “trips” around Troy, at church and in the home.“I was so grateful to all of them,” she said.“I was impressed, too, with Dr. Jack Hawkins, university chancellor, because he talked not of yesterday but of tomorrow, of the future. He has a great vision. What he said opened my eyes more about America. It is a great place, this America. It has my respect just as it has given me its respect.” Penny Hoarder Issues “Urgent” Alert: 6 Companies Are… A passerby showed Chen to the back of the church. She looked inside and saw three people sweeping the floor and knocked on the door.“I said to them, ‘I can sweep with you,’ and they said, no, for me not to sweep and asked me if I wanted pizza,” Chen said. “The ladies were very nice and told me not to walk when it was dark. They drove me home. That was the first time I had talked long to American people. It was exciting and wonderful.”On Sunday, Chen visited Southside Baptist Church again and attended the Sunday school class being taught by Teresa Johnson, an assistant professor at the Troy University School of Nursing, and her husband, Steve, a financial aid counselor at the university.“I enjoyed the lesson very much and then they took me home with them and served me dinner,” Chen said. “I had the opportunity to talk with people about the American culture and to get involved in the culture.” Email the author By The Penny Hoarder “I did not know what to expect,” Chen said. “But what I found was a good experience in the Troy city. It is a wonderful, beautiful place as I walked around and the people I met on the trip were so respectful of me. Me, a visitor from China, a long, long way from home.”As Chen continued her “trip,” she saw a rainbow in the sky.“I followed the rainbow and I found a church, the Southside,” she said. “There were no people outside. In China, there are always people outside. How disappointed I was.” Around the WebMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential HealthBet You’re Pretty Curious About Jaden’s Net Worth Right About Now, HuhBradofoThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more